Connect with us
nairametrics

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.

Published

on

CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited

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.

READ: Exclusive: I put up my house as collateral to save HealthPlus – Bukky George

READ: Nigerian economy since 1980: Are we under a resource curse?

GTBank 728 x 90

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.

READ: De facto Government: CBN explains why it will keep funding the economy

GTBank 728 x 90

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.

READ: HealthPlus: Business owners call for more protection from FG against ‘dubious’ foreign investors

Jaiz bank ads

*  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.

Fidelity ads

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]

3 Comments

3 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.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

WTO: US opposing consensus to declare Okonjo-Iweala as DG – Foreign Affairs Ministry

The Ministry announced Okonjo-Iweala has secured the support of the majority of the member nations but is being opposed by the US.

Published

on

Ngozi Okonjo Iweala, World Bank, Davos, World Economic Forum, WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt,WTO:  Happy to be in final rounds of DG Campaign- Okonjo Iweala

The Ministry of Foreign Affairs announced in a statement that Nigeria’s candidate for Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has secured the support of the majority of the member-nations – but is yet to be declared and returned as the winner, as the United States is opposing the consensus.

This was announced in a statement by the Ministry on Thursday evening to inform the nation that the third and final round of the selection process of the WTO DG position was formally announced on Wednesday 28th October 2020.

READ: This is what Ngozi Okonjo-Iweala is up against

What you should know

Nairametrics reported this week that Dr. Ngozi Okonjo-Iweala is close to being appointed as the new Director-General of the World Trade Organisation (WTO).

GTBank 728 x 90

A group of ambassadors also known as “troika” had proposed Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

The U.S President, Donald Trump blocked the appointment of Ngozi Okonjo-Iweala as the WTO’s next DG on Wednesday, citing support for South Korea’s Yoo Myung-hee.

GTBank 728 x 90

Dr. Okonjo-Iweala stated that she is positive despite hiccups in her bid to emerge as the next DG of the organization. She said, “Happy for the success & continued progress of our WTO DG bid. Very humbled to be declared the candidate with the largest, broadest support among members and most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”

READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support

The Ministry of Foreign Affairs said in its statement that, “Dr. Ngozi Okonjo-Iweala has secured the support of the majority of the member countries, but is yet to be declared and returned the winner. This is because apart from winning the election, all 164 Member States of WTO were expected to adopt the winner by consensus. In accordance with the rile of the procedure of the WTO.”

It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.

READ: Transport Ministry to share N10 billion palliative scheme

Jaiz bank ads

The Ministry added that a meeting would be held by the General Council of the WTO on the 9th of November 2020 to declare a final decision on the election process.

Fidelity ads

Continue Reading

Economy & Politics

WTO: Okonjo-Iweala says she is positive despite hiccups

Okonjo-Iweala has announced her excitement about being declared candidate with the largest and broadest support among members.

Published

on

WTO, Okonjo-Iweala joins South Africa's presidential economic advisory council as nation struggles with recession, Dr. Okonjo-Iweala officially declared candidate with the largest and broadest support among members

In an optimistic outlook, Dr. Ngozi Okonjo-Iweala has declared that she is positive despite hiccups in her bid to emerge the next Director-General, World Trade Organisation (WTO).

As the candidate with the largest, and broadest support among members of WTO and most likely to attract consensus, she is optimistic that success is hers.

This was revealed by the former coordinating minister of the Economy herself, through her verified Twitter page.

READ: Trans-Nationwide Express Plc suffers N79 million loss in Q3 2020

GTBank 728 x 90

Backstory: Recall that Nairametrics had earlier reported that Okonjo Iweala is close to being appointed as the new Director-General of the World Trade Organization.

This is after a rigorous selection process that has seen the former minister of Finance scale through a lot of hurdles, making it to the top two.

READ: Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

GTBank 728 x 90

What you should know: According to a press release by the Ministry of Foreign Affairs, the third and final round of the selection process of the Director-General of the World Trade Organization (WTO) was concluded on Tuesday, 27 October 2020 and the result was announced on Wednesday, 28th October 2020.

Dr. Okonjo-Iweala secured the support of the majority of the member-countries but is yet to be declared and returned the winner.

This is because apart from winning the election, all 164 member-states of WTO were expected to adopt the winner by consensus, in accordance with the rule of procedure of the WTO.

It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.

(READ MORE: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt)

Jaiz bank ads

A meeting of the General Council of the WTO has been scheduled for 9th November, 2020 for the final decision on the election process.

Fidelity ads

What they are saying: Expressing her optimism in winning the race, Dr. Okono-Iweala said: “Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”

Explore some Advanced Financial Calculators on Nairametrics

Continue Reading

Economy & Politics

Nigeria’s Ngozi Okonjo-Iweala close to being announced as new DG of WTO

Ngozi Okonjo-Iweala is expected to be announced as the new DG of the World Trade Organisation.

Published

on

WTO, Nigeria’s former finance minister, Okonjo-Iweala, gets IMF appointment

Nigeria’s former Finance Minister, Dr Ngozi Okonji-Iweala, is close to being appointed as the new Director-General of the World Trade Organisation (WTO).

READ: Okonjo-Iweala gets Organised private sector’s endorsement for WTO job

According to Reuters, a group of ambassadors also known as “troika” has proposed Ngozi Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.

READ: Buhari assures Okonjo-Iweala that the country will push until she emerges WTO DG

Most Nigerian Media houses have already announced NOI as the winner of the process even though this is yet to be made official by the WTO.

GTBank 728 x 90

The winner for the role of DG of WTO is expected to be announced formally by the WTO later today.

However, there appears to be a new twist, in the expected announcement of her emergence as the new Director-General of the WTO.

The United States through its representative at the WTO has insisted that the South Korean candidate is still in contention and that Washington will not recognize Okonjo-Iweala as the consensus candidate for appointment as Director-General.

GTBank 728 x 90

As a result, the General Counsel of WTO, postponed the announcement of a new Director-General until November 9, after the US presidential election, after further consultations would have been made.

The announcement of Okonjo-Iweala, who is reported to have gotten the support of a vast majority of members states, including the EU, Japan and China, as the new boss of the World Trade Organization, would have been a huge boost for Africa

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
act markets
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
act markets
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement