Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 41)

Under the Nigeria Youth Investment Fund (NYIF), the Central Bank of Nigeria (CBN) as part of its development finance initiative in collaboration with the Federal Ministry of Youths and Sports Development has so far released the sum of N3 billion to 7,057 beneficiaries (4,411 individuals and 2,646 SMEs) across the country.1 The NYIF programme, launched in October 2020 by the CBN is designed to improve the access to finance for youth and youth-owned enterprise. The programme seeks to provide Nigerian youth between the ages of 18-35 with investment inputs required to build successful businesses and become sustainable employers of labour in critical economic and social sectors. The NYIF was designed to curb youth restiveness and boost the managerial capacity of youths. This programme is expected to grow the economy, reduce unemployment, and diversify the economy. Created exactly a year ago, there is need for the CBN to publish a report which highlights the economic impact of the Fund, in terms of the jobs created and the milestones attained in view of ascertaining its challenges and thus strengthening the programme.

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