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News - North Central - FCT Updated: May 18, 2024

N110bn approved by FG for youth empowerment

By Adekunle Obas
May 18, 2024
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The Federal Government has approved N110 billion to revitalize the National Youth Investment Fund, NYIF, for youth empowerment across the country.

The announcement was made by the Minister of Youth Development, Dr Jamila Bio-Ibrahim, during the closing ceremony of a two-day management retreat on presidential priorities and deliverables in Abuja.

Bio-Ibrahim highlighted that the funds allocated for the 2024 fiscal year, aim to serve as a cornerstone for youth empowerment by bridging the gap between ambition and opportunity.

The fund is designed not only as a financial resource but also as a catalyst for youth entrepreneurship and innovation.

In a statement by the Director of Press and Public Relations of the ministry, Omolara Esan, the minister emphasized the commitment of President Bola Tinubu's administration to empower Nigerian youth through actionable policies and innovative programs aligned with the Renewed Hope Agenda.

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The minister stated: "We celebrate the rejuvenation of the National Youth Investment Fund, approved by the Federal Executive Council to restart with an allocation of N110 billion for the 2024 fiscal year.

"This fund will serve as a cornerstone for youth empowerment, bridging the gap between ambition and opportunity. The fund is not merely a financial reservoir but a catalyst for youth entrepreneurship and innovation."

Additionally, the Federal Executive Council approved the integration of Skills and Entrepreneurship Development into the NYIF program, the transition of the NYIF Committee into an interim coordinating unit for the project management office, and the drafting and passing of an executive bill for the establishment and institutionalization of the National Youth Fund by the National Assembly. 

Furthermore, a N5 billion investment was approved for the soon-to-be-established Youth Development Bank.

The minister explained that the Youth Development Bank, with an initial capitalization of N10 billion, will be dedicated to providing financial solutions specifically tailored for young entrepreneurs, youth-backed ventures, and youth-sector enterprises. The bank aims to support youth-led enterprises by offering loans, equity, development, guidance, mentorship, and a network of resources.

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She said: “National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry, and their private sector partners, represents a ground-breaking stride towards economic independence for our youth.

“With an initial take-off shareholders fund of N10 billion, this institution will be instrumental in nurturing young entrepreneurs and innovators who are the bedrock of our nation’s future. The Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures and youth sector enterprises.

“With an initial capitalisation of N10 billion, the bank is poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but development, guidance, mentorship, and a network of resources.

“The Bank of Industry will be investing N2.5 billion and their Private Sector Partners have committed to the balance of N2.5 billion investment and the Bank will be private sector managed.”

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