CBN reveals it lent N3 billion to 7,057 Nigerian youth

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The Central Bank of Nigeria (CBN) has stated that it has released N3.0 billion to 7,057 beneficiaries for the National Youth Investment Fund (NYIF). The recipients were comprised of 4,411 individuals and 2,646 SMEs.

This was disclosed in the Central Bank of Nigeria Communique No. 137 of the Monetary Policy Committee Meeting held on Monday 26th and Tuesday 27th July 2021.

The National Youth Investment Fund (NYIF) is being implemented by the Youth Ministry in partnership with the CBN and the Ministry of Finance and is being disbursed through NIRSAL.

In April 2021, The Federal Government explained why it limited the loan amount for the current beneficiaries of the N75 billion Nigeria Youth Investment Fund (NYIF) to N300,000.

The major reason given was that the ministry had received more than 3 million applications for the initial N12.5 billion made available, adding that at the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries could be covered.

However, in May 2021, the CBN disbursed N2.04 billion to the National Youth Investment Fund for 7,057 beneficiaries, of which 4,411 were individuals and 2,646 were small businesses. By June, the amount had increased to N3 billion for the same number of beneficiaries.

Also, the Anchor Borrowers’ Programme (ABP) for the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) disbursed the sum of N121.57 billion to 32,617 beneficiaries.

What you should know

In July 2020, the federal government authorized the establishment of the N75 billion Nigerian Investment Fund (NYIF). The administration said it might lower the country’s rising unemployment rate, which has been exacerbated by the COVID-19 epidemic.

To ring-fence the NYIF, a minimum of N25 billion will be required each year for the following three years, totalling N75 billion.

It would also give a specific doorway for Nigerian youth to access much-needed cash, financing, business management skills, and other important inputs for long-term enterprise development.

The CBN development finance initiatives have granted N756.51 billion to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 Wet Season to 627,051 farmers for 847,484 hectares of land.

Targeted Credit Facility (TCF), released N318.17 billion to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs).

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