THE Federal Government on Wednesday approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion.
The NYIF, which will operate as a youth bank, will create a financial support base for innovative youths aged 18 to 35.
Disclosing this to State House Correspondents after a Federal Executive Council (FEC) meeting, Minister of Youth and Sports Development, Mr Sunday Dare, said youths with ideas and innovation can apply for funding from the youth bank.
“For the first time in the history of Nigeria, the FEC 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 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 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 on financing, working with the CBN, the Ministry of Youth and Sports Development and other relevant MDAs (ministries, departments and agencies).
“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 support of FEC.
“This fund will be assessed by our youths. Once they can present their ideas, they can access the fund directly,” Dare said.
The minister said just like the N-Power Programme, the process would be digitalised and fair.