Good News on the Youth Investment Fund Program
Good News on the Youth Investment Fund Program
FG Approves N110 Billion for Program on Youth Empowerment The nation’s young are to be empowered through the Young Investment Fund (NYIF).
The nation’s young are to be empowered through the Young Investment Fund (NYIF) program. Dr. Jamila Bio-Ibrahim, the Minister of Youth Development, made this announcement on Friday at the end of the ministry’s two-day management retreat in Abuja on presidential priorities and deliverables, with the topic “Achieving the Eight Presidential Priorities and Deliverables.”
Bio Ibrahim said that the monies, which were authorized for the fiscal year 2024, would be a major component in empowering young people.
According to her, the fund catalyzes young people’s invention and entrepreneurship to close the gap that exists between opportunity and desire.
The ministry’s director of press and public relations, Omolara Esan, made this commitment in a statement on Saturday in Abuja. The minister said that the Bola Tinubu administration is dedicated to empowering all Nigerian youth through practical policies and creative programs that support the Renewed Hope Agenda.
“We celebrate the National Youth Investment Fund’s rejuvenation, as it has been approved by the Federal Executive Council to restart with an allocation of N110 billion for the 2024 fiscal year,” stated the Minister. This fund will act as a pillar for youth empowerment, filling the gap that exists between opportunity and aspiration.
“The fund is a catalyst for youth creativity and entrepreneurship, not just a source of funding. It symbolizes our dedication to changing the economic environment by directly funding the potential of our youth.
“The NYIF Committee will immediately become an interim project management office coordinating unit until an executive bill for the establishment and institutionalization of the National Youth Fund by the National Assembly is drafted and passed,” the Federal Executive Council further approved.
“Skills and Entrepreneurship Development will also be integrated into the NYIF program.” The FEC has also authorized the N5 billion investment in the upcoming Youth Development Bank.
The minister clarified that the goal of the Retail Development Financing Institution is to offer financing solutions that are specially designed for young people starting their businesses, as well as those that are funded by young people.
She continued by saying that the bank, which had an initial capitalization of N10 billion, was well-positioned to serve as a pillar of support for youth-led businesses by providing development, direction, mentorship, and access to a network of resources in addition to loans and equity.
According to her, the National Youth Development Bank (NEXTGEN BANK), a ground-breaking initiative in collaboration with the Bank of Industry and their private sector partners, represents a significant step toward our youth’s financial independence.
This institution, which has an N10 billion initial take-off shareholders fund, will play a crucial role in fostering the next generation of innovators and entrepreneurs who will form the backbone of our country.
The goal of the Retail Development Financial Institution is to support youth-owned businesses, youth-backed companies, and young entrepreneurs by offering financial solutions that are specifically designed for their needs.
The bank, which has an initial capitalization of N10 billion, is well-positioned to serve as a pillar of support for youth-led businesses by providing development, advice, mentorship, and access to a network of resources in addition to loans and equity.
“The Bank of Industry will be managed by the private sector, and they will invest N2.5 billion, with their private sector partners committing the remaining N2.5 billion.”
The minister announced that the nation’s youth development centers would soon begin to undergo renovations and makeovers.
These centers will be remodeled into centers for the training of technical, digital, and creative skills; strongholds for young social, political, and cultural engagement; havens for mental health; and front lines in the fight against drug misuse and societal degradation.
We are investing in safe spaces that support the holistic development of Nigerian adolescents by funding these centers,” the speaker continued. “These initiatives are just the beginning,” she continued.
The route we are laying out today is extensive and intended to address the issues that confront our young people directly. However, these goals cannot be realized to their fullest extent unless you actively and assiduously cooperate.
“As our Leader, His Excellency President Bola Ahmed Tinubu, demands of us, we must strengthen our synergy and concentrate our efforts on delivering the results every Nigerian youth deserves.”
Dr. Dunoma Ahmed, the ministry’s permanent secretary, praised the federal government, the ministry, and all other stakeholders and development partners for their continuous dedication and unwavering support in improving the standard of living for young people in Nigeria.
