The Federal Government Council (FEC) on Wednesday permitted the sum of N75 billion for the institution of the Nigerian Youth Funding Fund (NYIF).
The NYIF, additionally tagged ‘the Youth Financial institution’, would create monetary help for the creativity and innovation of Nigerian youths inside the age vary of 18 and 35 years.
The Minister of Youth and Sports activities Growth, Mr. Sunday Dare disclosed this to State Home Correspondents after a prolonged FEC assembly on Wednesday night time.
The Minister emphasised that these between the ages of 18 and 35, who’ve real enterprise concepts could be eligible to pitch their concepts in any of the 125 micro-credit banks throughout the nation and certified candidates would have entry to the funds.
Dare stated: “For the primary time within the historical past of Nigeria, the Federal Government Council at this time permitted the institution of the Nigerian Youth Funding Fund (NYIF) to the tune of N75 billion.
“This fund will create a particular window for accessing credit score amenities and finance on the a part of our youths that can assist to fund their concepts, improvements.
“The easiest way to name it’s that for the primary time the nation may have a youth financial institution.”
FEC additionally permitted the Ministry of Youth and Sports activities Growth to play a lead function in engaged on obligatory steps by way of laws, organisation and different facets of financing.
“The Federal Ministry of Finance, Funds and Nationwide Planning will take the lead in the case of the side of the financing, working with the CBN, the Ministry of Youth and Sports activities Growth and different related MDAs.
“A few different particulars will probably be launched later, however I believe an important factor is that the N75 billion Nigerian Youth Funding Fund, to cater particularly for this goal group, a inhabitants of over 68 million, bought the eye and help of the Federal Government Council at this time and this fund will probably be assessed by our youths, as soon as they’re able to current their concepts, they will assess this fund instantly,” Dare added.
He, nonetheless, promised that simply because the N-Energy programme, the method of the Youth Financial institution could be digital and honest to all youth aged between 18 and 35 years, no matter tribe or social standing.