Osun State has been selected among seven states of the federation that will access $18 million grant from the World Bank.
This was disclosed by Sector Leader, Human Development unit of World Bank, Prof Foluso Okumadewa, at the review of Youth Employment and Social Support Operation programme in Iloko, Osun State, on Monday.
Youth Employment and Social Support Operation is a social safety net programme of the World Bank initiated to empower youths through skill acquisition and funding.
Okumadewa commended Osun State Governor, Mr. Rauf Aregbesola, for allowing the World Bank to study Osun Youth Empowerment Scheme in order to develop YESSO.
The sector leader said an interest of 0.25 per cent and a tenor of 40 years with a moratorium of 10 years would be charged on accessed funds.
Aregbesola, in his address, encouraged representatives of the seven states and federal agencies present to promote productivity.
He said only productivity could rescue Nigeria from the high unemployment index and deplorable level of security.
The governor added that “if only 50 per cent of working class Nigerians would be able to produce N20, 000 worth of goods or services every month, Nigeria would be the best country to live in.”
The Head, Osun State Operations Coordinating Unit, Mr. Femi Ifaturoti, in his opening remark, said, “It is humbling to hear that the global bank was inspired by the OYES programme of the Aregbesola administration.”
Head of YESSO at the Federal Ministry of Finance, Mr. Peter Papka, who represented the Minister of Finance, Dr Ngozi Okonjo-Iweala, thanked Aregbesola for hosting the workshop.
The workshop was attended by representatives from Niger, Cross River, Bauchi, Kwara, Ekiti, Oyo states.