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10 Things To Know About Nigerian Youth Investment Fund

Published

4 years ago

July 24, 2020

Joel Ajayi

(1.) The Federal Executive Council on Wednesday July 22, 2020 approved the establishment of the Nigerian Youth Investment Fund, NYIF, dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Enterprenuers, wealth creators and employers of labour contributing to national development.

(2.) A minimum of N25 billion each year in the next 3 years, totaling N75Billion will be required to ring fence the NYIF. For the remaining part of 2020 an initial sum of N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.

(3.) The Nigerian Youth Investment Fund (NYIF) a ring-fenced funding that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old.

(4.) NYIF marks the start of a National Plan to combat youth unemployment that will drive innovation, fuel entrepreneurship and support youth SMEs.

(5.) NYIF provides a single window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support. Providing a less cumbersome access to credit and finance for the average Nigerian youth with an approved work plan or business idea will help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.

(6.) The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.

(7.) Disbursement will be through various channels, which will include Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organizations and Venture Capital Organizations, registered with the CBN.

(8.) The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).

(9.) The Ministry of Youth and Sports Development handle the processes for setting up the fund by inaugurating a Board of Trustees Committee under the leadership of the Minister for Youth and Sports Development and possibly work on legislation of the Nigeria Youth Investment Fund (NYIF).

(10.) Youth seeking to benefit from the fund must have a fundable business idea, registered business, be a citizen of Nigeria, present recognized means of identification and guarantors.

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NSC DG Olopade Meets NSC Directors, Calls for Scientific Approach to Sports Federation Activities

Published

2 weeks ago

November 27, 2024

The Gleamer

Joel Ajayi
The Director General of the National Sports Commission (NSC), Hon. Bukola Olopade, has reiterated the new transformative vision of the Commission during his meeting with the Directors and Heads of Departments of the Commission.

The interactive sessions allowed senior officials to introduce themselves to the new DG, who emphasized the importance of strategic, standardized and scientific approach to the Commission’s operations, including the conduct of Sports Federation Elections.

In his remarks, Olopade stressed the need for reforms that would attract top administrators to vie for leadership roles within Nigeria’s Sports Federations.
“There is no way we can’t be looking at having top industry CEOs on board in our Sports Federations,” he stated.

The DG also highlighted the Commission’s mandate to elevate the Corporate image of various Sports in Nigeria.

He reemphasized the NSC’s commitment to reviving key initiatives such as the National Sports Industry Policy and the 10-Year Football Master Plan.

“The Chairman and myself strongly believe we need to have a different approach to our Federation Elections,” he noted.

“This is why the emphasis of the Renewed Hope agenda of President Bola Ahmed Tinubu is a balanced approach to both sports consumption and sports production.”

The meeting reflects the new direction of the NSC, with Olopade pledging to champion and support policies that will foster professionalism and sustainable development across Nigeria’s sports landscape.

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