The Federal Executive Council (FEC) on Wednesday approved
the sum of N75 billion for the establishment of the Nigerian Youth Investment
Fund (NYIF).
The NYIF, also tagged ‘the Youth Bank’, would create
financial support for the creativity and innovation of Nigerian youths within
the age range of 18 and 35 years.
The Minister of Youth and Sports Development, Mr. Sunday
Dare disclosed this to State House Correspondents after a lengthy FEC meeting
on Wednesday night.
The Minister emphasised that those between the ages of 18
and 35, who have genuine business ideas would be eligible to pitch their ideas
in any of the 125 micro-credit banks across the country and qualified
candidates would have access to the funds.
Dare said: “For the first time in the history of Nigeria,
the Federal Executive Council today approved the establishment of the Nigerian
Youth Investment Fund (NYIF) to the tune of N75 billion.
“This fund will create a special window for accessing credit
facilities and finance on the part of our youths that will help to fund their
ideas, innovations.
“The best way to call it is that for the first time the
country will have a youth bank.”
FEC also approved the Ministry of Youth and Sports
Development to play a lead role in working on necessary steps 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 the 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, got the attention and support of the Federal Executive Council
today and this fund will be assessed by our youths, once they are able to
present their ideas, they can assess this fund directly,” Dare added.
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He, however, promised that just as the N-Power programme,
the process of the Youth Bank would be digital and fair to all youth aged
between 18 and 35 years, regardless of tribe or social status.
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