- Revamped centers to provide training, skills development, and entrepreneurship opportunities for young people
- Initiative aims to positively impact youth unemployment rates and promote economic growth
The Federal Government has approved N110 billion to revitalise the National Youth Investment Fund (NYIF) for the empowerment of youths in the country.
The Minister of Youth Development, Dr. Jamila Bio-Ibrahim, disclosed this during the closing ceremony of the ministry’s two-day management retreat on presidential priorities and deliverables with the theme: ‘Achieving the Eight Presidential Priorities and Deliverables,’ in Abuja during the weekend.
Bio-Ibrahim stated that the funds, which have been approved under the 2024 fiscal year, would serve as a cornerstone for youth empowerment.
She said the fund is not just a financial reservoir but a catalyst for youth entrepreneurship and innovation aimed at bridging the gap between ambition and opportunity.
In a statement issued yesterday in Abuja by the Director of Press and Public Relations of the ministry, Omolara Esan, the minister stated that President Bola Tinubu’s administration was committed to empowering every Nigerian youth through actionable policies and innovative programmes which align with the Renewed Hope Agenda.
The Federal Executive Council also approved the integration of Skills and Entrepreneurship Development into the NYIF programme; the immediate transition of the NYIF Committee into an interim coordinating unit for project management office, pending the drafting and passing of an executive bill for the Establishment and the Institutionalisation of the National Youth Fund by the National Assembly.
Also approved by the FEC is the investment of N5 Billion in the soon-to-be-established Youth Development Bank.
The minister explained that the Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises. With an initial capitalisation of N10 billion, the bank was well-positioned to be a pillar of support for youth-led businesses, providing not only loans and equity but also growth, guidance, mentorship, and a network of resources.
The minister said the government would soon commence the rehabilitation and transformation of youth development centres across the country.
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