The
Federal Executive Council (FEC) on Wednesday approved the sum of N75 billion
for the establishment of the Nigerian Youth Investment Fund (NYIF).
Tagged
‘the Youth Bank’, the fund would create financial support for the creativity
and innovation of Nigerian youths within the age bracket 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 emphasized 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.
The Minister disclosed 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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