AGENCY REPORT
FG approves N110bn for youth-based businesses
The programme is designed to empower youths by making it easier to obtain loans for personal and entrepreneurial use
The Federal Government says the Nigeria Youth Investment Fund (NYIF) has been restructured with a capital base of N110 billion to support youth-led businesses.
The Minister of Youth, Dr Jamila Bio Ibrahim, stated this in Akure on Tuesday during a town hall meeting for South-West youths.
Ibrahim said since the relaunch of the NYIF, it had received over 200,000 applications in less than two weeks.
According to the minister, the programme is designed to empower youths by making it easier to obtain loans for personal and entrepreneurial use.
“It is also to enhance their financial stability and ability to contribute to the economy.
“Additionally, we are establishing a National Youth Development Bank, to provide financial support for youth-led enterprises.
“This institution will play a crucial role in empowering young entrepreneurs, enabling them to drive economic growth and innovation.
“President Tinubu has approved a 30 per cent youth quota in all government appointments, underscoring his belief in the potential of Nigerian youths.
“We are working on legislation to institutionalise this great legacy initiative, ensuring that youth representation in government becomes a permanent feature of our democracy,” she said.
According to Ibrahim, the federal government is also implementing robust reforms to enhance the National Youth Service Corps (NYSC) experience.
Earlier, Gov. Lucky Aiyedatiwa of Ondo, stated that youths were the backbone of society and emphasised the importance of their growth and empowerment for a prosperous future.
Aiyedatiwa said his government was committed to creating an environment to foster innovation, creativity, and entrepreneurship, allowing young people to thrive and reach their full potential.
“We must invest in our young people, providing them with access to quality education, skills, training, and mentorship opportunities,” said the governor.
The governor expressed gratitude to the president for implementing policies under the Renewed Hope Agenda to address challenges such as unemployment, poverty, and inequality.
He commended the federal government’s efforts to enlighten the youths and work toward a more inclusive and equitable society, stressing the moral, economic, and social imperatives of youth development.
“We believe in your energy, your creativity, and your passion. We believe that you have the power to transform our communities, our state, and our country,” he said.
Aiyedatiwa also appreciated youths in the South-West region for rejecting calls for protests and maintaining peace and security.
