Nigerian Youth Compact on COVID-19 has signed a Memorandum of Understanding (MoU) with the Nigerian Youth Chamber of Commerce to boost access for 10 million Nigerian youths.
Signing the MoU in Abuja on Friday, President Nigerian Youth Chamber of Commerce (NYCC), Ambassador Peter Ayim said, the partnership is designed to leverage the status of the Nigerian chamber of commerce as Central Bank of Nigeria(CBN) accredited development institute to grant finance and informative business development service that would help young people run functional businesses.
Ayim said in the phase of the growing number of unemployment, the solution to addressing the challenges is entrepreneurship.
On his part, the chairman, Nigerian Youth Compact on COVID-19, Mr Gambo Suleiman Haruna, said, the aim of the MoU is to address the impact of COVID-19 among young people and to help the government in mitigating the spread of coronavirus among the populace.
He further added that the situation of youth is worsened by the looming global recession as a result of the coronavirus pandemic that has infected over 10 million people globally.
“Businesses are shutting down and taking with them jobs and the livelihood of young Nigerians at an alarming rate. Millions of Micro and small-scale enterprises have been wiped out by the prevailing lockdown.
“Most of these MSMEs are operated by young people who are legitimately trying to make a living; they operate in the informal sector, making it difficult for them to be captured for any intervention,” Haruna said.
He lauded the initiative by adding that, proactive economics are now looking inward to leverage their resources and reorganise for life after the pandemic.
He stressed that Nigeria need deliberate measures to reverse the ugly trends and cushion the impact that this will have on the Nigerian Youth, he added.
Speaking also, the chairman, Advisory Board, Nigerian Youth Compact on COVID-19, Uzoh Ifeanyi said it is imperative that the CBN and other financial institutions do everything possible to have a dedicated program.
“The proposed partnership will complement efforts of the government to save the economy. It will stimulate MSMEs growth beyond the COVID-19 pandemic.
He appealed that government at every level should look inward to see how young people can be engaged meaningfully at this time of COVID-19.