THE Youth and Sports Development Minister, Sunday Dare, yesterday inaugurated the Nigeria Youth Investment Fund in Abuja and called for aaplications.
According to him, the drive will increase government’s investment in our youths.
Addressing the press in Abuja, the minister said the inauguration was a milestone in Nigeria’s youth empowerment.
“This mindset is the impetus that propelled us to approach the Federal Executive Council to approve the Nigeria Youth Investment Fund as ring fenced fund for the Nigerian youth, our own sort of a youth bank.
The Federal Executive Council on July 22, 2020 thus approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth owned businesses and investment need.
We are also grateful that the Ministry of Finance, Budget and National Planning has on its part committed to provide the next tranche of the fund in the 2021 Budget,” he said.
He said that Central Bank of Nigeria, in line with the Federal Government’s directive, provided the initial N12.5bn required for the fund to operate in the remainder of 2020, adding that the loan provided under NYIF had an interest rate of five per cent per annum.