The Central Bank of Nigeria (CBN) has disbursed N2.04 billion to 7,075 beneficiaries of the Nigeria Youth Investment Fund (NYIF). According to CBN, 4,411 beneficiaries are individuals while 2,646 are Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The apex bank disclosed this on Tuesday in a communique issued at the end of its two day Monetary Policy Committee (MPC).
It can be recalled that the Federal Executive Council (FEC) approved N75 billion in 2020 to finance Nigeria Youth Investment Fund targeted at Nigerian youths who are between the ages 18 and 35 years. Meanwhile, the Ministry of Youth and Sports Development (FMYSD) is directly responsible for budgetary provisions and funds mobilisation.
The CBN stated that under Anchor Borrowers’ Programme (ABP), N631.4 billion was given to 3,107,949 small holder farmers cultivating 3.8 million of land hectares; N111.7 billion given to 29,026 beneficiaries under Agri Small and Medium Enterprise Investment Scheme (AGSMEIS); and N253.4 billion granted to 548,345 beneficiaries under the TCF, which comprises of 470,969 households and 77,376 SMEs.
The Central Bank also said those initiatives were used to inject liquidity into employment generation, and to enhance growth in the Nigerian economy.