CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.

The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.

It stated that the major objective of the plan was to address fragmentation of youths initiatives that prevent assessment of impact.

“The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.

“It will provide Nigeria youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development.

“The plan targets young people between 18 and 35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors,” it stated.

The apex bank said that the fund was dedicated to investing in the innovative ideas, skills and talents of Nigerian youths.

It added that it would institutionally provide the youths with special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.

“The ministry is the lead implementation entity and is responsible for budgetary provisions and for funds mobilisation.

“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023,’’the apex bank said.

It added that part of the objectives of the fund was to improve access to finance for youths and youth-owned enterprises for national development.

“It will also generate much-needed employment opportunities to curb youths restiveness, boost their managerial capacity and develop their potential to become the future large corporate organisations,’’ it added.

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Sadiku told newsmen in Abuja on Thursday that investment status in the country had been under pressure even before the Coronavirus (COVID-19) pandemic.

“Investments in Nigeria were under some pressure before COVID-19. Investment in Nigeria in 2020 and 2021 is expected to come under some pressure on account of COVID-19.

“That is not unusual for Nigeria; it is downward pressure that is expected across market.

“In March it had been estimated that FDI inflow will fall by about 30-40 percent globally.

“In 2020/2021 if those updates are done now, the expectation is that the demand will be even lower,” she said.

The NIPC boss however noted that the pandemic had thrown up a number of opportunities which the commission was advocating for domestic investors in particular, to take advantage of those opportunities.

Sadiku reiterated that in spite of the contractions in the country’s Gross Domestic Product (GDP), some sectors of the economy had made significant improvement.

“Despite the contractions in GDP, there are a number of sectors that have done particularly well.

“The financial sector supported by technology grew by about 28 percent, Telecom grew by 18 percent and the like.

“This is despite a GDP contraction of about 6.1 percent,” the executive secretary added.

She said NIPC’s mandate was to encourage, promote and coordinate investment, adding that the commission would be glad to collaborate with government agencies based on its mandate to drive investments in the country.

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Mr Ibrahim Magu, Acting Chairman of EFCC, stated this at the 2019 Nigeria Diaspora Investment Summit with the theme “Leveraging Diaspora Resources for Economic Growth“ on Wednesday in Abuja.

Magu said that the EFCC mandate was designed to encourage investors, most especially the foreigner, to find Nigeria as an attractive investment haven.

“I want to assure all Nigerians in Diaspora that we will do everything possible to protect your investments.

“There are lots of Nigerian professionals abroad who have done lots of good things and earned legitimate incomes who want to come home and invest and we have made it a kind of very special issue.

“Right now we are working on ECOWAS level on how we can partner with all law enforcement agencies in ECOWAS Countries.

“We are going to adopt a protocol; the protocol will be presented before the Heads of State maybe around February 2020 it will be adopted.

“So, it is no longer going to be business as usual; if you steal money here and go and hide it there, we will follow you there without any protocol and bring you back,” he said.

Magu also addressed the issue of international money transfers in and out of the country.

“Like this Western Money Union Transfer has become a problem because when they send some money to their relations, how to get it will be very difficult.

“The bank will tell you come today, come tomorrow; at the end of the day, if you send two thousand five hundred dollars, they end up getting one thousand dollars.

“But we are seriously working round the clock to bring some sanity into this Western Money Transfer and other money transfers that are being used deliberately by some bankers to defraud the beneficiaries.

“We will clear the ground so that it will be easy for you to send your money to your relations and they can access it,” he said.

Magu also appealed to all members of the public to join in the fight against corruption either as a Nigerian in or out of the country as corruption affects everyone directly or indirectly.

“This is the time you have to contribute your quota because we cannot do it alone.

“Please help us with useful information, if there is something you cannot do, we have the power to do it even if it is outside the country; there is a way we can reach out.

“We also have EFCC Desks in almost all the embassies in the country and have all the contacts.

“In the internet, we are working with almost all government agencies in the world.

“There is no place where you can go and hide any stolen funds and you think we can’t get you,” he added.

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