FG to begin disbursement of N110Bn youth development fund in weeks, says Minister

The Federal Government is set to commence the disbursement of N110 billion to support startups and early-stage businesses through the National Youth Investment Fund (NYIF) in the coming weeks.

This announcement was made by Jamila Bio Ibrahim, the Minister of Youth Development, during the ongoing Ministerial Sectoral Briefings in Abuja on Thursday.

Minister Ibrahim revealed that the NYIF has undergone significant restructuring and expansion to better serve the youth. The Federal Executive Council (FEC) approved the substantial N110 billion funding in March 2024 to bolster youth empowerment efforts for the fiscal year.

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Highlighting new initiatives, Ibrahim announced the establishment of the Presidential Initiative for Youth Enterprise Clusters. “These clusters have shown high impact and success,” she said. “We aim to leverage this with the substantial investment fund this year.

The initiative will launch the first six clusters shortly, empowering 15,000 entrepreneurs and generating up to 500,000 direct jobs and over 2 million indirect engagements.”

In collaboration with the Bank of Industry, the Ministry has also established the ‘NextGen’ Bank, which will offer loans and business support tailored for young entrepreneurs.

This specialized financial institution, set to become operational by August 2024, will provide essential financial services, bolstered by initial government investment and contributions from both the Bank of Industry and private sector partners.

Furthermore, the Minister announced the formation of a committee tasked with implementing reforms within national universities and entrepreneurship programs. These reforms aim to enhance skills development and economic opportunities for graduates.

The Ministry also plans to enhance the National Youth Service Corps (NYSC) with robust reforms to integrate skills building and entrepreneurship. “The National Youth Skills Program will train 300,000 NYSC corps members and 700,000 additional young people outside the NYSC scheme,” she emphasized.

Minister Ibrahim reported that 146,998 youth have already been trained in various fields including vocational skills, social inclusion, technology, agriculture, and entrepreneurship, reflecting the government’s commitment to youth development.

Additionally, the National Youth Policy has been reviewed and expanded to cover critical areas such as climate change, blue economy, mental health, and migration.

In her concluding remarks, the Minister lauded the progress made over the past year under the President’s leadership, emphasizing the administration’s dedication to youth development and celebrating notable achievements.