N75b youths fund will reduce restiveness,
N75b youths fund will reduce restiveness,
Youth and Sports Development Minister Sunday Dare has said the newly established Nigerian Youth Investment Fund (NYIF) will reduce restiveness and unemployment among youths.
Dare spoke at the weekend when a group of APC youth leaders visited the ministry in Abuja where they showered encomiums on the minister for securing Federal Executive Council’s (FEC’s) approval for the establishment of the fund The minister said the fund would provide succour and showcase ideas, skills, talents, enterprise among Nigerian youths.
He said it would also turn them into entrepreneurs, wealth creators and employers as well as lead to national development.
Dare noted that President Muhammadu Buhari’s approval of the fund showed his belief that the youths are the nation’s greatest assets and that they deserve collective support to realise their great potentials.
“The NYIF joins the slew of youth-focused programmes already in place by the Buhari-led Federal Government, as part of a national plan to combat youth unemployment and drive innovation, fuel entrepreneurship as well as support youths’ small and medium enterprises (SMEs).
“NYIF provides a single window of investment fund for the youth, thereby creating a common bucket for all Nigerian youths to access government support.”
“Providing a less cumbersome access to credit and finance for the average Nigerian youth with an approved work plan or business idea will help lift thousands of youths out of poverty and birth a whole generation of entrepreneurs,” he said.
The NYCN hailed President Buhari for approving the fund with N75 billion.
The youth council praised Dare, saying the fund would enhance creativity among youths while promoting economic growth.
At the end of last week’s FEC meeting, the minister had told reporters that Nigerian youths with ideas and innovation would be able to apply for funding from the Youth Bank.
In a statement by its Vice President (Southwest), Olamide Odumosu, the youth council said the decision to create a special youths’ bank showed President Buhari’s passion for the welfare of Nigerian youths.
He said: “Since coming into power, President Buhari has shown that he has the youth population at heart. His administration’s economic programmes for the youth segment of our society have further enhanced our confidence in his government.
“From several economic intervention programmes, such as anchor borrowers’ scheme, N-Power, among others, this administration has shown that it is committed to touching the lives of every Nigerian.”
He called for cautious utilisation of the funds.
Sports no longer mere recreation, says Dare
The Federal Ministry of Youths and Sports Development has said activities were on to explore all appropriate avenues to transform the classification of sports in the country from mere recreation to a profitable economic activity.
The Minister of Youth and Sports Development, Sunday Dare told State House Correspondents said it was only in Nigeria where sports were seen as ‘play-play’.
He spoke after the weekly virtual Federal Executive Council (FEC) meeting, which was presided over by President Muhammadu Buhari at the State House in Abuja.
He said the ministry has committedly worked to turn sports into an economic industry, where the country could generate billions of revenues.
He further revealed that the ministry had signed Memoranda of Understanding with relevant organisations and held various inter-ministerial meetings with the sole aim of moving sports as an industry from a mere concept to pure economic action.
“We realised when we came on bound that the National Bureau of Statistics still classified sports as a recreation. And when you look around from South Africa to Brazil even to Jamaica, sports is classified as business,” the minister said. “It is an economic activity.
When you look at global statistics it’s a $1.33 trillion industry.
“When you look at the United Kingdom, it is a $43 billion industry annually. In America, it is $41 billion annually. It is only this country that classifies sports as `play – play’ or recreation,” he noted.