Minister inaugurates committee for 75 billion Nigeria Youth Investment Fund (NYIF)
Honorable Minister for Youth and sports Development, Mr. Sunday Dare today inaugurated a technical committee to oversee the 3 years 75 billion Nigeria Youth Investment Fund (NYIF).
Read full statement issued here:
It is with great pleasure that I welcome you all to this very important inauguration of the Ministerial Technical Committee on the establishment of the Nigeria Youth Investment Fund (NYIF). It is important to stress that the Members and Chairperson of the Committee are drawn from relevant Ministries, Departments and Agencies of government that have knowledge is relevant to the task at hand.
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It would be recalled that Mr. President in Council on 22nd July, 2020 approved the establishment of the Nigeria Youth Investment Fund (NYIF) to the tune of 75 billion naira for 3 years which is dedicated to investing in the enterprise of the Nigerian Youth and aimed at turning them into entrepreneurs, wealth creators and employers of labour. This approval underscores the absolute confidence this Administration has in the innovative skills, talents and industry of the Nigerian Youth. NYIF is expected to serve as a Youth bank that will fund and support innovative ideas, skills, talents and enterprise of the Nigerian Youth through loan and credit pathways.
Let me read out one of the best quotes I have ever read on youth development and entrepreneurship. I couldn’t agree more:
“… the new Fund will do well to give serious consideration to entrepreneurship with great value-chain. Already, a critical mass of entrepreneurs and tech-startups are burgeoning in Nigeria, but they must grow in ways that strengthen industries, create good jobs, encourage economic investment and increase wealth and living standards”.
This Ministerial Technical Committee will do well to constantly have this in mind.
The conception of this Fund was thus driven by the urgent need to accelerate the loan and finance processes for our talented youth, fund their ideas and enterprises directly with a view of ratcheting up the numbers of our youth that are entrepreneurs and receive financial loans from government.
We do not envisage that NYIF will be caught in the same web and stringent measures that characterize similar support for youth. This is not to say there will not be due diligence and best practices. There will be, as this is a Loan and not a grant.
Ladies and Gentlemen, the Federal Ministry of Youth & Sports Development has therefore constituted the NYIF Ministerial Technical Committee to facilitate the effective operationalization and implementation of the Fund as approved by the Federal Executive Council.
The NYIF Ministerial Technical Committee memberships are:
Permanent Secretary, Ministry of Youth & Sports Development – Chairman
Director (Enterprise Development & Promotion Department) FMYSD- Member
Mrs. Yewande Sidiku, DG, Nigerian Investment Promotion Commission – Member
Mr. Yusuf Yila, Director, Development Finance (CBN) & one other representative of Central Bank of Nigeria – Members
Femi Adeagbo, Adviser on Innovation Development to the Ministry of Youth and Sports Development – Members
Barrister Ismaeel Ahmeed, SSA to President on Social Investment – Member
Ife Adebayo, SA Innovation & Entrepreneurship OVP – Member
Babatunde Akpeji, SA- Minister of Youth & Sports Development – Member
Mr. Serese Victor, Group Manager, NSIA Authority – Member
Mr. Sunny Azaki, Youth, MFCT – Member
Prof. Mukhtar Halliru, Professor of Management, Bayero University, Adviser at large to the Minister of Youth and Sports Development on Marketing and Development – Member
Aisha Aguie-Kuta SA (Digital Communication-HMFBNP) Representative of Minister of Finance, Budget and National Planning
The Provisional Terms of Reference (TOR) for the Committee are as follows:
Develop implementation Strategies and Roll Out;
Develop a Road Map & Funding Sustenance Strategy;
Advice on implementation structure of the programme;
Identify and define the roles of stakeholders in the management of the programme;
Work out and recommend Entrepreneurship funding areas/ideas to consider;
Work out Disbursement and Recovery strategies;
Consider the possibility of Legislating NYIF;
Advise on any other related issue(s).
The NYIF document will be provided for the committee as a guide. The Committee should be guided by the NYIF document in adopting any modality or approach towards delivering on its above stated terms of reference, to evolve world class standard activities, programmes and Operational Guidelines. The Ministerial Technical Committee shall report to the Steering Committee that is chaired by the Honourable Minister FMYSD.
Thank you all for accepting to be a part of this history making event, I wish you all Gods guidance and success in your assignment.