The Central Bank of Nigeria, CBN has released guidelines for the implementation of the proposed 75 billion Naira 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 the assessment of impact.
The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.
The statement added that it will provide Nigerian youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development.
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 windows for accessing the funds, finances, business management skills, and other inputs critical for sustainable enterprise development.
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 youth’s restiveness, boost their managerial capacity, and develop their potential to become the future large corporate organisations.