The Federal Executive Council(FEC) has approved N75 billion for the establishment of the Nigerian Youth Investment Fund, otherwise known as Youth Bank.
The council made this announcement known during a virtual meeting that was chaired by President Muhammadu Buhari at the State House, Abuja. The minister of Youth and Sports Development announced that the N75 billion fund is aimed at supporting enterprising youth with various business ideas, innovations and also support their enterprise
The finance minister Zainab Shamsuna Ahmed who was present at the meeting said that two contracts were also approved during the deliberation, these memos are the approval of the Customs Service patrol boats used for surveillance of Nigerian waters and the Cargo scanners used at intermodal freight shipping containers.
According to Mr Dare, the initiative is first of its kind aimed at empowering enterprising youths between the ages of 18 to 35 years of age with different business ideas to key into the fund which comes with credit facilities available at the 125 microcredit banks across the country.
He assured Nigerians that the process of disbursing these funds will be fair to all who met the set criteria, details and date of the initiative would be disclosed in due time.
Young people constitute the largest section of the population, the key objective of the Nigerian Youth Investment Fund( NYIF) is to increase economic opportunities for all Nigeria youths to be drivers of job creation in the society.
