Sun. Jun 16th, 2024

FEC Approves N75bn Youth Investment Fund to Support Young Innovators in Nigeria

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ABUJA- The Federal Executive Council, FEC, on Wednesday 22/07/2020, approved the sum of N75 billion ~ $193.5 million for the establishment of a Nigerian Youth Investment Fund.

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The fund is targeted at helping Nigerian youth with initiatives and innovative ideas that lack support to be able to access credit facility and grow its product. 

Read Also: Federal Government of Nigeria Donates N97.3 billion to Fund Young Innovators in Blockchain Technologies and Other Technologies.

During the short briefing after the 9th virtual meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, the Minister of Youths and Sports Development, Sunday Dare made it clear that the fund will be for youths within the age bracket of 18 and 35.

Going further he explained, “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion.

” 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 enterprise.

“The best way to call it is that for the first time the country will have a youth bank. A fund that will cater specifically for our youth within the stipulated age band, which is going to be between 18 and 35 years.

“The second approval that secured was for the Ministry of Youth and Sports Development to play a lead role in working on necessary steps that need to be taken in terms of legislation, organisation and other aspects of financing.”

Young innovators including blockchain innovators and startups within Nigeria is encouraged to reach out to the ministry for funding to achieve their goals.

He said that the Youth will be helped in the area of financing by the Federal Ministry of Finance, Budget, and National Planning, the Central Bank of Nigeria, CBN, alongside the Ministry of Youth and Sports Development and other relevant Ministries, Department and Agencies, MDAs.

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By Tony Chimdiuto

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