The President of Nigeria, Muhammadu Buhari, has approved the establishment of Nigeria Youth Investment Fund.
Buhari, who met with the Federal Executive Council on Thursday July 23, 2020, approved the establishment of NYIF, to the tune of 75 billion naira for 3 years.
The approval followed a memo presented by the Minister of Youth and Sports Development, Mr Sunday Dare.
According to the minister, NYIF is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth.
“It is a loan and credit pathway dedicated to accessing credit and soft loans.
“This is the very first of its kind by any Nigerian government,” the minister said.
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, potentials, industry.
NYIF will accelerate Nigeria’s investment in the ideas of her youth
President Muhammadu Buhari has fufilled his assertion that “… it is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth”.