The Central Bank of Nigeria (CBN) has disclosed that a total of N3.0 billion was lent to Nigerian youths under the National Youth Investment Fund (NYIF).
The disclosure was contained in the Central Bank of Nigeria Communique No. 137 of the Monetary Policy Committee Meeting held on Monday 26th and Tuesday 27th July 2021.
According to the communique, the recipients comprised of 4,411 individuals and 2,646 SMEs.
In July 2020, the federal government authorized the establishment of the N75 billion Nigerian Investment Fund (NYIF). The administration said it might lower the country’s rising unemployment rate, which has been exacerbated by the COVID-19 epidemic.
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It would also give a specific doorway for Nigerian youth to access much-needed cash, financing, business management skills, and other important inputs for long-term enterprise development.
To ring-fence the NYIF, a minimum of N25 billion will be required each year for the following three years, totalling N75 billion.
The NYIF is being implemented by the Youth Ministry in partnership with the CBN and the Ministry of Finance and is being disbursed through the Nigeria Incentive-Based Risk Sharing system for Agricultural Lending NIRSAL.
in May 2021, the CBN disbursed N2.04 billion to the National Youth Investment Fund for 7,057 beneficiaries, of which 4,411 were individuals and 2,646 were small businesses. By June, the amount had increased to N3 billion for the same number of beneficiaries.
