Speaking at the inauguration of the Technical Committee, the Minister said the setting up of the Fund underscores the absolute confidence the administration had in the innovative skills, talents and industry of the Nigerian Youth.
“The idea was driven by the urgent need to accelerate the loan and finance processes for our talented youth, fund their ideas with a view of ratcheting up the number of youths that are entrepreneurs. The government does not envisage that NYIF will be caught in the same stringent measures that characterize similar support for youth,but there will be due diligence and best practices as it is a loan and not grant,” the Minister said.
He reiterated that the NYIF Ministerial Technical Committee was constituted to facilitate the effective operationalization and implementation of the Fund.
The Committee is expected to develop implementation strategies and roll out; road map and funding sustenance, advise on implementation structure, define roles of stakeholders, work out and recommend entrepreneurial funding. Other mandates include disbursement and recovery strategies and the possibility of legislating the Fund.
The members of the Committee drawn from relevant Ministries, Departments and Agencies is chaired by the Permanent Secretary, Ministry of Youth and Sports Development, Mr. Gabriel Aduda, who will report to the steering committee chaired by the Minister of Youth and Sports Development.
Responding on behalf of the Committee, Aduda expressed appreciation to the President and the Minister for the opportunity to serve , assuring that the Committee will come up with robust modalities for the operation of the NYIF.
Members of the Committee include:
a. Director- Enterprise Develpt. & Promotion Dept, FMYSD. – Member
b.Mrs. Yewande Sidiku, DG, Nigerian Investment Promotion Commission- Member
c. Mr. Yusuf Gila, Director, Development Finance (CBN) & one other rep. Of CBN
d. Femi Adeagbo, Adviser on Innovation Development. To the FMYSD – Member
e. Barrister Ismaeel Ahmed, SSA to President on Social Investment. – Member
g. Ife Adebayo, S.A Innovation & Entrepreneurship OVP – Member
I. Babatunde Akpeji, SA, Minister of Youth & Sports Devlpt. – Member
j. Mr. Serese Victor, Group Manager, NSIA Authority – Member
k. Mr Sunny Azaki, Youth, MFCT, Member
l. Prof. Mukhtar Halliru, Prof. of Management, Bayero University, Adviser at Large to the Minister of Youth & Sports Devlpt. On Marketing and Devlpt. – Member
m. Aisha Aguie- Kuta SA (Digital Communication, HMFBNP) Rep. Of Minister of Finance, Budget & National Planning – Member