The Nigerian government has announced a significant investment in young entrepreneurs. The Federal Executive Council (FEC) approved N110 billion allocated as capital to startups and early-growth businesses targeting the youth demographic.
Dr. Jamila Bio-Ibrahim, Minister of Youth Development, revealed this news during a ministerial update. The funds will be channeled through a restructured Nigeria Youth Investment Fund (NYIF). The ministry is also collaborating with the Bank of Industry (BoI) to establish a specialized “NextGen” Bank. This bank will cater to young entrepreneurs by providing them with access to loans and business support services.
The government is implementing additional initiatives to support young Nigerians. Dr. Bio-Ibrahim highlighted plans for the Presidential Initiative on Youth Clusters, focusing on agriculture, manufacturing, and ICT. This initiative aims to harness the innovative potential of young people in these key sectors. The minister also highlighted the success of ongoing youth-focused training programs, with over 146,000 beneficiaries participating in vocational, social inclusion, technology, agriculture, and entrepreneurship programs. These combined efforts signal a strong commitment from the Nigerian government to empower young people and foster a thriving entrepreneurial ecosystem.
Source: PUNCH