The Federal Government of Nigeria has approved the establishment of a N75bn Investment Youth fund.
This was disclosed, on Wednesday, by the Minister of Youths and Sports, Sunday Dare to the State House Correspondents at the end of a virtual meeting of the Federal Executive Council headed by President Muhammadu Buhari.
The minister described the fund as “youth bank”. and said it was to support youth enterprise among the teeming 68 million population between ages of 18 and 35.
Dare said the most qualified youths with genuine business ideas would have access to the fund, which would be made available across 125 microcredit banks across the country.
The minister said, “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund to the tune of N75bn.
“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 youths within the stipulated age band, which is going to be between 18 and 35 years.”
