The Federal Executive Council (FEC) has approved N110 billion in capital for startups and early growth stage businesses aimed at empowering the youth.
This announcement was made by Honourable Minister of Youth Development, Dr. Jamila Bio-Ibrahim, during a ministerial sectoral update in Abuja. The funds will be distributed through the restructured Nigeria Youth Investment Fund (NYIF), which collaborates with the Bank of Industry (BoI) to establish a specialised ‘NextGen’ Bank, dedicated to providing loans and business support services to youth entrepreneurs.
Dr. Bio-Ibrahim highlighted the establishment of the Presidential Initiative on Youth Clusters, which focuses on key sectors such as agriculture, manufacturing, and ICT, to harness the innovative potential of young Nigerians. She noted that 146,998 beneficiaries are currently engaged in various targeted vocational, social inclusion, technology, agriculture, and entrepreneurship training programs.
The minister reiterated the ministry’s commitment to fostering youth development, emphasising goals centred on wellbeing, excellence, national unity, and sustainable development. Plans to empower 5,000 NYSC members with N10 million each were also mentioned, alongside initiatives for comprehensive reforms within the National Youth Service Corps (NYSC) to enhance skills development among youth corps members.
Dr. Bio-Ibrahim also outlined strategic plans for data harmonisation, analytics, and performance management to inform policy prioritisation and decision-making processes. The ministry aims to strengthen collaboration with different government levels and foster partnerships with private sector players, utilising media channels to sustain communication efforts and promote positive societal reorientation.
The Nigeria Youth Investment Fund (NYIF) continues to play a crucial role in providing financial support to young entrepreneurs, stimulating economic growth, job creation, and youth empowerment.
