N110 Billion Approved to Empower Nigerian Youths
The Federal Government of Nigeria has committed to empowering young Nigerians through a N110 billion investment in the National Youth Investment Fund (NYIF). This announcement signifies a major boost for youth entrepreneurship and innovation in the country.
A New Start for the NYIF
Minister of Youth Development, Dr. Jamila Bio-Ibrahim, unveiled the initiative during the closing ceremony of a ministry retreat. The N110 billion allocated for the 2024 fiscal year will serve as a cornerstone for youth development.
Dr. Bio-Ibrahim emphasized that the NYIF is more than just a financial pool. It’s a catalyst designed to bridge the gap between a young person’s ambition and the opportunity to achieve it. The fund aims to transform Nigeria’s economic landscape by investing directly in the potential of its young people.
Skills and Support
The Federal Executive Council (FEC) has approved a series of measures alongside the financial boost. These include:
- Integrating skills and entrepreneurship development directly into the NYIF program.
- Establishing an interim coordinating unit to manage projects until a permanent National Youth Fund is established through legislation.
- Investing N5 billion in the upcoming National Youth Development Bank.
National Youth Development Bank (NEXTGEN Bank)
The NEXTGEN Bank is a collaborative effort between the Ministry of Youth Development, Bank of Industry, and private sector partners. This pioneering initiative aims to provide financial solutions specifically tailored for young entrepreneurs and youth-led businesses.
With an initial capital of N10 billion, the bank will offer more than just loans and equity. It will provide crucial support for young businesses in the form of:
- Development programs
- Guidance
- Mentorship
- Access to a network of resources
The Bank of Industry will contribute N2.5 billion, while private sector partners will invest the remaining N2.5 billion. The bank will be managed by the private sector, ensuring efficient operations.
Investing in Youth Development Centers
The government has also pledged to revitalize youth development centers across the country. These centers will be transformed into hubs for:
- Technical skills training
- Digital skills training
- Creative skills training
- Social engagement
- Political engagement
- Cultural engagement
- Mental health support
- Combating substance abuse and social decay
These centers will provide safe spaces that foster the holistic development of young Nigerians.
Working Together for Youth
Dr. Bio-Ibrahim highlighted that these initiatives are just the beginning. The government is committed to tackling the challenges faced by young people. However, success requires the active participation and cooperation of all stakeholders.
The Ministry of Youth Development urges all partners to work together to deliver the results that Nigerian youths deserve. This investment in the National Youth Investment Fund and supporting initiatives represents a significant step towards empowering young Nigerians and fostering a brighter future for the country
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