Sports entrepreneurs will benefit from a recently approved Nigeria Youth Investment Fund (NYIF), the federal government said.
Minister of Youth and Sports Development, Mr Sunday Dare in an interview with a television station in Abuja said the initiative provides accelerated access to fundsfor those in the sports sector who are entrepreneurs or active in the business space.
He said a minimum of N25 billion has been earmarked annually, for the next 3 years, making a total of N75 billion for the youth scheme.
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.”
Across the world, the only way you can really address and bring down youth unemployment is by turning them into entrepreneurs, he said.
To do that, according to the minister, the government must invest in their ideas and support their enterprises.
”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 countries who easily make credit available for them, venture capitalists.”
The Federal Executive Council, on July 22, approved the establishment of the Nigeria Youth Investment Fund (NYIF), with the aim 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%.