The Federal Executive Council (FEC) has approved the establishment of a Nigerian youth investment fund for N75 billion.
The Minister of Youths and Sports, Sunday Dare, disclosed this to State House reporters after over eight hours meeting chaired by President Muhammadu Buhari.
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.
According to the Minister, youth within this age group with genuine business ideas are to pitch their ideas in any of the 125 micro credit banks across the country and qualified candidates will have access to the funds.
Mr Dare, assured that just as the N-power programme, the process is digital and will be fair to all youth aged 18 – 35 regardless of their ethnicity or social status.
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, he added.
It will be recalled that in a similar manner, the Buhari administration has been doing everything possible to engage the teaming unemployed youths in the country, by bringing up programmes and schemes that could be of a great benefit to them.
Part of such programmes, are Npower, Geep loan facility, BOI facility, CBN intervention funds, among others.
We will be updating this report as we have more information.
For update on Npower and other government social intervention programs, kindly join the Npower 2020/2021 WhatsApp Group here for latest news and events as it breaks.