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CBN releases framework for N75bn youth investment fund

The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).

CBN, in a statement by its Development Finance Department, said the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria. The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.

It stated that the major objective of the plan was to address fragmentation of youths initiatives that prevent assessment of impact.

`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.

Sunnews

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