The Central Bank of Nigeria has released the framework for NIRSAL Microfinance Bank to commence the disbursement of the seventy-five billion naira Nigeria Youth Investment Fund.
The release was contained in its statement titled ‘Framework for the operation of the NIRSAL Microfinance Bank window of the 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 Microfinance Bank window would be funded with an initial take-off seed capital of twelve point five billion naira.
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