(NYIF).
CBN, in a statement by its Development Finance Department, stated that
the fund was a built-in strategy to effectively respond to the challenge
of youth employment in Nigeria.
The Fund, an initiative of the Ministry of Youth and Sports Development,
is to be managed by NISRAL Microfinance Bank.
It stated that the major objective of the plan was to address the
fragmentation of youths’ initiatives that prevent the assessment of
impact.
`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.
The apex bank said that the fund was dedicated to investing in the
innovative ideas, skills, and talents of Nigerian youths.
It added that it would institutionally provide the youths with a special
windows for accessing the funds, finances, business management skills,
and other inputs critical for sustainable enterprise development.
“The ministry is the lead implementation entity and is responsible for
budgetary provisions and for funds mobilisation.
“The fund aims to financially empower youths to generate at least
500,000 jobs between 2020 and 2023,’’ the apex bank said.
It added that part of the objectives of the fund was to improve access
to finance for youths and youth-owned enterprises for national
development.
“It will also generate much-needed employment opportunities to curb
youths’ restiveness, boost their managerial capacity, and develop their
potential to become the future large corporate organisations,’’ it
added. (NAN)