Soji Ajibola, Ibadan
Minister of Youth and Sports Development, Mr Sunday Dare, has called on Nigerian youths to make good use of the opportunities in Federal Government’s N75 billion Youth Investment Fund to empower themselves.
The minister said this in Ibadan while inspecting an I.C.T facility, where young people were being trained on Robotic Technology and Articifial intelligence.
Dare explained that the fund was 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 N50million 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 percent.
Dare further stated that the Federal Government, through the Ministry of Youth and Sport Development was out to partner with the private sector on youth empowerment.
The minister explained that the intended partnership with private sector was aimed at providing avenues for skill acquisition, and also to increase job opportunities for Nigerian youths.
All these efforts, according to him, are geared towards reducing unemployments in the country.