Abdullahi Muhammed
The Federal Executive Council (FEC) Wednesday approved the establishment of a N75 billion Nigerian youth investment fund.
The ‘youth bank’ is created to support enterprise among Nigeria’s 68 million youth, Minister of Youth and Sports Development, Mr Sunday Dare, said at the end of the weekly FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa in Abuja.
He said youth within 18 and 35 age group with genuine business ideas are expected to present them to any of the 125 micro credit banks across the country.
Those who qualify, the minister said, will access the funds at the micro credit facilities, stressing that like the N-power programme, the process would be digital and fair to all youth regardless of their ethnicity or social status.“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 bracket, which is going to be between 18 and 35 years.
“The Ministry of Youth and Sports Development is 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. 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, got the attention and support of the Federal Executive Council today.”, the minister said