The Federal Executive Council (FEC) on Wednesday approved the sum of N75 billion for the establishment of the Nigerian Youth Investment Fund (NYIF). The NYIF, also tagged ‘the Youth Bank’, would create financial support for the creativity and innovation of Nigerian youths within the age range of 18 and 35 years.
The Minister of Youth and Sports Development, Mr. Sunday Dare disclosed this to State House Correspondents after a lengthy FEC meeting on Wednesday night.
The Minister emphasised that those between the ages of 18 and 35, who have genuine business ideas would be eligible to pitch their ideas in any of the 125 micro-credit banks across the country and qualified candidates would have access to the funds.
Dare said: “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 will create a special window for accessing credit facilities and finance on the part of our youths that will help to fund their ideas, innovations.”
Federal Executive Council (FEC) approves establishment of 75 billion Naira Nigeria Youth Investment Fund (NYIF), by @NigeriaFMYS, in fulfillment of Presidential mandate to accelerate national investment in young Nigerians.
— Government of Nigeria (@NigeriaGov) July 22, 2020
“The best way to call it is that for the first time the country will have a youth bank.”
FEC also approved the Ministry of Youth and Sports Development to play a lead role in working on necessary steps 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 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 added.
He, however, promised that just as the N-Power programme, the process of the Youth Bank would be digital and fair to all youth aged between 18 and 35 years, regardless of tribe or social status.