Coalition Alliance Against COVID-19 (CACOVID), comprising the Bankers Committee and major operators in the private sector on Wednesday unveiled a Marshall plan of some sort to help in rebuilding Nigeria.
CACOVID surfaced in March to help in funding Nigeria’s response to COVID-19 pandemic, but it has expanded its agenda.
Governor of the Central Bank, Godwin Emefiele, who rendered the account of the N39.6 billion raised by the group, said it has decided to take on the challenge of rebuilding 44 police stations damaged during the October #EndSARS protests.
In addition, it is committed to providing over N100billion to procure equipment and gadgets for the Nigerian Police Force over the next two years.
The intervention is expected to modernise the Nigerian police.
CACOVID also released its plans to offer vocational, technical and ICT training for four million of educated but unemployed young Nigerians.
An estimated N150 billion will go into this.
Emefiele explained the plan: “Our preliminary analysis indicates that unemployment particularly amongst the youth was a critical factor behind the unrest.
“As a result, CACOVID has committed to create a high impact youth development program that will provide technical and vocational education to over 4 million Nigerian youths over the next 5 years. Students will be trained on craftwork, plumbing, masonry , carpentry, and other artisanal related skills for which sufficient demand exist in Nigeria .
“Over N150bn is expected to be deployed towards the set up and implementation of the youth development program, which will be available at select training centres across the country .
“Selected students on conclusion of the program will be certified by the appropriate standards board and will be eligible to receive loans to support their entrepreneurial pursuits.
“So far, over N25bn will be domiciled in a fund to support these entrepreneurial pursuits, which would also include acquisition of related equipment’s to conduct business activities.
“The ultimate objective is to provide young Nigerians with employable skills sets that will enable them to live a gainful life. We believe this initiative can lead to the creation of over 4m 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 centre at National Arts Theatre 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 N40 Billion.
Emefiele also spoke about CACOVID plans to help businesses vandalised during the protest.
He said banks and financial institutions would be required to extend relief through concessionary loans to affected businesses and firms, so they can rebuild and restock their stores and continue to conduct their business activities. – The News