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General News of Thursday, 29 October 2020

Source: pmnewsnigeria.com

N75bn youth investment fund: CBN releases guidelines

CBN has realeased guidelines for the proposed N75 billion NYIF CBN has realeased guidelines for the proposed N75 billion NYIF

The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (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 assessment of impact.

“The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.

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“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 special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.

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“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.