Minister of Youth and Sports Development, Sunday Dare, has revealed that the government is planning to make National Youth Investment Fund (NYIF) to become youth banks.
He stated this on Thursday while featuring at the 51st session of the State House Ministerial Briefing organised by the Presidential Communications Team at the Presidential Villa, Abuja.
He stated that once the Federal Executive Council approved the need for the establishment of youth banks, it would address lack of access to finance and credit and the dearth of entrepreneurship among youth, thereby giving them the opportunity to achieve their targets.
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The Minister expressed that the motive behind the scheme was the realization that entrepreneurship was key to youth development.
“The entire N75bn approved by Mr. President for NYF is for entrepreneurship, you have an idea, you have a skill, that money is going to support you. It might be small.
“What is the final bus stop for us when it comes to youth development, our plan is that we can get the Youth Investment Fund to become youth bank, we want to make sure that this administration will be the first administration ever to have youth banks. Imagine when our youth can walk in with their portfolio to their own banks.”
