The Ministry of Youth and Sports Development has announced plans to empower over 500,000 youths in Shomolu area of Lagos State with its Nigerian Youth Investment Fund (NYIF).
The Minister of Youth and Sports Development, Mr. Sunday Dare, said the NYIF, approved in July 2020, would invest in innovative skills, enterprise and talents of the Nigerian youths.
The Minister stated this on the sidelines at an interactive session with cluster formation of youths in Shomolu Federal Constituency in Lagos yesterday.
In his words: “The N75 billion fund is expected to last for three years. It is a fund meant to invest in innovative skills, enterprise, and talents of the Nigerian youth. It comes with a five per cent interest rate and a two-year moratorium. It is a first of its kind for the Nigerian youths. The target is about 500,000 youths.”
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Earlier, a Member of the House of Representatives for Shomolu Federal Constituency, Ademorin Kuye, said he was creating a Shomolu youth platform, which would consist of special aides of the Minister to bring the federal government closer to the people.
“There are so many graduates looking for white collar jobs whereas they should be the employers of labour. The windows of opportunities are there but they do not have the information. We have given them the information and we have also rejuvenated the hope and trust in these youths,” he said.
According to him, “The interactive session is to ensure that we are coming back to our youths and we have heard their cries. It is time to carry them along in everything that we do.”
He said the NYIF is free money that would help the youth engage in their businesses as long as they can come along with viable business proposals.
“The federal government recently approved free registration of business names majorly for youths. The youths should take advantage of the 250, 000 business names available for free,” he said.
He assured that his Constituency would ensure that only serious minded youths have access to the NYIF, saying that the youths have been rigorously screened and selected.