About 120 youth who gathered to celebrate the 55th birthday anniversary of the Minister of Youth and Sports Development, Chief Sunday Akin Dare, at his Akobo area residence in Ibadan have applauded his introduction of a scholarship scheme for Indigent Oyo State students.

It was a gathering like no other as issues around youth development took center-stage, overshadowing the birthday celebrations. The celebrations-turned -youth engagement excited the celebrant as he fielded questions from the youths and also enlightened them on the achievements of the Ministry of Youth and Sports Development.

He particularly laid emphasis on the Nigerian Youth Investment Fund (NYIF) which is one of the Initiatives of the Ministry.

Speaking at the occasion, the Minister said “The NYIF is aimed at essentially supporting entrepreneurship among the youth. Thousands of youth have registered for this loan which will go a long way to boost Small and Medium Scale Enterprises (SMEs) as well as encourage new business innovations.”

“Also, the Ministry has introduced the Graduate Attachment Program (GAP) with its focal point on integrating fresh graduates into relevant jobs/skills in order to provide them with the necessary work experience(s) while they also receive stipend during the program.

At the end of this program, the beneficiaries will be enriched with the required work experience for other larger roles in the public and private sectors.”he affirmed.

While adding that the country is counting on the youth for its economic vitality, Dare said he believes that with the present crop of hardworking youth, Nigeria’s better future is guaranteed.

One of the highlights of the event was the launch of the Dare Undergraduate Scholarship Scheme (DUGGS) which is aimed at providing financial support to indigent students of Oyo State, in any University or Polytechnic across the nation.

The  launch of the scholarship was met with a standing ovation from the audience of youths who immediately made enquiries on the process of benefiting from the scholarship scheme.

Dare assured them that this maiden edition of the scholarship will accommodate as many students as possible who meet the eligibility criteria. However, the scholarship scheme will eventually become an annual event.
Chieftains of the All Progressive Congress (APC), also joined the jubilant Youths, insisting that although they are not youths, they would not miss out on any opportunity to celebrate Chief Sunday Dare who has been providing Oyo APC with tremendous support to stabilize the party in the state.

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Media office of the Honourable Minister of Youth and Sports Development

The Honourable Minister of Youth and Sports Development Mr Sunday Dare who was in Ile Ife to grace the second edition of Royal award for Distintive Enterprenuer youths who has excelled in various field made the declaration at the event where he personally handed out the awards to the winners from all over the country. Excited by the way exploits and pioneering efforts and achievements of these youth the Minister said the Federal Government through the NYIF scheme will provide accelerated access to each of the Youth awardees in need of soft loan or build their businesses. He said subject to the Conditions.

This Royal African Youth leadership award is a brainchild of His Royal Majesty, Ooni of Ife, Oba Adeyeye Ogunwusi. The Minister was at the maiden edition which held at the same Oduduwa Hall of the Obafemi awolowo university, ile Ife.
This is the second edition.

While addressing press men, The Honourable Minister of said:

“I think my message is the message of President Muhammadu Buhari, consistently he tells me, Minister you must find a way to keep the youth busy and that’s what we’ve been doing trying to keep the youth busy making sure that we support their skills, their careers and their visions.”

Talking about various initiatives he mentioned that the Ministry creates opportunities for youth.
“we create opportunities for them, Talking about the N-Power scheme, three years ago, the President signed Not to young to run bill which opened the windows and the door for our young ones, so many of them are in elective positions right now which was not possible before. Check the last three years. Tomorrow, more than 50% of those that will go in for the primaries for the Local Government Chairmanship and councilorship in Lagos state are below 35, it is a process and it will take time.”

” This same President signed for the first time the establishment of Nigeria Youth Investment Fund, a 75bn fund spread for three years over 5,000 youth have benefited, as long as you apply and meet the conditions, it’s a soft loan, you’ll get your support.”

In conclusion, Mr Dare said: “This government is focused on creating opportunities and what you have seen here today is a partnership between Government and the Private sector, second year running and I have announced that the 100 people that got the award today will get accelerated approval to be able to source funds from NYIF. Its a 5% soft loan, two years moratorium, no pressure and I urge the youth to take this opportunities and benefit from them.”

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Media office of the Honourable Minister of Youth and Sports Development

The Minister, who made the commendation when the NYIF Focal Group presented its preliminary report to him in Abuja on Thursday, noted that the members were selected based on their skills, competence and areas of expertise.

He explained that “We will take time to study this interim that has been submitted by the NYIF Focal Group will be harmonized with the interim report that the Technical Committee has submitted and the outcome of that will be presented to the Steering Committee.

“It is important for me to state that I am impressed, and I commend the quality of work you have put in because this assignment, membership of the Focal Group is not a paid assignment, it is volunteer work. This is rendering service to the country and to the youth,” he stressed.

The Focal Group’s team lead, Oladipupo Adebiyi, while presenting the report during a virtual event, said “The NYIF initiative enjoys public support especially from young Nigerians. Nigerians believe the fund will address unemployment and reduce poverty amongst young Nigerians.

“The fund will not only cushion the effect of the COVID-19 pandemic on the economic condition of young people, it will also foster the attainment of the Sustainable Development Goals. Most young Nigerians strongly posit that the success of the fund will be contingent on its inclusiveness, monitoring and evaluation mechanism and sustainability framework.”

The group’s terms of reference required that it Provide advisory, insights and suggestions on the successful implementation of the NYIF emanating from both the group and the youth population; Propose ideas and initiatives that promote the NYIF and supports its impact on youth entrepreneurship across the country; Provide feedback on the expectations of the youth with regard to the implementation of NYIF across the youth demography in the country; Serve as ambassadors of the NYIF in their various communities and spheres of influence; Coordinate the engagement of the NYIF with youth groups and other stakeholders across the country for a proper feedback process to strengthen the Fund; and Advise on other related issue(s) as may be requested by the Inter-ministerial Steering Committee.

Media Office To The Honourable Minister Of Youth And Sports Development

The Nigeria Youth Investment Fund (NYIF) is for innovative ideas, skills and talents of Nigerian Youth and to provide a special window for accessing funds, finances, business management skills and other inputs critical for sustainable enterprise.

The establishment of the Fund followed the approval of a memo by the Minister of Youth and Sports Development, Mr Sunday Dare. 

The Minister had told Council that “Nigeria can make one quantum leap to dramatically increase its GDP and per capita realities.  This can only happen if the country begins to invest in the youth through the establishment of a specialized fund that provides accommodating pathways to accessing credit, grants and needed funds for entrepreneurship.”

The Council also directed the Ministry of Youth and Sports Development to immediately commence the process of operationalization and possible legislation of the NYIF in collaboration with relevant MDAs. 

The Federal Executive Council has by the approval directed the Ministry of Finance, Budget and National Planning as well as the Central Bank of Nigeria to source for the required funds to kick start the NYIF.

The first of its kind by any Nigerian government, NYIF is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth; a loan and credit pathway dedicated to assessing credit and soft loans. 

Mr Dare said, “By approving the establishment of the NYIF, President Buhari has demonstrated his unflinching support for the Nigerian Youth and his implicit confidence in their innovative talents, potentials, industry. NYIF will accelerate Nigeria’s  investment in the ideas of her youth.”

While thanking the president on behalf of the Nigerian youth, the Minister noted that President Buhari has fufilled his assertion that “it is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth”.

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Media Office to the Minister of Youth and Sports Development