The Federal Executive Council on Wednesday, approved N75b for the establishment of the NigeriaYouth Investment Fund (NYIF).
The establishment of the fund for three years. It was as a result of a memo presented by the Honourable Minister of Youth and Sports, Mr Sunday Dare.
A statement by the minister, stated that the fund was a sort of Youth Bank that would fund and support the innovative ideas, skills, talents and enterprise of the Nigerian youth.
According to the statement by the minister, the NYIF, which is the first of its kind by any Nigerian government, is a loan and credit pathway, dedicated to enabling access to credit and soft loans.
The minister statements reads; “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 and industry”.
The NYIF, will according to him, accelerate Nigeria’s investment in the ideas of her youth.
“President Muhammadu Buhari has with this fulfilled his assertion that “…it is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth.
“Nigerian Youth thank Mr President”, concluded the minister in the statement which he personally signed.