In a significant stride towards youth empowerment, the federal government has approved two initiatives aimed at fostering greater inclusion and development opportunities for Nigeria’s vibrant youth population.
The minister of youths, Jamila Ibrahim disclosed this to State House correspondents on Monday after the federal executive council meeting presided over by President Bola Tinubu at the Presidential Villa .
According to her, the council has granted approval for the institutionalization of a two per cent youth quota and the restructuring of the Nigerian Youth Investment Fund (NYIF).
Addressing the long-standing marginalization of young people in decision-making processes, the council approved a two per cent youth quota, ensuring 30 per cent representation of young people, including an equitable representation of young women, in all government appointments.
She said this landmark decision is poised to encourage youth participation in civic engagements and decision-making processes, ultimately contributing to Nigeria’s national development agenda.
She expressed delight at the council’s approval, stating, “This will go a long way to address the long-term marginalization and exclusion of young people in decision-making, and will also go a long way to encourage young people to participate in decision-making processes and in civic engagements.”
Furthermore, the FEC has approved the restructuring and institutionalization of the Nigerian Youth Investment Fund, a fund initially established in 2020 to support youth-led and youth-owned enterprises in priority sectors.
Recognising the potential of this initiative, the administration has commissioned a technical committee to review and restructure the fund, leading to the establishment of the Nigerian Youth Fund through a legal framework.
She said the revamped Youth Investment Fund will receive an immediate infusion of 25 billion naira from the 2023 supplementary Appropriation Act, complemented by an additional 25 billion naira from the 2024 Appropriation Act’s Digital Development Fund.
Moreover, Ibrahim said the Central Bank of Nigeria has approved a 60 billion naira release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, providing a significant boost to the fund’s resources.
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