FG Empowerment Program For 50,000 entrepreneurs

FG Empowerment Program For 50,000 Entrepreneurs

The Federal Executive Council has given its approval for the development of the presidential initiative for the young entrepreneurship cluster, according to Minister of Young Development Jamila Bio Ibrahim.

In the upcoming weeks, the first six clusters, which would empower 50,000 businesses, will be launched, she claims, “creating up to 500,000 direct jobs and over two million indirect engagements for young Nigerians.”

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At the ongoing Ministerial Sectoral Update, which was hosted at the Radio House in Abuja on Thursday to commemorate President Bola Tinubu’s first anniversary in office, the minister made this statement.

The NextGen Bank is a specialized financial institution that was established to provide vital financial services to support youth-led initiatives in strategic sectors. The government has invested N5 billion initially, with additional contributions from the Bank of Industry and private sector partners.

This was also highlighted by the speaker. “In the upcoming weeks, we will activate the first six clusters that we have identified for this year. By empowering 50,000 entrepreneurs, these clusters would generate over two million indirect employment opportunities and up to 500,000 direct jobs for young Nigerians.

The Youth Development Bank, created in collaboration with the Bank of Industry, is the second of our deliverables. To close the gaps in young people’s access to finance, we are establishing the NextGen Bank to support and encourage young entrepreneurs through loans and business assistance.

Therefore, His Excellency, President Bola Ahmed Tinubu, made a campaign pledge to establish this bank to fill in those financial gaps.

This bank is a specialized financial organization that provides essential financial services with an initial N5 billion government investment, matched by contributions from the Bank of Industry and private sector partners. Its goal is to assist youth-led ventures in important industries, the statement reads.

The minister announced the launch of the National Youth Skills program, which aims to train 700,000 young people working in the unorganized sector and 300,000 members of the National Youth Service Corps.

The minister stated that the administration’s non-kinetic method of addressing insecurity-related issues would be the skills program. “We have launched the National Youth Skills Program, which aims to teach 700,000 youth not affiliated with the NYSC scheme and 300,000 NYSC corps members.

We have high-risk youth who lack education and skills because of the youth in the unorganized sector.

And we will make significant progress in addressing current issues in our nation, like insecurity if we solve the problems associated with this percentage of the youth population. Thus, this will be the administration’s non-kinetic strategy for addressing the problems associated with insecurity, according to Jamila.