By Olagundoye Kelvin
Sequel to the approval of the Federal Executive Council for the creation of the Nigerian Youth Investment Fund (NYIF) introduced for youth empowerment, the Ekiti State Governor, Dr Kayode Fayemi has constituted a committee to coordinate enlistment of Ekiti youths in the programme.
The 7 man committee has commissioner for Youth and Sports Development, Michael Awopetu, as chairman.
Other members of the committee are the commissioner for women Affairs the Social Development, Chief Moji Fafure; the chairman, House Committee on Youth Development, Hon Olatunji Joseph, Special Advises, Investment, Trade and Innovations, Mr Akintunde Oyebode; Chairman, National Youth Council of Nigeria, Ekiti Chapter, Mr Eyitayo Fabunmi; Secretary, National Youth Council of Nigeria, Ekiti Chapter, Mr Babatunde Adeoye and the Director of Administration and Supplies, p & E, Mr Olubunmi Oluwalana Secretary of the committee.
The chairman of the committee, who made this known in Ado Ekiti, explained that the aim of the fund is to reach 500,000 youths annually between 2020 and 2023.
He added that each fund approval would range from 250,000 naira to 50million naira for both individual and group applicants.
“A minimum of 25billion naira each year in the next 3 years, totalling 75billion naira will be required to fund the NYIF. For the remaining part of 2020 an initial sum of 12.5billion naira will be needed to kick start the NYIF. It is expected that successive governments will keep the fund akin to a Youth Bank, alive,” he said.
According to him, “the fund will serve as catalyst to unleash the potential of the youth and enable many of them build businesses that will employ and in turn empower others.
“Youths seeking to benefit from the fund must have a fundable business ideas, registered business and be a citizen of Nigeria as well as present recognized means of identification and guarantors”.