In a bid to foster small business growth and empower young entrepreneurs nationwide, the Federal Executive Council has sanctioned the disbursement of N60 billion from the Central Bank of Nigeria through the Agric Small and Medium Enterprises Investment Scheme.
This move, announced by Minister of Youth, Jamila Ibrahim, comes after the conclusion of the fourth FEC meeting in Abuja.
The funding, aimed at bolstering enterprises run by young entrepreneurs, is set to provide crucial support, enabling them to strengthen and expand their businesses. Additionally, the Council has greenlit the restructuring of the Nigeria Youth Investment Fund, paving the way for the establishment of the Nigerian Youth Fund.
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Originally set at N75 billion with annual releases of N25 billion, the revamped fund is slated to receive immediate disbursements from the 2023 and 2024 Appropriation Acts under the Youth Development Fund.
Minister Ibrahim also highlighted the introduction of clusters within the revamped Youth Investment Fund, designed to facilitate collaboration among young entrepreneurs and promote cross-guarantees among them.
Moreover, the FEC has approved a significant policy change, mandating a 30% youth quota in all government appointments, with a specific provision for fair representation of young women.
Minister Ibrahim stressed that this measure aims to address marginalization and encourage youth participation in decision-making processes, ultimately contributing to national development.
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