The Federal Executive Council (FEC) on Wednesday approved the sum of N75 billion for the establishment of the Nigerian Youth Investment Fund (NYIF). The NYIF also tagged 'the Youth Bank', which would create financial support for creative and innovative Nigerian youths within the age range of 18 and 35 years to access credit facilities and financing.
The Minister of Youth and Sports Development, Mr. Sunday Dare disclosed this to State House Correspondents following the FEC meeting presided over by President Muhammadu Buhari at the State House, Abuja.
Mr. Dare in his explanation said "For the first time in the history of Nigeria, the Federal Executive Council today 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.
"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."