Private-sector led Coalition Against COVID (CACOVID) has promised succour for four million youths as it plans to invest N 175bn to create jobs within the next five years.

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele disclosed this at a briefing  in Lagos on Wednesday.

He noted that preliminary analysis showed unemployment, especially among the youths, was a major factor behind the #EndSARS protests.

Youths, in October took over major cities and towns across the country for two weeks demanding an end to police brutality and bad governance.

Speaking on Wednesday, Emefiele who is co chairman of CACOVID said the group was committed to creating a high impact youth development programme that will provide technical and vocational education to over four million youths in the next five years.

With him at the conference were: Dangote Group Chairman Aliko Dangote; UBA Group Chairman Tony Elumelu and Access Bank Plc Group Managing Director Herbert Wigwe.

He said: “Students will be trained on craftwork, plumbing, masonry, carpentry, and other artisanal related skills for which sufficient demand exist in Nigeria.


“Over N150 billion is expected to be deployed towards the set up and implementation of the youth development programme, which will be available at select training centers across the country.”

According to Emefiele, selected students at the conclusion of the programme will be given loans to support their entrepreneurial pursuits.

He said: “So far, over N25 billion will be domiciled in a fund to support these entrepreneurial pursuits, which would also include acquisition of related equipment’s to conduct business activities.

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“We believe this initiative can lead to the creation of over four million jobs over the next five years.

“For the out of school graduates that possess certain Entrepreneurial skills, CACOVID will be working with Bankers Committee to complete the Creative center at National Arts Theater area of Lagos in four select areas namely: ICT and software design/development, fashion, music and movies. This project is expected to cost the Bankers Committee over N40billion.”