Central Bank of Nigeria has announced that the Nigeria Youth Investment Fund will take off N12.5 billion seed money.
In the guidelines for NIRSAL Microfinance Bank to begin the disbursement of the Fund, the apex bank specified that N75 billion of total cash would not be disbursed at the initial stage of the intervention.
The CBN claimed that the Nigerian Youth Jobs Action Plan was established by the Federal Ministry of Youth and Sports Development as an integrated strategy to respond effectively to the challenge of youth employment in Nigeria.
The major objectives of the plan were to address fragmentation of youth initiatives that prevented assessment of impact, and to provide Nigerian youths with investment inputs required to build successful businesses.
This, according to the framework, will enable them to become sustainable employers of labour and contributors to Nigeria’s development.
It said the NIRSAL MFB window would be funded with an initial take-off seed capital of N12.5 billion.
The plan targeted young people between the ages of 18 and 35 years and detailed the needed actions required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors.