Central Bank of Nigeria releases guidelines on N75 billion youth investment fund

For the implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF), the Central Bank of Nigeria has released its guidelines, according to a news report by Today.

The Fund which is an initiative of the Ministry of Youth and Sports Development is to be managed by NISRAL Microfinance Bank.

A statement by the bank's development finance department stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.

"It will provide Nigerian youths with investment inputs required to build successful businesses that can become sustainable employers of labor 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," the statement said.

According to the Apex Bank, 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 window for accessing the funds, finances, business management skills, and other inputs critical for sustainable enterprise development.

"The youth ministry is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.

"The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023," the apex bank said.