Good News for Nigerian Youths As FG Approves N110 Billion for Youth Empowerment

NIGERIA The Federal Government of Nigeria under President Bola Ahmed Tinubu has approved N110 billion to revitalise the National Youth Investment Fund (NYIF) towards the empowerment of youths in the country.

Minister of Youth Development, Dr. Jamila Bio – Ibrahim, disclosed this during the closing ceremony of the ministry’s two – day management retreat on presidential priorities and deliverables with themed:"Achieving the Eight Presidential Priorities and Deliverables’" in Abuja on Friday. 

Bio – Ibrahim stated that the funds, which have been approved under the 2024 fiscal budget would serve as a springboard for youth empowerment.

According to her, the fund is not just a financial reservoir but a catalyst for youth entrepreneurship and innovation aimed at bridging the gap between ambition and opportunity. 

Similarly, a statement issued by the Director, Press and Public Relations of the ministry, Omolara Esan in Abuja on Saturday states that that President Bola Tinubu's administration was committed to empowering every Nigerian youth through actionable policies and innovative programmes which align with the Renewed Hope Agenda.

The Minister said: “We celebrate the rejuvenation of the National Youth Investment Fund, approved by the Federal Executive Council to restart with an allocation of N110 billion for the 2024 fiscal year. This fund will serve as a cornerstone for youth empowerment, bridging the gap between ambition and opportunity. 

“The fund is not merely a financial reservoir but a catalyst for youth entrepreneurship and innovation. It represents our commitment to transforming the economic landscape by investing directly in the potential of our young people.

“The Federal Executive Council also approved: the integration of Skills and Entrepreneurship Development into the NYIF program; the immediate transition of the NYIF Committee into an interim coordinating unit for project management office, pending the drafting and passing of an executive bill for the Establishment and the Institutionalisation of the National Youth Fund by the National Assembly. Also approved by the FEC is the investment of N5 Billion in the soon to be established Youth Development Bank.”

The minister further explained that the Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises.

She added that with an initial capitalisation of N10 billion, the bank was poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but development, guidance, mentorship, and a network of resources. 

Open Television Naija recalls that the NYIF was first introduced by the the Federal Government in the year 2020 as part of initiatives to cushion the adverse effects of the COVID-19 pandemic on the active youth age bracket of 18 -35 in terms of unemployment and worsening effect of the pandemic on businesses owned and operated by Nigerian youths.

Open Television gathered that many young Nigerian benefited from the initial N75 billion approval for the take off the initiative back then in 2020.