Time, or a measure of duration, may be used in this construction with take, require, and need, followed by an infinitive describing what takes place during the duration.
(English has few exclusively time words like during, duration, endure,
when, then, and now, so almost all reference to time is done metaphorically.).
The it is not part of the construction you're asking about, though, since that's part of the construction created by Extraposition;
if the sentence you're asking about is something like
- It takes/requires/needs
X time for somebody to do something.
then the un-Extraposed transform of the sentence would be something like
- For somebody to do something takes/requires/needs
The whole clause For somebody to do something is a noun phrase, used as the subject of takes, requires, or needs. That's a heavy subject, and English likes to extrapose heavy subjects; they feel better at the end of a sentence.
All of this is a part of the
Money metaphor theme, in which English treats perceived duration as if it were an actual thing that could be spent, lost, or needed by humans, just like money.