In an interview with Channels Sports, Mr. Dare explained that the initiative provides accelerated access for those in the sports sector who are entrepreneurs or active in the business space to get funding that will support their enterprise, ideas, and innovations.

It is expected that successive governments will keep the fund alive

”To a very large extent, our youths engage in sports,” he said. “When you look at the sports value chain, beyond just being an active athlete, there is a value chain in the sporting industry.

“For instance, football, the merchandise – football boots, jerseys stockings, football itself, tennis rackets etc. If we find our youths, and many of them are involved in the process. Those that can produce sneakers and other sporting products can step forward, present their ideas with their business plans, and access the funds that we have in NYIF. I think that’s an opportunity for our youths in the sporting sector.”

The Minister added that NYIF comes to compliment several other government programmes that are youth-focused at different levels within different ministries and departments of government.

”We think that clearly across the world, the only way you can really address and bring down the numbers of youth unemployment is by turning them into entrepreneurs,” he said.

“To do that, you must invest in their ideas, invest in the plans they have, support their enterprises. So we thank president Buhari for approving this, with the entirety of the federal executive council members who stood solidly behind the Nigerian youths.

”Several of our youths are also involved in other sectors. We have seen the explosive potentials of our youths on the global stage. Most of them are snatched up by other counties who easily make credit available for them, venture capitalists.

“This time, Nigeria is taking a risk in putting its money behind the ideas of the youths and we saying its time to improve on their local contents and the country is ready to invest.”

The fund aims to reach 500,000 youths annually between 2020 and 2023.

Each fund approval will range from N250,000 to N50 million, with a spread across group applications, working capital loans set at one year, and term loans set at three years with a single-digit interest rate of 5%.

The Federal Executive Council, on July 22, approved the establishment of the Nigeria Youth Investment Fund (NYIF).

A minimum of N25 billion each year in the next 3 years making a total of N75 billion will be required for the project.

For the remaining part of 2020, an initial sum of N12.5 billion will be needed to kick start the process.