Nigerian government has made available
guidelines for those who are interested in
benefitting from the proposed N75 billion
Nigerian Youth Investment Fund (NYIF).
The Central Bank of Nigeria (CBN ) released
guidelines for its implementation in a
statement by its Development Finance
Department.
The statement stated that the fund would be
used effectively to respond to the challenge of
youths employment in Nigeria.
According to the statement, the major objective
of the plan was to address fragmentation of
youths initiatives that prevent assessment of
impact.
The apex bank said that the fund was
dedicated to investing in the innovative ideas,
skills and talents of Nigerian youths, adding
that the funds are to be managed by NISRAL
Microfinance Bank.
“The Federal Executive Council on July 22,
approved N75 billion for the establishment of
the NYIF from 2020 to 2023.
“It will provide Nigeria youths with investment
inputs required to build successful businesses
that can become sustainable employers of
labour and contributors to the country’s
development.
“The plan targets young people between 18
and 35 years and details the needed actions
required to support business establishment,
expansion and consequent employment
creation for youths in critical economic and
social sectors,” it stated.
”’Also, we will institutionally provide the youths
with special window for accessing the funds,
finances, business management skills and
other inputs critical for sustainable enterprise
development.
“The fund aims to financially empower youths
to generate at least 500,000 jobs between
2020 and 2023.
“This will also generate much-needed
employment opportunities to curtail youths
restiveness, boost their managerial capacity
and develop their potential to become the
future large corporate organisations,’’ the
statement said.
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