By Adedapo Adesanya
The federal government has moved to review and revamp the Nigeria Youth Investment Fund (NYIF) after the initiative underperformed following its launch in 2020.
The Minister of Youth Development, Mrs Jamila Ibrahim, explained that the review “became necessary as the fund, established in 2020 to provide funds for youth-led enterprises, fell short in terms of youths reached and jobs created.”
According to a statement from Head of Press for Public Relations Unit of the ministry, Mrs Maryam Yusuf, this was attributed to the stringent conditions attached to accessing the fund and to halt this, a committee for the review was inaugurated via zoom in Abuja on Wednesday.
The committee members are Mr Hakeem Olopade as Chairman, Mr Olufela Olatoye-sosan as Secretary, Prof. Ahmed Kumshe as member, Ms Ebiho Agun as member, with representatives of Central Bank of Nigeria and Development Bank of Nigeria.
The Minister added, “A strategic overhaul is necessary to alleviate the challenges faced by Nigerian youths in securing finances, along with fostering entrepreneurial skills, market access, and mentorship for sustainable growth.”
Mrs Ibrahim also said that upon assumption of office, she observed that among the ministry’s programmes, the NYIF has the potential to tackle youth unemployment and poverty, if properly managed.
The minister, therefore, charged the committee members to take the assignment seriously and give it their best.
The Permanent Secretary in the ministry, Mr Dunoma Umar, was also quoted reiterated that “the fund is dedicated to innovative ideas, skills and talents among Nigerian youths.”
He said the fund targeted youths within the age group of 18 years to 35 years, adding that the minister deemed it wise to review the NYIF for better results.
Mr Hakeem Olopade, the Chairman of the committee, thanked the renewed hope agenda of President Bola Tinubu for the focus on youth empowerment.
He said there was need to engage the youth in productive sectors of the economy, especially in view of the prevailing security challenges in the country.
He pledged the readiness of the committee members to implement the assignment assiduously.
Mr Olapade, however, called on the ministry to avail the committee all necessary support to succeed in areas of youth documentation and information at its disposal.
