NYIF Pilot Disbursement Successful – Minister

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The Minister of Youth and Sports Development, Mr. Sunday Dare has disclosed that his Ministry’s Nigerian Youth Investment Fund (NYIF) has successfully completed its pilot disbursement of loans totaling N165,700,000.00 to 239 beneficiaries ahead of the processing of the over 3,000,000 applications so far received.
The Minister made the disclosure at the flag-off of the 774,000 jobs under the Special Public Works Programme (SPWP) in Ibadan, Oyo State on Tuesday.
Represented by the Ibadan Zonal Coordinator of the Ministry, Mr Ajao Olufemi, Mr. Dare explained that the Fund, approved by the Federal Executive Council (FEC) on July 22, 2020, is being implemented in partnership with the Central Bank of Nigeria (CBN), Federal Ministry of Finance, Budget and National Planning (FMFBNP) and disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank (NMFB).
He stressed that “The youth of this country can take Mr. President’s commitment to the bank. We, at the Federal Ministry of Youth and Sports Development (FMYSD), who are at the forefront of the youth engagement and development assignment, align ourselves and commit ourselves fully to the youth of this country.”
Meanwhile, the Minister hailed the Special Public Works Programme as signposting government’s committed to the upliftment and improvement of the lives of the mass of Nigeria’s youth population.
According to him, “The programme, designed along other similar ones being implemented by more developed nations, is a validation of a Government with focus and purpose. A Government bold in its actions and committed to programmes that will deal with socio-economic problems.
“Across the nation, beginning today, 774,000 Nigerian youth mostly unskilled and semi -skilled, will participate in this Special Public Works Programme (SPWP) for 3 months. The engagement of this large group by the Federal Government in productive ventures, I believe, is the beginning of a more robust engagement of our youth in national development.
“Undoubtedly, this novel initiative joins a slew of numerous youth programmes already put in place by the Buhari-led administration. This administration’s commitment to youth engagement and development is unparalleled. Yet, it intends to do more partnering with the private sector in a bid to increase the number of the youth population provided with life changing opportunities, he said.

Ministry of Youth and Sports Development.

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