FEC directs Finance Ministry, CBN to source take off funds
BY EDMOND ODOK, ABUJA –The Federal Executive Council (FEC) has approved the establishment of the Nigeria Youth Investment Fund (NYIF) with an initial three years’ financing capital of 75 billion Naira.
Accordingly, President Muhammadu Buhari has directed the Federal Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria (CBN) to source the funds needed to kick start this laudable youth-based investment programme.
The Fund initiative is in line with the current administration’s absolute confidence in the Nigerian youth and the need to create an enabling environment for the expression of their innovative skills, talents and industry.
A statement issued by the Media office of the Minister Youth and Sports Development, Mr Sunday Dare, said the “NYIF is for innovative ideas, skills and talents of Nigerian Youth and to provide a special window for accessing funds, finances, business management skills and other inputs critical for sustainable enterprise.”
The statement explained that the Fund was set up following the approval of a memo by the Sport Minister, who convinced FEC that “Nigeria can make one quantum leap to dramatically increase its GDP and per capita realities.”
“This can only happen if the country begins to invest in the youth through the establishment of a specialized fund that provides accommodating pathways to accessing credit, grants and needed funds for entrepreneurship”, Mr Dare said.
The statement further said to ensure the set objectives are achieved, FEC has mandated “the Ministry of Youth and Sports Development to immediately commence the process of operationalization and possible legislation of the NYIF in collaboration with relevant Ministries Departments and Agencies (MDAs).”
Being the first of its kind by any Nigerian government, Mr Dare said the NYIF will serve as a Youth Bank to “fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth; a loan and credit pathway dedicated to assessing credit and soft loans.”
“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”, the Minister assured.
Mr Dare, who appreciated the FEC on behalf of Nigerian youth, said the development has now make good Mr President’s assertion that “it is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth”.