The Federal Executive Council, FEC has approved a total sum of N75 billion for the establishment of a Nigerian Youth Investment Fund.
This fund is designed to create an avenue where the accessing of credit facilities and financing for the youths will be readily possible and accessible so as to adequately fund their numerous ideas, innovations and also support their various enterprise.
The Minister of Youths and Sports Development, Sunday Dare made this known after the 9th virtual meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja on Wednesday.
Commenting on the category of youth who will benefit from the special fund, Dare stated that people whose age falls within 18 and 35 will enjoy this fund.
According to him, “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 is meant to create a special window for accessing credit facilities and financing on the part of our youths that will help to fund their ideas, innovations, and also support their enterprise.
“The best way to call it is that for the first time the country will have a youth bank. A fund that will cater specifically for our youth within the stipulated age band, which is going to be between 18 and 35 years.
“The second approval that secured was for the Ministry of Youth and Sports Development to play a lead role in working on necessary steps that need to be taken in terms of legislation, organisation and other aspects of financing.”
He said that 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 Central Bank of Nigeria, CBN, the Ministry of Youth and Sports Development and other relevant Ministries, Department and Agencies, MDAs.
He said, “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.”