CBN says a total of N2.04 billion disbursed to 7,075 beneficiaries under the National Youth Investment Fund

The CBN disclosed this at a communique issued at the end of its two-day monetary policy committee (MPC) meeting on Tuesday.

The Central Bank of Nigeria (CBN) says a total of N2.04 billion has been disbursed to 7,075 beneficiaries under the National Youth Investment Fund (NYIF).

A total of 4,411 beneficiaries were people and 2,646 were small and medium enterprises (SMEs).

In 2020, the national executive council (FEC) had approved a N75 billion childhood investment fund targeted at young people between ages 18-35 years as well as the ministry of youth and sports development, accountable for budgetary provisions and also for capital mobilisation.

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The programme financially empowers Nigerian youth to generate at least 500,000 jobs between 2020 and 2023.

The CBN said under the ABP, N631.4 billion was granted to 3,107,949 smallholder farmers cultivating 3.8 million property hectares; N111.7 billion awarded to 29,026 beneficiaries under AGSMEIS; and N253.4 billion awarded to 548,345 beneficiaries under the TCF, which includes 470,969 families and 77,376 SMEs.

CBN explained these initiatives were utilized to inject money into employment generation and enhance growth in the market.