Youth group, Chamber partner to access CBN funding facility

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Youth groups at the signing of the MoU

THE Nigerian Youth Compact on COVID-19 (NYCC) and the Nigerian Youth Chamber of Commerce have gone into partnership to boost access to funds from the Central Bank of Nigeria (CBN) for over 10 million youths in the country.

During the signing of a Memorandum of Understanding (MoU) for the training of 10 million youths, on Friday in Abuja, the National Chairman of the Youth Compact, Malam Gambo Haruna, said that the partnership would boost access to funds for youths to establish enterprises and create jobs in the next two years.

Ahead of a planned meeting with the Governor of CBN to work out modalities on the project, Haruna explained that the partnership was timely, considering the need for an economic recovery after the COVID-19 pandemic.

He hopes the partnership would stimulate the growth of MSMEs beyond the pandemic  and contribute to non-oil revenue in the country.

With youths making up 50 per cent of the 200 million population of Nigeria, and over 1.8 million youths graduating from tertiary institutions, Haruna said it is sad that only 30 per cent would find some kind of employment, and over 1.2 million jobless.

He said further, “these are people with creative energies and aspirations to impact humanity positively, but these aspirations are often cut short.

”Youth unemployment rate is projected to trend around 44 per cent in 2021.

”The situation is worsened by the looming global recession as a result of the pandemic that has infected over 10 million people globally.”

Haruna described as laudable the N50 billion Targeted Credit Facility (TCF) set up by CBN to mitigate the impact of COVID-19.

He claimed that there are reports that a “critical mass of youth-led enterprises have not been able to access the facility due to set conditions.”

He called on government to create a special fund to serve the needs of her burgeoning youth population.

”These intervention measures have to be coordinated and driven by the organised private sector to achieve the desired impact,” he said.

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