CBN said that the N75 billion Nigerian Youth Investment Fund, promised by President Buhari, is coming soon.
The CBN gave the indication in a tweet today.
“Nigeria Youth Investment Fund…Coming soon”, it said.
President Buhari and the Federal Executive Council recommended the fund to help the realisation of business ideas of Nigeria’s abundant youthful population.
It is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youths and aimed at turning them into Entrepreneurs, Wealth Creators and Employers of labour contributing to national development.
In approving the fund, President Buhari considered Nigerian Youths as resource to be harnessed and not a problem.
“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”, said Gabriel Aduda, the Permanent Secretary, Federal Ministry of Sport and Youth Development.
“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,” Aduda said in the preliminary information about the fund.
According to him, a minimum of N25 billion each year in the next 3 years, totalling 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.