How To Apply For CACOVID N150 Billion Youth Scheme Fund

Last Updated on November 26, 2020 by Ope Quadri

At a meeting in Lagos on Thursday, November 25, 2020, CBN boss revealed that CACOVID raised N150 Billion for Youth Scheme while Aliko Dangote promised that Dangote Group will employ more than 20, 000 Nigerian youths soon

The Central Bank of Nigeria (CBN) has unveiled the CACOVID N150 billion Youth Development Scheme Fund.

CACOVID means Coalition Against COVID-19, a committee setup to mitigate the effect of the pandemic. It is a brainchild of the Bankers’ Committee in Nigeria.

The N150 billion youth fund which is domiciled with Nigeria’s apex bank will be used to implement a youth development programme in a drive to support the federal government’s job creation drive.

CACOVID said the youth development programme would provide technical and vocational education to over four million Nigerian youths over the next five years.

This is similar to a Portal for Exited NPower beneficiaries which was launched recently for batch 2016 and 2017 of the empowerment programme supervised by Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development (FMHDSD).

The mandate of CACOVID:

  • To work with the government in providing support in areas that would result in improved health and societal outcomes.
  • To assist the federal government in improving testing capability
  • To provide palliatives to vulnerable members of the society
  • To create at least four million jobs for Nigerian youth

Key members of CACOVID are:

  • Mr. Godwin Emefiele (CBN governor and Co-Chair of CACOVID)
  • Alhaji Aliko Dangote (President, Dangote Group)
  • Mr. Tony Elumelu (Chairman, United Bank for Africa Plc)
  • Chief Herbert Wigwe (Group Managing Director/CEO, Access Bank Plc)

At a media briefing in Lagos Emefiele stated that the organisation’s plans is to assist the Muhammadu Buhari-led government in tackling issues that triggered youth restiveness during the #EndSARS protests across the country.

“As a result, CACOVID has committed to creating a high impact youth development programme that will provide technical and vocational education to over four million Nigerian youths over the next five years,” Emefiele said.

For Students:

  • Students will be trained on:
  • Craftwork,
  • Plumbing,
  • Masonry,
  • Carpentry,
  • Other artisanal related skills

Implementation:

Selected students on the conclusion of the programme will be certified by the appropriate standards board

They will be eligible to receive loans to support their entrepreneurial pursuits.

Funding:

Over N25 billion will be domiciled in a fund to support the entrepreneurial pursuits, which would also include acquisition of related equipment to conduct business activities.

Out-of-school graduates

For the out-of-school graduates that possess certain entrepreneurial skills, creative centre will be set up for their training.

Centres:

Creative centres will be set up at the National Arts Theatre, Lagos.

Training skills:

The out of school will acquire skills in the following areas:

  • ICT and software design / development,
  • Fashion,
  • Music,
  • Movies

Funding:

At least over N40 billion has been budgeted for the training of the out-of-school.

How to Access CACOVID N150 Billion Youth Scheme Fund

Speaking on how to access the N150 billion youth scheme fund, Access Bank boss Chief Herbert Wigwe called on the young people to reach out to their banks.

This means you’ll have to keep in touch with your bank because the funds will be disbursed to the commercial banks for your use.

“Every transformation comes with its own pain and hitches. CACOVID right from inception came to help with the issue that came with COVID-19 and also to protect the livelihoods of people,” Wigwe said.

Dangote Group To Employ More Than 20, 000 Nigerian Youths Soon

Chairman of Dangote Group Alhaji Aliko Dangote training of the youths in various skills will enable private companies and individuals to absorb them.

He said the training would also enable the federal government to have a database of individuals who are trained at the various centres for vocational jobs.

He said: “We would have a database so that you don’t just call an armed robber to your house.

“What we are doing is that we are providing them with money to buy tools. So as soon as they get the training which is free, which we are paying for, then they have the guarantee that they would get jobs.”

According to him, there are presently about 30,000 workers at Dangote site, saying plans are underway to increase Dangote workforce to 50,000.

“Only 25 to 28 per cent of that would be foreign workers and the rest will be Nigerians who would be trained,” he promised.

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