The Federal Government of Nigeria has earmarked N110 Billion Nigerian Naira for young Nigerians in technology startups
This was revealed in a statement made by Dr. Jamila Bio-Ibrahim, Minister of Youth Development. Ibrahim said that the Federal Executive Council (FEC) has approved the allocation of N110 billion in funding to start-ups and early development companies that target young markets.
During a ministerial sectoral update on Thursday in Abuja, Dr Bio-Ibrahim said the authorised money will be allocated through the Nigeria Youth Investment Fund (NYIF), which has undergone restructuring.
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The minister highlighted the joint efforts of the ministry and the Bank of Industry (BoI) to create a specialised bank called “NextGen,” which is committed to supporting young entrepreneurs by giving them access to loans and full-service business support.
Emphasising additional initiatives, Dr Bio-Ibrahim revealed plans for establishing the Presidential Initiative on Youth Clusters, focusing on key sectors such as agriculture, manufacturing, and ICT to enhance the innovative potential of young Nigerians.
Youth Empowerment for National Development
Giving an overview of current youth-oriented initiatives, she mentioned the fantastic number of 146,998 beneficiaries enrolled in concentrated training programmes in technology, entrepreneurship, social inclusion, agriculture, and vocational areas.
Dr Bio-Ibrahim outlined the overarching goals of fostering well-being, excellence, national unity, and sustainable development, all intended to enable young Nigerians to realise their full potential and meaningfully contribute to the country’s advancement. These goals underscore the ministry’s commitment to youth development and empowerment.
Dr. Bio-Ibrahim affirmed the ministry’s resolve to undertake comprehensive measures within the National Youth Service Corps (NYSC), including initiatives focused on skills development to enhance the capabilities of youth corps members.
In addition, the ministry plans to empower 5000 members of the NYSC with N10 million each.
Bio-Ibrahim explained strategic plans for data harmonisation, analytics, performance management, and predictive analytics to inform policy prioritisation and decision-making processes.
NYIF: Encouraging young Entrepreneurs
The ministry’s goals are to strengthen cooperation with different branches of government and cultivate partnerships with established and up-and-coming private sector firms.
The minister emphasised media activation’s significance in guaranteeing successful communication and participation. This involves utilising online, social, and visual channels to maintain communication efforts and encourage constructive societal restructuring.
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The Nigeria Youth Investment Fund (NYIF) is an initiative of the government designed to give young entrepreneurs in Nigeria the financial support they need to start growing or expanding their enterprises.
The Federal Ministry of Youth and Sports Development, the NYIF, seeks to find solutions to young entrepreneurs’ challenges in accessing capital to bring their business ideas to reality.
The program offers different financial instruments, including loans, grants, and equity, to eligible applicants, thereby encouraging economic growth, job creation, and youth empowerment across various sectors of the economy.