25,000 Youths To Benefit FG 25bn Soft Loan – Minister
Mr. Sunday Dare, the Minister of Sports and Youth Development, has revealed that another 25,000 young people are waiting to benefit from the Federal Government’s 25bn Soft Loan.
Dare, who spoke at the 2021 All Nigeria Rotary Conference in Abuja on Saturday, said the scheme had assisted 6,054 entrepreneurs thus far.
Mr. Toyin Ibitoye, his Special Assistant on Multimedia, represented him and said the loan is part of the N75 billion soft loan for SMEs approved by President Muhammadu Buhari last year.
Without appearing self-serving, I venture to state that policies and initiatives under my management over the past two years have been directed in this direction, “he said. President Muhammadu Buhari approved our National Youth Investment Fund (NYIF), an N75 billion soft credit for SMEs, last year, with the sole goal of growing the economies of our thriving youth entrepreneurs.
Designed as a three-year loan of $25 million per year, with each beneficiary receiving between N250,000 and N3 million, the program has helped 6,054 businesses so far, with another 25,000 on standby to complete the required training before funds are disbursed 96 percent of enterprises and 84 percent of them are accounted for in our national GDP.
The minister praised the Rotary club, saying, “Rotary International, with 1.2 million volunteers worldwide 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 worldwide.”
As a result, declaring that the theme of the 2021 conference, “Uniting Nigeria Through Rotary,” is appropriate is sufficient because there is unquestionably no service organization with a preponderance of volunteers from all religious backgrounds, ethnicities, and tribes like the Rotary Club.
Dare stated that involving teenagers in the promotion of peace is critical, as it will put their wits to good use and reduce their proclivity for vices.
Dr. Okey Okonkwo, Governor of District 9142, had previously stated that the purpose of the meeting was to allow Rotarians from all across the country to discuss ideas on how to boost humanitarian activity.
“Today, all of Nigeria’s districts: 9110, 9140, 9142, and 9125 are together to enjoy fellowship, rekindle our connection across the board because we are all one, and share ideas on how to do our jobs better.” “What’s important is that we reconnect and create more opportunities for relationships, friendships, and collaborations,” he stated.