In fulfilment of President Muhammadu Buhari’s promise and determination to lift about 100 million Nigerians out of poverty in ten years, the Honourable Minister of Youth and Sports Development, Mr. Sunday Dare, on behalf of federal government, today, flagged-off the application portal for the 75bn Nigerian Youth Investment Fund (NYIF) in Abuja for eligible and enterprising Nigerian youth to partake in.
The Minister added that the Federal Executive Council on July 22, 2020 approved the Nigeria Youth Investment Fund (NYIF) to the tune of N75 billion spread over three years to cater to youth owned businesses and investment need. Following the approval, the Ministry of Youth and Sports Development set up three distinct bodies to work out the operationalization of the Fund.
These committees includes: a Steering Committee chaired by the Youth and Sports Minister, Honourable Minister of Finance, Budget and National Planning, Minister of Women Affairs and Social Development, Minister of Industry, Trade and Investment and the Governor of the Central Bank of Nigeria as members. There is also the Technical Committee is chaired by the Permanent Secretary, Ministry of the Youth and Sports Development with other members drawn from the relevant MDAs with representatives from the CBN, the Ministry of Finance, Budget and National Planning among others. He noted that more importantly, is the Focal Group, mainly youths to accommodate input and expertise.
Dare stated that these three groups within no distance time harmonized the input of stakeholders for easy access for all eligible youth to commence the process of application and disbursement of the Fund.
He commended the Governor of Central Bank of Nigeria (CBN), Godwin Emeifele for carrying out Mr President’s directive to provide the initial N12.5 billion naira required for the last quarter of the year 2020 while 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.
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With 5% interest rate per annum, the NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs, this is the vision of this present administration to invest in the youth of the country, adding that iindividual or non-registered businesses are able to draw up to two hundred and fifty thousand naira (₦250,000.00), while youth owned registered businesses can apply for up to three million naira (₦3,000,000.00). Loans are with a tenor of five years and moratorium of up to 12 months.
In his opening remarks, the Permanent Secretary of Federal Ministry of Youth and Sports Development, Mr Gabriel Aduda, stated that ‘’what the ministry is doing today is historic as this is showing the commitment of government to invest heavily on the Nigerian youths to give them a meaningful future. He thanked the Central Bank of Nigeria, Ministry of Finance Budget and National Planning and other collaborators and stakeholders for partnering with the ministry in achieving this laudable project.
Speaking, Mr Yakubu Yilla, a Director and representative of the Central Bank Governor, commended the efforts of Mr President towards actualising his vision of lifting our teeming youths out of poverty and unemployment through the establishment of the NYIF.
He emphasized that youths within the age bracket of 18-35years are eligible to apply for the NYIF.