The Federal Executive Council (FEC), led by President Muhammadu Buhari on Wednesday approved the establishment of a 75 billion Naira Nigeria Youth Investment Fund (NYIF), by the Nigerian Federal Ministry for Youth and Sports, in fulfillment of the presidential mandate to accelerate national investment in young Nigerians.
The development was revealed during Wednesday’s Council meeting, following a memo presented by Minister of Youth and Sports Development, Sunday Dare. The fund is to initially run for three years, according to the Youth Minister.
Dare opined that the fund will serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth. He termed the development as “a loan and credit pathway dedicated to assessing credit and soft loans.This is the very first of its kind by any Nigerian government”.
Full statement by Minister Sunday Dare:
The President Buhari led Federal Executive Council today approved the establishment of the Nigeria Youth Investment Fund , NYIF , to the tune of 75 billion naira for 3 years following a memo presented by the Minister of Youth and Sports Development. The Youth thank Mr. President.
The NYIF is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth. A loan and credit pathway dedicated to assessing credit and soft loans.This is the very first of its kind by any Nigerian government
One of the most important features of the Nigeria Youth Investment Fund approved by Mr. President is that it is a ring-fenced fund with a restriction that it can only be used for a particular purpose- that the money goes directly only to the youth to fund their ideas & enterprise
By approving the establishment of the NYIF, President Buhari has demonstrated his unflinching support for the Nigerian Youth and his implicit confidence in their innovative talents, potentials, industry. NYIF will accelerate Nigeria’s investment in the ideas of her youth …
President Muhammadu Buhari has fufilled his assertion that “ … it is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth”. The establishment of the NYIF is a fufilment. Nigerian youth thank Mr. President