The Federal Executive Council has approved a loan totaling N110 billion to be disbursed to youth entrepreneurs from the Presidential Youths Investment Funds.
Jamila Ibrahim, the Minister of Youth Development, made this known during a briefing with State House journalists following the Federal Executive Council meeting chaired by President Bola Tinubu on Monday, 25th March 2024.
Ibrahim revealed that the Ministry received N25 billion for the fiscal years 2023 and 2024, with an additional N60 billion earmarked for distribution to youth entrepreneurs.
She further disclosed that the Council sanctioned the institutionalization of 2% representation of young people in all government appointments, alongside ensuring equitable women representation.
According to Ibrahim, this approval addresses the historical marginalization and exclusion of the youths in decision-making processes, fostering their active participation in civic engagements.
She emphasized the potential for youth to significantly contribute to the national development agenda through their involvement in decision-making.
Additionally, the Council approved the restructuring and institutionalization of the Nigerian Youth Investment Fund, originally established in 2020.
This entails the establishment of the Nigerian Youth Fund through a legal framework, with an initial allocation of N75 billion for youth-led and youth-owned enterprises in priority sectors.
The immediate release of N25 billion from the 2023 supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act was secured, alongside further approval for releasing N60 billion from the Central Bank of Nigeria for investment in small and medium enterprises in the agricultural sector.
This funding is expected to bolster support for young businesses and enhance their scalability.
Additionally, the Minister announced the establishment of investment clusters focused on commodities with comparative advantages across the six geopolitical zones.
These arrangements aim to facilitate patient loan recovery and support young businesses to incubate until they achieve returns on investment.
Collaboration with relevant line ministries such as the Federal Ministry of Agriculture, Ministry of Creative Economy, and Ministry of Digital Economy is also envisioned for effective implementation.
Story: Christy Dung