The Federal Executive Council has approved the sum of N75 billion for the establishment of a Nigerian Youth Investment Fund. Minister of Youth and Sports Development, Sunday Dare while briefing State House Correspondents after the 9th virtual meeting presided over by President Muhammadu Buhari at the Council Chamber, explained that the special fund will be for youths within the age bracket of 18 and 35.
The fund is meant to create a special window for youths within the age group with genuine business ideas who will pitch their ideas in any of the 125 microcredit banks across the country and qualified candidates will have access to the funds. Just as the N-power programme, the process is digital and will be fair to all youths regardless of their ethnicity or social status. He said that the Federal Ministry of Finance, Budget, and National Planning will take the lead when it comes to the aspect of the financing, working with the Central Bank of Nigeria, CBN, the Ministry of Youth and Sports Development and other relevant Ministries, Department, and Agencies.
However, in a related development, Minister of Works and Housing, Babatunde Fashola, said the council approved a memorandum on the presidential initiative to source bitumen locally for road construction. The policy recommendation is meant to encourage bitumen production locally in Nigeria in order to further diversify the economy and open another sub-sector of the extractive and hydro-carbon industry for local opportunities.
Meanwhile, Minister of Finance, Budget and National Planning, Zainab Ahmed, said the council also approved revision of a contract for the supply and installation of three rapiscan mobile cargo scanners. The contract is awarded to a company that is named Messrs Airwave limited and the contract is in the sum of $18.12 million of the foreign component with a local component of N3.255 billion inclusive of five percent Value Added Tax.