The African Development Bank approves $250m loan for ENABLE Youth Programme to aid job creation, nutrition, food security and improved living conditions.
AfDB approves $250m loan for the ENABLE Youth Programme
The African Development Bank (AfDB) has given approval for a $250 million loan for the Empowering Novel Agri-Business-Led Employment (ENABLE) Youth Programme in Nigeria.
The youth agribusiness scheme, launched in January 2016 by the AfDB and the International Institute of Tropical Agriculture (IITA) in partnership with Nigeria’s Federal Ministry of Agriculture and Rural Development (FMARD) aims to aid job creation, nutrition, food security and improved living conditions for youths in urban and rural areas.
The programme will be executed across all the 36 States of the Federation and Federal Capital Territory (FCT). The ENABLE scheme targets 36,000 “agripreneurs” – 1000 per state – who can either create individual or joint businesses. The programme is projected to create a total of 220,000 jobs.
The AfDB said its credit facility will help the programme accomplish its specific objectives of creating business opportunities and decent employment for the youth along priority agricultural value chains in aquaculture, crops farming, marketing, processing etc.
Under the ENABLE programme, beneficiaries will complete a 2-week agribusiness orientation training and then serve as interns at existing agribusinesses for nine months. After this beneficiaries will submit bankable agribusiness proposals for loan considerations of up to $50,000.
The Abidjan-based multilateral lender said the programme has two targeted beneficiaries:
- Unemployed young Nigerian graduates from any field of study who have completed their National Youth Service Corps (NYSC) programme (Greenfields);
- Graduate youths who are already successfully engaged in agribusiness, but have no access to commercial loan to grow their businesses (Brownfields).
“In general, it is expected that all the youth that have successfully undergone the incubation program and satisfies the relevant criteria will move to the next stage of accessing the loans to set up their agribusinesses or may find employment with the private sector and the rural development community,” the AfDB said.
The programme will also promote sustainability by focusing on environmental and gender issues. Therefore, it will target a 50-50 male and female participation across the Federation, aged 18-35 years.