THE Federal Government has approved the establishment of Nigerian Youth Investment Fund (NYIF).
Minister of Youth and Sports Development, Mr Sunday Dare, made the disclosure on Wednesday, after the Federal Executive Council (FEC) meeting to State House Correspondents.
He said, “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 ministries, departments and agencies.”
Dare noted that the fund which will be assessed by youths digitally like the N-Power Programme.