CBN, others target N100 billion to empower youths
The Nigerian Youths and Student Coalition (NYSC), the Central Bank of Nigeria and some state governments are planning to raise about N100 billion to empower about 70 million youths across the country.
The programme termed the ‘Nigerian Youth Empowerment Project’ will explore the capital market, CBN intervention funds, and other international partners to raise the funds which will empower youths in the development of affordable homes and agricultural expansion.
The project support by FHT Ventures Pl, a real estate firm, would see to the training and empowerment of 1000 youth entrepreneurs across the 36 states and the FCT in the first phase of the project, running from November 2020 to November 2021
The Executive Chairman, FHT Ventures Plc, Olubunmi Adewa-Faboro, said in Abuja that the firm and its partners are reaching out to state governments for the provision of land as project sites. He added that the Central Bank was being approached for an intervention fund.
He noted that core investors in the project included foreign and local directors and associates of FHT Ventures Plc as well as the World Bank.
Adewa-Faboro said: “We are targeting to raise N100 billion for this initiative that will see the construction of affordable mass housing projects in various states and the Federal Capital Territory.
“Intervention shall be sourced per state from the CBN using the available platforms already existing with the designated microfinance banks and the Federal Ministry of Youth and Sports Development.
“FHT Ventures Plc shall raise equity from the capital market, both local and international, while the youth coalition shall be coordinated through cooperative societies in every state.”
On his part, the National President of the Youth Coalition, Mumeen Doraheem, said the project mainstream housing in the national economy through the provision of a mortgage, as well as affordable homes for youths nationwide.
Doraheem stated that the project was vital to the Nigerian economy just as mortgage plays a central role in addressing the financial crisis. He said the National Youth Coalition decided to partner FHT Ventures based on the decades of experience of the firm in real estate and agriculture solutions.