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.
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 2% youth quota and the restructuring of the Nigerian Youth Investment Fund (NYIF).
The minister said the approval targets addressing the long-standing marginalization of young people in decision-making processes as the Council also approved a 2% youth quota, ensuring 30% representation of young people, including an equitable representation of young women, in all government appointments.
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She said this landmark decision is poised to encourage youth participation in civic engagements and decision-making processes and ultimately contributing to Nigeria’s national development agenda.
She expressed delight at the Council’s approval, stating that “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.
Recognizing the potential of the 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 N25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional N25 billion from the 2024 Appropriation Act’s Digital Development Fund.
Moreover, Ibrahim said the Central Bank of Nigeria, CBN, has approved a N60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, providing a significant boost to the fund’s resources.
The minister highlighted that the implementation strategy for the renewed Youth Investment Fund will involve the establishment of clusters, where young people will cross-guarantee each other, focusing on commodities with comparative advantages across the six geopolitical zones.
Additionally, she said the fund will offer increased obligor limits, moratoriums, and extended loan tenures which will allow young businesses to incubate and reach profitability.
“Another other features of the renewed US investment fund are increased obligor limit and moratoriums and increased loan tendrils in order to allow for patients in loan recovery and to allow young businesses incubate to the point of return on investment.
“And then of course, we hope that we can collaborate with line ministries such as the Federal Ministry of Agriculture Ministry of creative economy, and him the ministry of digital economy in implementation, amongst others,” she added.
