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June 15, 2024
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FG Allocates N110 Billion in Capital to Boost Youth Startups

The Minister of Youth Development, Dr. Jamila Bio-Ibrahim, has announced that the Federal Executive Council (FEC) has granted approval for the allocation of N110 billion in capital to startups and early growth stage businesses targeting the youth demographic.

Speaking during a ministerial sectoral update in Abuja on Thursday, Dr. Bio-Ibrahim disclosed that the approved funds will be channeled through the restructured Nigeria Youth Investment Fund (NYIF).

The minister emphasized the collaborative efforts between the ministry and the Bank of Industry (BoI) to establish a specialized ‘NextGen’ Bank, dedicated to nurturing youth entrepreneurs by providing access to loans and comprehensive business support services.

“The approval is for startups and early growth stage businesses via restructured Nigeria Youth Investment Fund (NYIF),” she said.

Highlighting additional initiatives, Dr. Bio-Ibrahim revealed plans for the establishment of the Presidential Initiative on Youth Clusters, focusing on key sectors such as agriculture, manufacturing, and ICT to harness the innovative potential of young Nigerians.

Providing insights into ongoing youth-focused programs, she cited the impressive figure of 146,998 beneficiaries engaged in targeted vocational, social inclusion, technology, agriculture, and entrepreneurship training programs.

“We have approval for the establishment of the Presidential Initiative on Youth Clusters in agriculture, manufacturing and ICT. We have 146,998 beneficiaries of targeted vocational, social inclusion, technology, agriculture, entrepreneurship training,” she added.

Underlining the ministry’s commitment to youth development and empowerment, Dr. Bio-Ibrahim outlined the overarching goals of fostering wellbeing, excellence, national unity, and sustainable development, all aimed at enabling young Nigerians to realize their full potential and contribute meaningfully to the nation’s progress.

The Nigeria Youth Investment Fund (NYIF) is a government initiative aimed at empowering Nigerian youth by providing them with financial support to kickstart or expand their businesses.

Launched by the Federal Ministry of Youth and Sports Development, the NYIF seeks to address the challenges faced by young entrepreneurs in accessing capital to actualize their business ideas.

The fund offers a range of financial instruments, including loans, grants, and equity, to eligible applicants, thereby stimulating economic growth, job creation, and youth empowerment across various sectors of the economy.

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