CBN, in a statement by its Development Finance Department, stated that the fund would be used effectively to respond to the challenge of youths employment in Nigeria.
According to the statement, the major objective of the plan was to address fragmentation of youths initiatives that prevent assessment of impact.
The apex bank said that the fund was dedicated to investing in the innovative ideas, skills and talents of Nigerian youths, adding that the funds are to be managed by NISRAL Microfinance Bank.
“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.
”’Also, we will institutionally provide the youths with special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.
“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023.
“This will also generate much-needed employment opportunities to curtail youths restiveness, boost their managerial capacity and develop their potential to become the future large corporate organisations,’’ the statement said.
