Federal Government has approved N110 billion to rejuvenate the National Youth Investment Fund (NYIF). Dr. Jamila Bio-Ibrahim, the Minister of Youth Development, announced this during a management retreat focused on presidential priorities and deliverables.
The substantial funds, earmarked for the 2024 fiscal year, will serve as a springboard for young entrepreneurs and innovators. The NYIF isn’t just about financial backing, but also nurturing a culture of entrepreneurship and innovation among Nigeria’s youth.
President Bola Tinubu’s administration remains staunchly committed to supporting the nation’s youth through strategic policies and programs.
The NYIF’s reinvigoration aligns perfectly with the government’s Renewed Hope Agenda.
Alongside this financial injection, the NYIF’s scope will broaden to incorporate skills and entrepreneurship development.
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Immediate steps include transitioning the NYIF Committee into an interim coordinating unit while awaiting an executive bill for establishing and institutionalizing the National Youth Fund.
Moreover, N5 billion is earmarked for the imminent Youth Development Bank, a retail development financial institution. Dedicated to providing tailored financial solutions for young entrepreneurs and youth-sector enterprises, the bank will offer not only loans and equity but also growth guidance, mentorship, and a valuable resource network.
Additionally, the government will soon commence rehabilitating and transforming youth development centers nationwide. These centers will deliver technical, digital, and creative skills training, promote youth engagement in various sectors, and provide support for mental health and substance abuse issues.
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