For the first time in the history of Nigeria, The Federal Government, for the first time in the history of Nigeria, has approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion.
This fund, according to the Minister of Youth and Sports Development, Sunday Dare, is meant to create a special window for accessing credit facilities and financing for the youths that will help to fund their ideas, innovations and also support their enterprise.
Speaking to newsmen today, July 22 at the end of the weekly Federal Executive Council (FEC) meeting at the presidential villa, Abuja, the Minister, said that for the first time, the country will have a youth bank.
He said that it is a fund that will cater specifically for the youth within the stipulated age band, “which is going to be between 18 and 35 years.
“The second approval that was secured was for the Ministry of Youth and Sports Development to play a leading role in working on necessary steps that need to be taken in terms of legislation, organisation and other aspects of financing.
“The Federal Ministry of Finance, Budget and National Planning will take the lead when it comes to the aspect of financing, working with the CBN, the Ministry of Youth and Sports Development and other relevant MDAs.
“A couple of other details will be released later, but I think the most important thing is that the N75 billion Nigerian Youth Investment Fund, to cater specifically for this target group, a population of over 68 million.”
Sunday Dare said that the fund will be accessed by the youths, saying: “once they are able to present their ideas, they can access this fund directly.”