The federal government has announced plans to kickstart the disbursement of N110 billion to startups and early growth stage businesses via the National Youth Investment Fund (NYIF) in the coming weeks.
This disclosure was made by the Minister of Youth Development, Dr. Jamila Bio Ibrahim, during the ongoing Ministerial Sectoral Briefings in Abuja on Thursday.
In addition to this announcement, the Secretary to the Government of the Federation, Senator George Akume, highlighted President Bola Ahmed Tinubu’s commitment to youth development across the nation.
Minister Ibrahim revealed that the Ministry of Youth Development is collaborating with the Bank of Industry (BoI) to establish a specialized financial institution called the ‘NextGen’ Bank. This initiative aims to provide loans and business support to youth entrepreneurs. The Minister emphasized the importance of reducing youth unemployment, enhancing skills relevant to the global market, and promoting youth participation in social and economic development.
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The Ministry has received approval for the establishment of the Presidential Initiative on Youth Clusters in agriculture, manufacturing, and ICT sectors. These clusters aim to empower 15,000 entrepreneurs, create 500,000 direct jobs, and generate over 2 million indirect engagements for young Nigerians.
Minister Ibrahim highlighted the successful partnership with the Bank of Industry in setting up the ‘NextGen’ Bank, which will provide vital financial services to youth ventures. The bank’s operations are set to commence by August 2024, with the aim of supporting youth initiatives in strategic sectors.
Furthermore, the Ministry intends to integrate skills development and entrepreneurship into the National Youth Service Corps (NYSC) program to scale up the National Youth Skills Programme and train more young Nigerians.
The disbursement of the N110 billion capital injection into the NYIF reflects the government’s commitment to empowering youth and fostering economic growth through entrepreneurship and innovation.
