The Central Bank of Nigeria has released the framework for NIRSAL Microfinance Bank to commence disbursement of the N75bn Nigeria Youth Investment Fund.
The CBN said 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 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 N12.5bn