FG to Support Businesses with N110 Billion: Minister

The Federal Government of Nigeria has announced a significant boost to youth-led businesses through the Nigeria Youth Investment Fund (NYIF), which has been restructured with a capital base of N110 billion. This initiative was revealed by the Minister of Youth, Jamila Ibrahim, during a town hall meeting in Akure for South-West youths on Tuesday.

Ms. Ibrahim highlighted the primary objective of the NYIF: to empower young Nigerians by providing them with accessible loans for both personal and entrepreneurial use. Since its relaunch, the program has received over 200,000 applications in less than two weeks, indicating a strong demand and enthusiasm from the youth.

“This program is designed to empower our youths, making it easier for them to obtain the financial support they need to establish and grow their businesses. It is also to enhance their financial stability and ability to contribute to the economy,” the minister stated.

Establishment of National Youth Development Bank

To further bolster support for youth-led enterprises, the minister announced the establishment of a National Youth Development Bank. This institution aims to provide continuous financial support, thereby enabling young entrepreneurs to drive economic growth and innovation.

“This institution will play a crucial role in empowering young entrepreneurs, enabling them to drive economic growth and innovation,” Ms. Ibrahim said.

Government Commitment to Youth Representation

The federal government, under President Bola Tinubu, has shown a strong commitment to youth empowerment and representation. President Tinubu has approved a 30 per cent youth quota in all government appointments, reflecting his belief in the potential of Nigerian youths.

“We are working on legislation to institutionalize this great legacy initiative, ensuring that youth representation in government becomes a permanent feature of our democracy,” the minister added.

Enhancing the NYSC Experience

The government is also focused on enhancing the National Youth Service Corps (NYSC) experience, implementing robust reforms to ensure that the program better serves the needs and aspirations of Nigerian youths.

Support from Ondo State Government

During the town hall meeting, Governor Lucky Aiyedatiwa of Ondo State emphasized the critical role of youths in society. He reiterated the state’s commitment to fostering an environment that supports innovation, creativity, and entrepreneurship among young people.

“Youths are the backbone of society, and their growth and empowerment are essential for a prosperous future. We must invest in our young people, providing them with access to quality education, skills, training, and mentorship opportunities,” Governor Aiyedatiwa stated.

Gratitude for Federal Government Initiatives

Governor Aiyedatiwa expressed his gratitude to President Tinubu for implementing policies under the Renewed Hope Agenda, which address challenges such as unemployment, poverty, and inequality. He commended the federal government’s efforts to enlighten and empower youths, 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,” the governor said, addressing the youths directly.

Governor Aiyedatiwa also praised the youths in the South-West region for maintaining peace and security, despite various calls for protests. He acknowledged their role in ensuring a stable environment conducive to development.

Conclusion

The Federal Government’s restructuring of the NYIF and the establishment of the National Youth Development Bank are significant steps towards empowering Nigerian youths. These initiatives, along with robust reforms to the NYSC and increased youth representation in government, underscore the administration’s commitment to fostering a more inclusive and equitable society. The collaborative efforts of both the federal and state governments highlight the importance of youth development for Nigeria’s future prosperity.

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