FG, World Bank to expand Nigeria’s credit support funds by $50m

The Federal Government has said it will collaborate with the World Bank to expand Nigeria’s credit support funds by 50 million dollars to reach more young people, including businesses led by going women, people with disabilities, and young rural dwellers.

Minister of Youth Development, Comrade Ayodele Olawande, who communicated this when he hosted the World Bank team led by World Bank Economist, Mr. Maheshwor Shrestha, on Thursday in Abuja, revealed that the partnership will provide jobs directly or indirectly to 10 million youths within the next five years.

Olawande said the forum would enable him to update the team on the various activities and engagements of the ministry in the past months.

“The focus of the ministry has been to achieve the establishment of a strong coordinated mechanism for all youth intervention focused on economic inclusion and we want data to inform all we do,” he said.

“The focus of the ministry has been to achieve the establishment of a strong coordinated mechanism for all youth intervention focused on economic inclusion and we want data to inform all we do.

”Provide decent jobs directly or indirectly for at least, 10 million youths within the next five years and ensure that every youth is proficient in at least, two income generating skills.”

The minister said that the current reality showed that 60 million youths are in the labour market and an additional 5.5 million would join the labour market every year

According to him, almost 58 per cent of Nigeria’s informal workforce are young people, adding that the challenges hinged on deficient skills for the job market, relevant vocational training, and lack of access to capital and funds safety with an infrastructural deficit.

Earlier in his presentation, Shrestha said that no fewer than 60 million youths in Nigeria were underage at the moment.

He said that every year, 5 and a half million would reach paid working age.

Shrestha said that only seven per cent of the youths were engaged in paid jobs.

“And even those are not permanent jobs; there are still informal jobs. So, if we look at overall, 93 per cent of the youths are working in an informal sector.”

According to him, the bank is figuring out how to improve safety net support for such people.

“What we are doing now is to think about how the framework applies at the state level,” he said.

“So, I think we are starting to work with the Governors’ Board of Secretaries to see how this approach applies at the state levels.”