By Millicent Umoru-O
The Federal Executive Council (FEC) has approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion.
The NYIF, which has been tagged ‘the Youth Bank’, would create a finance support base for Nigeria youths with creative and innovative ideas and its opened for youths within the age of 18 to 35 years.
Minister of Youth and Sports Development, Mr. Sunday Dare, after a lengthy FEC meeting on Wednesday night said, Nigerian youths with ideas and innovation would be able to apply for funding from the Youth Bank.
He said the opportunity is opened to youths who have genuine business ideas and would be ready and eligible to pitch. He stated that for the first time the country will have a youth bank. A fund that will cater specifically for the youths within the stipulated age range.
“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 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 and this fund will be assessed by our youths, once they are able to present their ideas, they can assess this fund directly,” Dare said.
He, however, assured that just as the N-Power programme, the process of the Youth Bank would be digital and fair to all youth between the stipulated age, regardless of their ethnicity or social status.