The Minister for Youth and Sports Development, Mr Sunday Dare, has called on Nigerian youths to make good use of the opportunities in Federal Government’s 75 billion naira Youth Investment Fund (Y.I.F) to empower themselves.
The Sports Minister said this in Ibadan while inspecting an I.C.T facility where young people are trained on Robotic Technology and Artificial intelligence.
Mr Dare explained that the fund is set up to help youth entrepreneurs establish businesses and actualise innovative ideas.
The Minister stated that: “Through the Youth Investment Fund, we are giving out loans to about 500,000 youths between this year and 2023. These loans ranging from 250,000 for individuals, to fifty million naira for groups of applicants, will be given out as working capital in the next three years.”
He added that most of the loans are short term with a single digit interest rate of five percents
Mr Dare further stated that the Federal Government through the Ministry of Youth and Sport Development is out to partner with the Private Sector on youth empowerments.
He explained that the intended partnership with Private Sector is aimed at providing avenues for skills acquisition, and also to increase job opportunities for Nigerian youths.
All these efforts, according to Mr Dare, are geared towards reducing unemployment in the Country.