Central Bank of Nigeria, CBN has said that a 2014 National Baseline Youth Survey Report issued by the National Bureau of Statistics, NBS in collaboration with the Federal Ministry of Youths Development, recorded that 58 percent of Nigerian youths were unemployed in 2014, while females unemployed youths stood at 51.9 percent.
The report, however, stated that compared to the male counterpart it was 48.1 percent that were unemployed.
This was disclosed by the CBN Director of Development Finance Department, Dr M. A. Olaitan yesterday during the signing of tripartite agreement on the establishment of CBN Entrepreneurship Development Centre for South East zone, located in Abia State.
Dr Olaitan, who represented the CBN Governor, Godwin Emefiele, stated that it was in attempt to reverse this decline in the nation’s economy that informed the decision of the Central Bank to actively develop, support and complement efforts of other government agencies by establishing one EDC in each of the six geopolitical zones.
According to him, “The Bank’s primary mandate among others is to ensure monetary and price stability, the CBN has over the years performed some major developmental functions through interventions in the real sectors f the economy.
“These interventions are on creating enabling environment to stimulate the flow of credit to the real sector for job creations and wealth creation and diversifications of the economy.”
He added that it was also developed out of the need to promote entrepreneurship spirit among youths and provide insight in tools, techniques and framework to start, manage and expand their business enterprises as well as linking them to financial institutions for start-up capital.
Emefiele said that bank as economic agent of the government also needs to address some of the key challenges of skilled manpower and devise practical measures to engage the army of unemployed youths in the economic activities to meet the country’s efforts to becoming the economic hub of Africa by the year 2020.
“It is a known fact that the country is experiencing a number of development challenges such as low capacity utilisation, huge unemployment and poverty, failing infrastructure, corruption, insecurity and other negative trends in macroeconomic management challenges,” he added.
He also said that the enhanced CBN Nigeria Entrepreneurship Development centres are strategically designed to target tertiary institutions graduates, secondary school leavers and owners of existing business.
Speaking at the occasion, Commissioner of Finance, Abia State, Mr Obinna Oriaku who led his team to CBN said that Abia is strategically located to carry other south eastern states along in the programme.


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