The World Bank on Tuesday said that it has budgeted $300 million
(equivalent to about N4.8 billion) for Youth Employment and Social
Support Operation (YESSO) scheme in Nigeria.
Marie-Francoise Mariel-Nelly, Country Director of the World Bank in
Nigeria disclosed this in Abuja at the 53rd Annual conference of the
Nigerian Economic Society (NES).
“We are preparing a Youth Employment and Social Support operation
(YESSO) aiming at supporting the provision of immediate work
opportunities and skills development for unemployed youths and women
from poor households,” she said.
Ms Mariel-Nelly said increasing youth employment was one of the
bank’s global priorities as it had observed that one in five of all new
job seekers in Africa were Nigerians.
“The $300 million project will cover all parts of the country in up
to 20 states,” she said.
She said that the World Bank with support from the EU would launch
the State Employment and Expenditure for results project (SEEFOR) in the
Niger Delta region.
She said the aim was to take youths off the streets as well as
improve the country’s infrastructure.
According to her, ACCESS bank had demonstrated commitment to opening
employment opportunities for graduates of Information Communication
Technology through target training in core competencies benchmarked to
global industry standards.
“The bank provides matching grant as seed money to empower young
farmers to adopt new technologies and acquire capital assets, which they
use to undertake a wide range of value addition and small-scale income
generating activities,” she said.
She said youth unemployment was a threat to social and political
stability as was evident in the youth restiveness in the Niger Delta.
Ms Mariel-Nelly said the bank would continue to support government
efforts to address the challenge of unemployment in the country.
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