By Aluta News
August 18, 2020
75bn YIF loans use it wisely, Dare Charges Youths
The Hon 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 N75bn Youth Investment Fund (Y.I.F) to empower themselves.
The Honourable Minister made this statement in Ibadan while inspecting an I.C.T facility where young people are trained on Robotic Technology and Articifial intelligence.
Mr Dare explained that the fund is set up to help youth entrepreneurs access funds to establish businesses and actualise innovative ideas.
“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”, the minister stated.
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.
The minister 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.