The National Youth Council of Nigeria (NYCN) has thanked Sunday Dare, minister of youth and sports development, for the role he played in the approval of the N75 billion Nigerian Youth Investment Fund (NYIF).

In July, Dare said 500,000 youthswould benefit from the fund approved by President Muhammadu Buhari.

The NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.

Speaking at a meeting with the minister in Abuja on Monday, Sukubo Sara-Igbe Sukubo, NYCN president, said the establishment of the fund is a “long awaited dream that has become a reality”.

Sukubo said under Dare, the “youth constituency” which he oversees has recorded positive development.

“To all my fellow Nigerian youths, it is a new dawn for us, the sound of hope echoes in the air,” a press statement issued by Olatunji John, a sports ministry official, quoted the NYCN president as saying.

“The long awaited dream has become a reality and I can testify that there is a song of joy in our lips.”

On his part, the minister, represented by Gabriel Aduda, permanent secretary of the ministry, said the memo that led to the approval of the fund was unanimously supported by members of the federal executive council (FEC).

He explained that the N75 billion would come in three tranches, adding that the president has already given directives to the finance ministry and the Central Bank of Nigeria (CBN) to source for the money.

The minister said young people would be part of the steering committee that would ensure that the youth get access to funds.

He also urged young people to come up with innovative ideas that would bring about the creation of wealth in the country.