In a move that underscores his absolute confidence in the innovative skills, talents and industry of the Nigerian youth, President Muhammadu Buhari on Wednesday led the Federal Executive Council to approve the establishment of the Nigeria Youth Investment Fund (NYIF) to the tune of 75 billion naira for 3 years.
The Nigeria Youth Investment Fund (NYIF) is for innovative ideas, skills and talents of Nigerian Youth and to provide a special window for accessing funds, finances, business management skills and other inputs critical for sustainable enterprise.
The establishment of the Fund followed the approval of a memo by the Minister of Youth and Sports Development, Mr Sunday Dare.
The Minister had told Council that “Nigeria can make one quantum leap to dramatically increase its GDP and per capita realities. This can only happen if the country begins to invest in the youth through the establishment of a specialized fund that provides accommodating pathways to accessing credit, grants and needed funds for entrepreneurship.”
The Council also directed the Ministry of Youth and Sports Development to immediately commence the process of operationalization and possible legislation of the NYIF in collaboration with relevant MDAs.
The Federal Executive Council has by the approval directed the Ministry of Finance, Budget and National Planning as well as the Central Bank of Nigeria to source for the required funds to kick start the NYIF.
The first of its kind by any Nigerian government, 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.
Mr Dare said, “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.”
While thanking the president on behalf of the Nigerian youth, the Minister noted that President 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.”