The Federal Executive Council (FEC) has approved a Youth Investment Fund in the value of N75bn.
The FEC gave the approval at Wednesday’s 8th virtual session presided over by President Muhammadu Buhari at the State House, Abuja.
It’s a ‘youth bank’ to support Nigerian youths with entrepreneurial skills, according to the Minister of Youth and Sports Development, Mr. Sunday Dare.
The country has an estimated 68million youth population in the age bracket of 18 to 35 years.
Dare, who spoke with State House Correspondents after the meeting, explained that access to the fund would be through the 125 micro credit banks in the country.
He added that the criteria for accessing the funds by those with the requisite qualifications would be set out accordingly.
He added that the process would be digitalised like the existing N-Power programme for fresh graduates.
Dare gave details, “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 N75bn.
“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 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 Central Bank of Nigeria, the Ministry of Youth and Sports Development and other relevant Ministries, Departments and Agencies.
“A couple of other details will be released later, but I think the most important thing is that the N75bn NYIF, to cater specifically for this target group, a population of over 68 million, got the attention and support of the FEC today and this fund will be assessed by our youths, once they are able to present their ideas, they can assess this fund directly.”