Disbursement Of N75bn Nigerian Youth Investment Fund To Commence Soon- CBN
The N75bn Nigerian Youth Investment Fund will be rolled out soon, the Central Bank of Nigeria, said.
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The apex bank made the disclosure in a tweet while commemorating the country’s independence at 60.
Hit by Covid-19 pandemic, the Ministry of Youth and Sports Development is seeking the fund to invest in the skills, innovative ideas and business enterprise of the Nigerian Youth between the ages of 18 to 35.
The Central Bank funded initiative is expected to reduce the country’s increasing unemployment rate, the government said.
Nigeria’s unemployment rate had risen to 27.1 per cent, from 23 per cent in 2018, indicating that about 21.7 million Nigerians are currently unemployed.
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“Nigerian Youth Investment Fund…Coming soon, ” the apex bank said in a tweet.
The Permanent Secretary, Ministry of Sports and Youth Development, Gabriel Audu, had said the fund will serve as a catalyst to unleash the potential of the youth to enable many of them to build businesses that will employ and empower the youth.
The fund amounting to N75bn will be rolled out in three years at N25bn yearly, while currently N12.5bn is expected to be rolled out for the remaining part of 2020.
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