Nigeria: FEC approves fund of N75 billion for youth investment

Nigeria's Federal Executive Council (FEC) lead by President Muhammadu Buhari has approved the establishment of a Nigerian youth investment fund for N75 billion, according to a news report by The Sun.

It was created to support enterprise among Nigeria's 68 million youths between the ages of 18 and 35.

Minister of Youth and Sports Development, Sunday Dare has disclosed this to State House Correspondents, yesterday.

According to Dare, youth within the 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.

Dare assured that like the N-power program, the process is digital and will be fair to all youths aged 18 – 35 regardless of their ethnicity or social status.

"For the first time in the history of Nigeria, the Federal Executive Council today (yesterday) 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, "Dare said.

"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.

"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, organization, and other aspects of financing, "he added.