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FEC approves N75bn youth funding fund

Bolaji Ogundele, Abuja

 

The Federal Govt Council (FEC) has accredited the institution of the Nigerian Youth Funding Fund (NYIF) to the tune of N75 billion.

The NYIF, additionally tagged ‘the Youth Financial institution’, would create a finance help base for creativity and innovation of Nigerian youths inside the age vary of 18 and 35 years.

Disclosing this to State Home Correspondents after a prolonged FEC assembly on Wednesday night time, the Minister of Youth and Sports activities Improvement, Mr. Sunday Dare, mentioned Nigerian youths with concepts and innovation would be capable of apply for funding from the Youth Financial institution.

He mentioned the modality would entail these between the ages of 18 and 35 years and who’ve real enterprise concepts can be eligible to pitch their concepts in any of the 125 micro-credit banks throughout the nation and certified candidates would have entry to the funds.

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“For the primary time within the historical past of Nigeria, the Federal Govt Council immediately accredited the institution of the Nigerian Youth Funding Fund (NYIF) to the tune of N75 billion. This fund is supposed to create a particular window for accessing credit score amenities and financing on the a part of our youths that can assist to fund their concepts, improvements and in addition help their enterprise.

“One of the simplest ways to name it’s that for the primary time the nation can have a youth financial institution. A fund that can cater particularly for our youth inside the stipulated age band, which goes to be between 18 and 35 years.

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“The second approval that secured was for the Ministry of Youth and Sports activities Improvement to play a lead function in engaged on obligatory steps that should be taken by way of laws, organisation and different points of financing.

“The Federal Ministry of Finance, Finances and Nationwide Planning will take the lead in terms of the facet of financing, working with the CBN, the Ministry of Youth and Sports activities Improvement and different related MDAs.

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“A few different particulars will probably be launched later, however I feel crucial factor is that the N75 billion Nigerian Youth Funding Fund, to cater particularly for this goal group, a inhabitants of over 68 million, received the eye and help of the Federal Govt Council immediately and this fund will probably be assessed by our youths, as soon as they can current their concepts, they will assess this fund immediately,” Dare mentioned.

He, nevertheless, assured that simply because the N-Energy programme, the method of the Youth Financial institution can be digital and honest to all youth aged between 18 and 35 years, no matter their ethnicity or social standing.

 

 

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