Thursday, August 13, 2020 8:13 pm
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.