The Minister of Youth Development, Dr. Jamila Bio-Ibrahim, has inaugurated the committee for the review of the Nigerian Youth Investment Fund (NYIF).
The minister explained that the review had become necessary due to the fact that the fund, which was established in 2020 to provide funds for youth-led enterprises, falls short in terms of youths reached and jobs created.
She attributed this to the stringent conditions attached to having access to the fund.
In a press release, Maryam Umar Yusuf, the Head of the Press and Public Relations Unit in the ministry, quoted Bio-Ibrahim as saying, “*While the Nigerian Youth Investment Fund aims to provide capital for youth-led enterprises, its impact, though commendable, falls short in terms of the number of youths reached and jobs created.
“A strategic overhaul is necessary to alleviate the challenges faced by Nigerian youth in securing financing, along with fostering entrepreneurial skills, market access, and mentorship for sustainable growth.”
She added that upon assuming duty in the ministry, she observed that among the ministry’s programmes, the NYIF has the potential to tackle youth unemployment and poverty if properly managed.
She, therefore, charged the committee members to take the assignment seriously and give it their best.
The Permanent Secretary of the ministry, Dr. Dunoma Ahmed Umar, reiterated that the fund is dedicated to investing in the innovative ideas, skills, and talents of Nigerian youths.
He stated that the target of the fund is youths within the age group of 18 to 35 years.
He added that the minister deemed it wise to review the NYIF so as to achieve better results.
The Chairman of the committee, Mr. Hakeem Olopade, praised the Renewed Hope Agenda of the Tinubu Administration for its focus on youth empowerment.
Olapade noted that there is a need to engage the youth in all 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 their assignment assiduously and therefore called on the ministry to avail them with all necessary support to succeed especially in the area of Youth documentation and provision of information at the disposal of the ministry.
The committee, which was inaugurated via Zoom, has the following members: Hakeem Olopade, chairman; Olufela Olatoye-sosan, secretary; Prof. Ahmed Kumshe, member, Ms Ebiho Agun, member, Mr Rijo Shekari, member, Mr Samson Itodo, member, Ms Angel Adelaja, member, Ms Amaka Okechukwu, member, Dr. Ezekiel Oseni, member, Dr. Emeka Henry Inegbu, member, CBN representative, and DBN representative.
