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.
— Central Bank of Nigeria (@cenbank) October 1, 2020
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.
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.”
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.
* 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.