The Minister of Youth and Sports Development, Sunday Dare, has stated that the N75 billion Nigeria Youth Investment Fund (NYIF) approved by President Muhammadu Buhari, could only cater for 1.5 million youths within three years.
It will be recalled that the NYIF was launched by the Federal Ministry of Youth and Sports Development (FMYSD) in 2020. The NYIF which was funded by the Central Bank of Nigeria (CBN) was aimed at financially empowering Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.
However, speaking during a courtesy call on him by the Director-General of the National Institute for Policy and Strategic Studies, NIPSS, Prof. Ayo Omotayo, in Abuja on Wednesday, the minister revealed that the fund had limited impact on the youth population as it could only cater for 1.5 million youths which is a fraction of the over 40% youth population of the country.
“From our youth fund, the entire N75 billion approved for three years by the President can only deliver for 1.5m youths.
“So, there is a challenge of scale and that is why I often say that the youth business is everybody’s business,” he said.
The minister noted that the current approach to addressing youth bulge crisis is not sustainable, and a more strategic and sustainable approach is required.
“We must look at the different strata of youth and then engage them,” he said .