The Federal Government has approved the establishment of a N75bn youth investment fund.

The decision was taken at the virtual meeting of the Federal Executive Council presided over by the President, Major General Muhammadu Buhari (retd.), on Wednesday.

The Minister of Youths and Sports, Sunday Dare, disclosed this to State House Correspondents at the end of the council’s meeting.

The minister said the fund, which he described as “youth bank” was to support youth enterprise among Nigeria’s 68 million youths between ages of 18 and 35.

Sunday said youths within this age group with genuine business ideas would pitch their ideas in any of the 125 microcredit banks across the country.

Qualified candidates, he said, would have access to the funds.

The minister said, “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund to the tune of N75bn.

“This fund is meant to create a special window for accessing credit facilities and financing on the part of our youths that will help to fund their ideas, innovations and also support their enterprise.

“The best way to call it is that for the first time, the country will have a youth bank. A fund that will cater specifically for our youths within the stipulated age band, which is going to be between 18 and 35 years.”

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FG approves N75bn youth investment fund