Lagos — International Development Agency (IDA) has offered Nigeria a over N4.7 billion ($300 million) facility to support governmrnt's youth employment initiative .
The fund is a concessional credit meant to "increase access of the poor to youth employment opportunities, social services, and strengthen safety net systems in participating states."
A strengthened safety net system would have a common targeting system and a unified registry of potential beneficiaries as major elements to facilitate basic services for poor households.
Representatives of 20 state governments, mainly Commissioners for Finance and Justice with Heads of the Abuja office of the World Bank.
The negotiation, which lasted for two days - Feb 11 and 12, 2013, according to the leader of the Nigerian delegation to the negotiation, Haruna Mohammed said the project at this time is very crucial for the Nigerian team. This project is important. It is a direct support to the transformation agenda of the Federal and State Governments.
"Youth Employment is a key element of Mr. President's agenda and a major initiative is already in place and yielding good result. The partnership with the Bank would help to scale up the impact - especially for poor households in remote areas and this is very much welcomed. We thank the Bank for this facility. We strongly believe that this is a wise use of concessional borrowing - taking care of the future of Nigeria," Mohammed said..