N110bn Nigeria Youth Fund: FG Inaugurates Project Management Office in Abuja

NYIF N110bn: FG Starts Project Management Office in Abuja

Abuja, August 4, 2024 – The Federal Government of Nigeria has started a Project Management Office (PMO) to manage the Nigerian Youth Investment Fund (NYIF), which is a N110 billion program to help young Nigerians.

The PMO includes experts from both the government and private sector. It was started by Dr. Jamila Bio Ibrahim, the Minister of Youth Development, in her office in Abuja.

Dr. Ibrahim said that the PMO is very important for President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda.’ She said the fund is made to help young Nigerians get money to start and grow their businesses.

This fund will help to fight poverty, improve food security, support economic growth, and most importantly, give young people access to capital.

She stressed that the PMO should make it easier for young Nigerians to get loans to start their own businesses. The PMO should also help them develop business skills, find markets, and get guidance to succeed in business.

In a statement signed by Taremi Zuokumor, on behalf of the Ministry’s Director of Press and Public Relations, Dr. Ibrahim promised that the NYIF will be managed with fairness and integrity. She said she will ask for regular updates to make sure everything is done on time.

Dr. Ibrahim told the PMO to follow her plan to create a fund that not only gives money but also offers mentoring and other support services for businesses. She highlighted the need to include vulnerable groups and underserved communities and to make the application and fund disbursement process quick.

“I want you to start immediately and show some results in the next three to four weeks. By then, I expect the first batch of funds to be given out,” she said.

Mr. Olusanya Olubunmi, the Permanent Secretary of the Ministry, welcomed the PMO and asked them to make sure the NYIF reaches its goals. He asked the members to follow the Public Service Rules and Financial Regulations and manage the fund as decided by the Federal Executive Council.

Olusanya promised the PMO that the Ministry will support them in their work and wished them success in carrying out the NYIF.

The National Coordinator of the PMO, Olopade Hakeem, thanked the President for prioritizing the project and the Minister for her support of the youth. He also thanked the Executive Council for approving the N110 billion fund.

Hakeem promised to do their work professionally, responsibly, and openly while engaging with the youth and welcomed new ideas to improve the project.

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