NIRSAL is an acronym for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending.

In a statement, the CBN said the Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development as a built-in strategy to respond effectively to the youth employment challenge besetting the country.

The major objectives of the plan are to address fragmentation of youth initiatives that prevent assessment of impact, and to provide Nigerian youths with investment inputs required to build successful businesses.

According to the framework, this tranche of money will enable young people to become sustainable employers of labour and contributors to Nigeria’s economic development.

The apex bank added that the NIRSAL MFB window will be funded with an initial take-off seed capital of N12.5bn.

The plan targets young people between the ages of 18 and 35 and details the needed action required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors.

The fund will institutionally provide young people with a special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.