In an unprecedented move, the Federal Government has approved N110 billion to revitalize the National Youth Investment Fund (NYIF) for youth empowerment across Nigeria. This announcement was made by the Minister of Youth Development, Dr. Jamila Bio-Ibrahim, during the closing ceremony of a high-level management retreat in Abuja.
Transformational Funding for 2024
Dr. Bio-Ibrahim revealed that these funds, earmarked for the 2024 fiscal year, are set to be a cornerstone for youth empowerment, bridging the gap between ambition and opportunity. This isn’t just about money – it’s about sparking a wave of youth entrepreneurship and innovation across the nation.
President Tinubu’s Renewed Hope Agenda in Action
In a powerful statement, Dr. Bio-Ibrahim emphasized the administration’s unwavering commitment to youth empowerment through President Bola Tinubu’s Renewed Hope Agenda.
“We celebrate the rejuvenation of the National Youth Investment Fund, approved by the Federal Executive Council with an allocation of N110 billion for the 2024 fiscal year. This fund will serve as a cornerstone for youth empowerment, bridging the gap between ambition and opportunity. It is not merely a financial reservoir but a catalyst for youth entrepreneurship and innovation.”
Major Strategic Initiatives Unveiled
The Federal Executive Council has also rolled out several strategic initiatives to maximize the impact of the NYIF:
- Skills and Entrepreneurship Development: Integrated into the NYIF program to equip youth with vital skills.
- NYIF Committee Transition: The committee will become an interim coordinating unit for project management.
- National Youth Fund Legislation: An executive bill will be drafted and passed to institutionalize the National Youth Fund.
Revolutionary Youth Development Bank
In addition to this, a N5 billion investment has been approved for the establishment of the groundbreaking Youth Development Bank. This bank, starting with an initial capitalization of N10 billion, aims to provide financial solutions specifically tailored for young entrepreneurs and youth-led ventures. The bank’s offerings will include loans, equity, development guidance, mentorship, and a robust network of resources.
Dr. Bio-Ibrahim stated:
“The National Youth Development Bank (NEXTGEN BANK), in partnership with the Bank of Industry and private sector partners, marks a revolutionary step towards economic independence for our youth. With an initial take-off shareholders fund of N10 billion, this institution will be key in nurturing young entrepreneurs and innovators who are the future of our nation.”
The Bank of Industry will invest N2.5 billion, with private sector partners matching this investment. Managed by the private sector, this bank promises to be a pillar of support for youth-led enterprises.
This comprehensive strategy from the Federal Government is set to empower the next generation of Nigerian entrepreneurs, driving innovation and sustainable economic growth. Don’t miss out on this incredible opportunity to be part of Nigeria’s transformative journey!
