Dr. Jamila Bio-Ibrahim, Minister of Youth Development, has announced that the Federal Executive Council has allocated N110 billion in finance for youth-led startups and early stage firms.
Bio-Ibrahim stated this on Thursday in Abuja at the current administration’s ministerial sectoral update. The minister clarified that “the approval is for startups and early growth stage businesses via restructured Nigeria Youth Investment Fund (NYIF).”
She also stated that the government is collaborating with the Bank of Industry (BoI) to establish a ‘NextGen’ Bank to help young entrepreneurs with loans and business support.
“We have clearance for the development of the Presidential Initiative on Youth Clusters in agriculture, manufacturing, and ICT. “We have 146,998 beneficiaries of targeted vocational, social inclusion, technology, agricultural, and entrepreneurial training,” Bio-Ibrahim stated.
According to her, the ministry has commenced robust NYSC reforms, including skills building to better position youth corps members. She noted that the mandate of the ministry is to formulate, implement, monitor and evaluate policies and programmes that promote youth development and empowerment, and wealth creation.
Others, she said, are wellbeing, excellence, national unity, and sustainable development, with the ultimate goal of empowering young Nigerians to reach their full potential and contribute positively to the nation’s growth and development.
She reiterated the ministry’s determination to reposition the country’s youths to thrive and catalyse economic development.
Bio-Ibrahim said the ministry has concluded plans to do data harmonisation, analytics, performance management and predictive analytics for prioritisation.
“We will strengthen inter-government collaboration and foster development of existing and new private sector partnerships.
“We will also have media activation to leverage online, social, visual channels for sustained communication and reorientation,” she said.
According to her, some of the ministry’s targets are to reduce youth unemployment rate, increase youths with global market demand skills and increase youth participation in social and economic development.
