Youth and Sports Minister Charges Technical Committee on  Youth Investment Fund

Youth and Sports Minister Charges Technical Committee on  Youth Investment Fund

Thursday, August 13, 2020 8:13 pm


Sunday Dare

Minister of Youth and Sports Development Mr. Sunday Dare  has charged the  Ministerial Technical Committee on Nigeria Youth Investment Fund to carry out their  assignment with dispatch with an eight- week mandate to deliver.

Speaking at the inauguration of  the Technical Committee,  the Minister said the setting up of the Fund   underscores the absolute confidence the administration had in the innovative skills, talents and industry of the Nigerian Youth. ”NYIF is expected to  serve as a youth bank to fund and support the enterprise of the Nigerian Youth through loan and credit pathways.

The idea was driven by the urgent need to accelerate the loan and finance processes for our talented youth, fund their ideas with a view of ratcheting up the number of youths that are entrepreneurs. The government does not envisage that NYIF will be caught in the same stringent measures that characterize similar support for youth,but there will be due diligence and best practices as it is a loan and not grant”.

He reiterated   that   the NYIF  Ministerial Technical Committee was constituted to facilitate the effective operationalization and implementation of the Fund.

The Committee  is expected to develop implementation  strategies  and roll out; road map and funding sustenance, advise on implementation  structure, define roles of stakeholders, work out and recommend  entrepreneurial  funding. Other mandates include disbursement and recovery strategies  and the possibility  of legislating the Fund.

The members of the Committee  drawn from relevant Ministries, Departments and Agencies is Chaired by the Permanent Secretary Ministry  of  Youth  and Sports Development  Mr. Gabriel Aduda, who will report to the Steering committee  chaired by the Minister of Youth and Sports Development.

Responding on behalf of  the Committee, , Mr. Aduda expressed  appreciation to  the President and the Minister for the opportunity to serve , assuring  that the Committee will come up with robust modalities for the operation of the NYIF.

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