CBN disburses N2bn to over 7,000 beneficiaries under youth investment fund

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

The CBN revealed this at a communique issued by the conclusion of its 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).

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

Read also: Nigerian govt Inquires National Assembly for New review of 2020 Funding

The programme fiscally enables Nigerian youth to create at least 500,000 jobs between 2020 and 2023.

The CBN stated under the ABP, N631.4 billion has been awarded 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 below the TCF, which includes 470,969 families and 77,376 SMEs.

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

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