By Annie Nwosu
The Central Bank of Nigeria (CBN) has released guidelines for implementing the proposed N75 billion Nigerian Youth Investment Fund (NYIF).
CBN, in a statement by its Development Finance Department, 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 youth 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 detail 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 windows 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 youth restiveness, boost their managerial capacity and develop their potential to become future large corporate organisations,’’ the statement said.