The federal executive council (FEC) has approved a N75 billion youth investment fund.

The fund is created to support entrepreneurs between the ages of 18 and 35.

Sunday Dare, minister of youth and sports development, disclosed this after the FEC meeting on Wednesday.

According to Dare, persons within the age group with genuine business ideas are to pitch their ideas in any of the 125 micro credit banks across the country, and qualified candidates will have access to the funds.

“For the first time in the history of Nigeria, the federal executive council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion,” he said.

“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 youth within the stipulated age band, which is going to be between 18 and 35 years.

“The second approval that was secured was for the Ministry of Youth and Sports Development to play a lead role in working on necessary steps that need to be taken in terms of legislation, organisation and other aspects of financing.

“The federal ministry of finance, budget and national planning will take the lead when it comes to the aspect of financing, working with the CBN, the ministry of youth and sports development and other relevant MDAs.”

The minister added that other details on the fund would be released later.