The Central Bank of Nigeria (CBN) has finally released the much-awaited implementation guidelines for the N75 billion Nigeria Youth Investment Fund (N-YIF). And kick-starts the scheme with a takeoff seed capital of N12.5 billion.
The bank released the implementation guideline on Wednesday, the 28th day of October 2020, and listed the NIRSAL Microfinance Bank (NMFB) as the eligible participating financial institution for the Scheme.
The primary objectives of the Scheme are:
- Improve access to finance for youth and youth-owned enterprises for national development
- Generate much-needed employment opportunities to curb youth restiveness
- Boost the managerial capacity of the youth and develop their potentials to become the future large corporate organizations.
According to the apex bank, the target of the NYIF is to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.
For more information on the N75 billion NYIF and how to access it, please click on the links below.
