Nigerian Govt. gets $300m World Bank loan for youth employment

 

The Federal Government has obtained a $300million loan from the World Bank to support the Youth Employment and Social Support Operations (YESSO). YESSO is meant to provide opportunities for employment and social service delivery and harmonise social protection interventions. 

The National Project Coordinator of the Graduate Internship Scheme of the Subsidy Reinvestment and Empowerment Programme (SURE-P), Mr Peter Papka, spoke yesterday at the training for delegates of the seven states that have met the conditions stipulated for participation in Abuja. He said the objective of this support is to increase access of poor citizens to youth employment opportunities, social services, and strengthened safety net systems in participating states.

At the federal level, a Federal Operation Coordinating Unit (FOCU) based at the Federal Ministry of Finance would coordinate YESSO with other agencies involved in implemention under the operations such as, the National Planning Commission (NPC), the National Directorate of Employment (NDE), National Poverty Eradication Programme (NAPEP) and the Millennium Development Goals Office (MDGs). The operation is to be managed at the state level by a designated State Operation Coordinating Unit (SOCU). The SOCU, Papka said, is responsible for the establishment of the central safety net coordination system including the targeting system and the unified registry of beneficiaries. 

SOCU, he said, “is accountable to the state government and FOCU while the project implementation units (PIUs) are responsible for implementing the three components of YESSO at the state level.” There are three components of the support operation. These include: The public workfare component which will enhance the capacity of participating unemployed young people, create and improve basic social and economic infrastructure in communities. It is expected to increase the income and consumption of young participants and their households, increase effective demand in local markets, and increase household asset ownership, savings, and investments.

Report from (The Nation) Newspaper