FG Approves” Disbursement of N60 Billion to Nigerian Youths, Small Business Owners
FG Approves” Disbursement of N60 Billion to Nigerian Youths, Small Business Owners
Nigerian Youths: The Federal Executive Council (FEC) approved the disbursement of N60 billion to Nigerian small business owners. The minister of Youth, Jamila Ibrahim, stated that the money is specifically aimed at young Nigerian company entrepreneurs. She stated that the financing will enable them to expand their enterprises and deliver important services, particularly in the agricultural sector.
The Federal Executive Council (FEC) has approved the disbursement of N60 billion from the Central Bank of Nigeria through the Agric Small and Medium Enterprises Investment Scheme to promote small company growth, particularly among young Nigerian entrepreneurs.
Jamila Ibrahim, Minister of Youth, stated on Monday, March 25, 2024, following the FEC meeting in Abuja.
The fund would be geared toward young people.
Ibrahim stated that CBN investment would provide critical support to emerging firms run by Nigerian youths, allowing them to strengthen and scale up their operations.
The FEC authorized reorganizing the Nigeria Youth Investment Fund to institutionalize it through a legal mechanism, enabling the foundation of the Nigeria Youth Fund.
She noted that the fund, established in 2020, was worth N75 billion, with an annual payment of N25 billion, and is intended for youth-led and youth-owned enterprises functioning in vital areas.
According to the minister, FEC has also approved the immediate release of N25 billion from the 2023 Appropriation Act and another N25 billion from the 2024 Appropriation Act for the Youth Development Fund.
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She said:
“We also secured additional Council approval for an N60 billion disbursement from the Central Bank of Nigeria (CBN) under the Agric Small and Medium Enterprises Investment Scheme. This will go a long way toward assisting emerging enterprises and providing valuable assistance to young people in strengthening and scaling them.
FG rolls out many empowerment schemes for youths
The minister emphasized the need for a distinctive strategy in implementing the new Youth Investment Fund.
She explained that the fund comprises formation clusters, which aim to provide mutual help to young business owners, allowing them to serve one another.
She stated that the FEC has approved a 30% youth quota for all government appointments to guarantee that young women are fairly represented. The Nigerian government has recently targeted Nigerian youngsters with several intervention programs.
The 3MTT initiative, sponsored by the Ministry of Communication, Innovation, and Digital Economy, aims to teach three million Nigerian youngsters about technology.
