The Central Bank of Nigeria (CBN) has said the Nigeria Youth Investment Fund will take off with N12.5 billion seed capital.
According to the guidelines by CBN, NIRSAL Microfinance Bank to begin the disbursement of the Fund immediately out of N75 billion total cash which will not be disbursed at the initial state of the intervention.
The CBN disclosed that the Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development as a built-in strategy to respond effectively to the youth employment challenge in Nigeria.
The apex bank noted that the major objectives of the plan were to address fragmentation of youth initiatives that prevented assessment of impact, and to provide Nigerian youths with investment inputs required to build successful businesses.
This, according to the framework, will enable them to become sustainable employers of labour and contributors to Nigeria’s development.
It said the NIRSAL MFB window would be funded with an initial take-off seed capital of N12.5 billion.
The plan targeted young people between the ages of 18 and 35 years and detailed the needed actions required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors.