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Economy & Politics

CBN says Nigerian Youth Investment Fund is coming soon

Youth Fund is dedicated to investing in the innovative ideas, skills, and enterprise of the Nigerian Youth.

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The Central Bank of Nigeria (CBN) has announced that its Nigeria Youth Investment Fund (NYIF) will soon be disbursed.

The apex bank made the announcement via its Twitter handle on Thursday while the nation marks its 60th Independence anniversary.

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Meanwhile, the Permanent Secretary, Federal Ministry of Sport and Youth Development, Gabriel Aduda, explained that the Youth Fund is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Enterprenuers, Wealth Creators and Employers of labour contributing to national development.

According to him, the President Buhari-led Federal Government considers Nigerian youth as resources to be harnessed and not a problem, hence the initiation of this Fund.

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He said, “The Fund will serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will employ and in turn empower others.

“A multiplier effect of economic expansion and growth required to thrive in an increasingly competitive and connected world where adding value is the only sustainable pathway to success is expected to be achieved.

READ: CBN to set up $39.4 billion infrastructure development company with AFC, NSIA

How it works

* A minimum of N25 billion each year in the next 3 years, totaling N75 billion will be required to ring-fence the NYIF. For the remaining part of 2020 an initial sum of N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the Fund, akin to a Youth Bank, alive.

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*  The Nigerian Youth Investment Fund (NYIF) is a ringfenced Fund that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old. It is a restricted Fund that can only be used for the set purpose of Youth Investment.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

4 Comments

4 Comments

  1. Archibald T jumbo

    October 2, 2020 at 9:06 am

    The investment plan for the Nigerian youths is key timely n quite commendable. As such I want to thank the BUHARI lead administration for this laudable n economic driven business projection. Permit me to defer slightly in the area of age bracket which ranged from 18-35, meaning that youths above d stipulated age bracket can’t benefit from the said NYIF not minding their level of readiness. But globally according to the United Nations regulations, a youth is ranged from 18-45yrs. And if the authorities involved can reconsider their decision on the age difference knowing that the second option will include for so many reasons a more reasonable Nigerian youths as part of the investment scheme.

  2. Uneke ozichukwu Christian

    October 3, 2020 at 5:56 am

    Please don’t involve our governor David umahi of Ebonyi state in this loan or grant because he will never give it out. He has done it severally by hijacking loans from world bank and federal government and share it between his family member and fake applicants to the detriment of the entire masses. Am an applicant of so many unproductive grant and loan in Ebonyi state with many training certificate.

  3. Mary

    October 5, 2020 at 12:54 pm

    If you want to help the masses, pls help them and widen the age bracket at least to 45yrs. Do you think people above 35yrs have something worthwhile to do. Nigerian Government you can do better.
    I am afraid we would not only hear this billions of naira with our ears and not give them out. What a corrupt society.

  4. Ogunsuji Comfort M

    December 31, 2020 at 11:04 am

    Thanks so much for the initiative to make the youths better and stronger financially, but please release the funds on time and let our people be encouraged then please increase the age bracket in other to let others gain from the development, thanks to president Buhari.

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