The Federal Executive Council (FEC) on Wednesday approved the sum of N75 billion for the establishment of the Nigerian youth investment fund (NYIF) to support enterprise among 68 million youths in the country.
The NYIF, also known as ‘the youth bank’, would create financial support for the creativity and innovation of Nigerian Youths Within the age range of 18 and 35 years
The minister of youth and sports development, Sunday Dare, disclosed this to state house correspondents of the end of the FEC meeting presided over by president Muhammadu Buhari.
The minister also said that those between the ages of 18 and 35, who have genuine business ideas would be eligible to pitch their ideas in any of the 125 micro-credit banks across the country.
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 enterprises