The federal government has approved the establishment of a Nigerian youth investment fund for N75 billion.
Minister of youths and sports, Sunday Dare disclosed this State House correspondents after the federal executive council meeting presided over by President Muhammadu Buhari at the Presidential Villa.
He explained that the youth bank’ is created to support youth enterprise among Nigeria’s 68 million youth between ages of 18 and 35.
According to him, 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.
He 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 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.
He said 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.