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, 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.
The minister said 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.”