By Olivia Isibor (AGENDAWATCHDOG) – According to the Central Bank of Nigeria (CBN), it has disbursed N2.04 billion to7,075 beneficiaries under the National Youth Investment Fund (NYIF), adding that out of this number of beneficiaries, a total of 4,411 were individuals, while 2,646 were small and medium enterprises (SMEs).
The apex financial institution made this known via a statement released at the end of its two-day monetary policy committee (MPC) meeting on Tuesday, Proceeding to add that under the ABP, N631.4 billion was granted to 3,107,949 small holder farmers cultivating 3.8 million of land hectares; N111.7 billion granted to 29,026 beneficiaries under AGSMEIS; and N253.4 billion granted to 548,345 beneficiaries under the TCF, which comprises of 470,969 households and 77,376 SMEs.
CBN said these initiatives were used to inject liquidity into employment generation and enhance growth in the economy. The apex bank also said N3.19 billion under its creative industry financing initiative to 341 beneficiaries across movie production, movie distribution, music and software development, adding that N1.84 trillion has been disbursed to real, healthcare and electricity sectors.
The Federal Executive Council, FEC, had in 2020 approved a N75 billion youth investment fund targeted at young people between ages 18-35 years and with the ministry of youth and sports development, responsible for budgetary provisions and for funds mobilisation. The programme financially empowers Nigerian youth to generate at least 500,000 jobs between 2020 and 2023.