Two initiatives have been approved by the Federal Executive Council (FEC) with the goal of providing youth with more opportunities for development and inclusion.
The Nigerian Youth Investment Fund (NYIF) has been restructured with additional provisions approved by the FEC, Dr. Jemila Ibrahim-Bio, Minister of Youth and Sports Development, revealed to journalists following this week’s Council meeting at the State House, which was chaired by President Bola Tinubu.
Ibrahim-Bio claims that the Council has authorized the institutionalization of a 30% female representation rate and a 2% youth quota in all government appointments.
In addition to addressing the long-standing exclusion of youth from decision-making processes, Dr. Jemila Ibrahim-Bio announced that the newly redesigned Youth Investment Fund will immediately receive ₦25 billion from the 2023 Supplementary Appropriations Act, with an additional ₦25 billion coming from the 2024 Appropriations Act’s Digital Development Fund.
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“We have received Council approval to institutionalize a 2% youth quota, a 3 percent representation of young people in all government appointments, and an equitable young women representation inclusive of this 30%,” the speaker said with delight. She also addressed the men and women of the press.
She claims it will significantly address “the long marginalization and exclusion of young people in decision making, and will also go a long way toward
The establishment of clusters, where young people will cross-guarantee each other, focused on commodities with comparable advantages across the six geopolitical zones, is part of the implementation strategy for the Renewed Youth Investment Fund, she added. She added that the fund will provide longer loan terms, moratoriums, and higher obligor limits to help start-ups grow into profitable ventures.
“Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.
“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural
Additionally, the Council authorized the NYIF’s institutionalization and restructuring. The NYIF was first created in 2020 with the goal of assisting youth-owned and led businesses in priority industries.
Seeing the potential in this project, the administration hired a technical committee to examine and reorganize the fund, which resulted in the creation of the Nigerian Youth Fund via a formal legal structure.
Additionally, the fund’s resources were significantly increased when the Central Bank of Nigeria (CBN) approved a ₦60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme.
