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.
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Briefing State House correspondents after the 9th virtual
meeting presided over by President Muhammadu Buhari at
the Council Chamber, Presidential Villa, Abuja, the Minister
of Youths and Sports Development, Sunday Dare explained
that the special fund will be for youths within the age
bracket of 18 and 35.
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.”
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