SWITZERLAND, JULY 23 – The Federal Executive Council, FEC, on Wednesday approved the sum of N75 billion for the establishment of a Nigerian Youth Investment Fund (NYIF).
Also tagged ‘the Youth Bank’, the NYIF is meant to create a special window for accessing credit facilities and financing to support 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 the 9th virtual meeting presided by President Muhammadu Buhari at the Council Chamber, Presidential Villa on Wednesday night.
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.
“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.
“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.
He, then, promised that the selection process of the Youth Bank would be digital and fair to youth within the specified age range, regardless of tribe or social status.