The Minister of Sports and Youth Development, Mr Sunday Dare, has disclosed that another set of 25,000 youth are on the standby to benefit from the Federal Government’s annual 25bn soft loan.
Dare, who spoke in Abuja on Saturday during the 2021 All Nigeria Rotary Conference, said a total of 6,054 entrepreneurs had so far benefited from the scheme.
Represented by his Special Assistant on Multi-Media, Mr Toyin Ibitoye, he said the loan is part of the N75bn soft loan for Small and Medium Scale Enterprises (SMEs) approved by President Muhammadu Buhari last year.
He said: “Without sounding immodest, I dare to say policies and Initiatives under my stewardship over the past two years have been geared in this direction. Our National Youth Investment Fund (NYIF), a N75bn soft loan for Small and Medium Scale Enterprises (SMEs) was approved by President Muhammadu Buhari last year and the target is simple – Grow economies of our vibrant youth enterprises.
“Crafted as a 3-year loan of 25bn annually with each beneficiary getting between N250,000 to N3m, 6,054 entrepreneurs have benefited so far, while another 25,000 are on standby to go through the specified training before funds disbursement. Our national GDP, accounting for 96% of businesses and 84% of employment, growing local economies must also mean growing SMEs.”
The minister, who commended the Rotary club, said: “Rotary international with 1.2m volunteers across the World and over 35,000 clubs, made up of business and professional leaders in Nigeria, has distinguished itself as a foremost organization providing humanitarian service and promoting peace and goodwill across the World.
“Therefore, it suffices to say the theme of the 2021 Conference “Uniting Nigeria through Rotary” is apt because there is unarguably no service organization with the preponderance of volunteers across religious persuasions, cutting across ethnicity and tribe like the Rotary Club.”.
Dare noted that engagement of youths is key to the promotion of peace, adding that the move would put their minds to productive use and discourage predilection for vices.
Earlier, the Governor of District 9142, Dr Okey Okonkwo, explained that the essence of the meeting was to enable Rotarians across the country share ideas on how to strengthen philanthropic work.
“Today, all the districts in Nigeria: 9110, 9140, 9142 and 9125 are coming together to share fellowship, rekindle our friendship across board because we are all one and share ideas on how to do our work better. The essence is for us to reconnect and open more opportunities for partnerships, friendships and collaborations,” he said.
