The federal government of Nigeria has announced a significant financial commitment of N110 billion to support startups and early growth businesses led by youths.
DAILY GIST reports that the initiative is part of the revised Nigeria Youth Investment Fund (NYIF).
Dr. Jamila Bio-Ibrahim, the Minister of Youth Development made the announcement in Abuja
Dr. Bio-Ibrahim explained that the Federal Executive Council (FEC) approved the allocation to foster entrepreneurship among the youth.
The funds are intended for a collaborative project with the Bank of Industry (BoI) to establish a ‘NextGen’ Bank. This institution will focus on providing young entrepreneurs with access to loans and comprehensive business support.
In addition to financial support, the minister unveiled the Presidential Initiative on Youth Clusters aimed at sectors such as agriculture, manufacturing, and ICT, to leverage the innovative potential of young Nigerians.
This initiative is set to further enhance the skills and entrepreneurial capacities of the youth.
Dr. Bio-Ibrahim shared impressive statistics from ongoing programs, highlighting that 146,998 beneficiaries have already participated in targeted training across various sectors including technology, agriculture, and entrepreneurship. These efforts underscore the government’s commitment to fostering youth development and empowering them to contribute significantly to national progress.
The ministry has also planned reforms for the National Youth Service Corps (NYSC) to incorporate skill development, enhancing the capabilities of corps members. An ambitious plan aims to empower 5000 NYSC members with N10 million each to support their entrepreneurial ventures.
The NYIF, a cornerstone of these efforts, provides a variety of financial instruments such as loans, grants, and equity to eligible young entrepreneurs.
By addressing the common challenges faced in accessing capital, the fund aims to stimulate economic growth, create jobs, and promote youth empowerment across diverse sectors.
BENEFITS OF THE NYIF
Capital Access: Eases the challenge of obtaining financial backing for business ideas.
Business Support: Offers guidance and resources for business growth and sustainability.
Economic Contribution: Encourages job creation and boosts the national economy through support of youth-led enterprises
Skill Enhancement: Provides vocational and entrepreneurial training to refine skills and improve business acumen.
For young entrepreneurs interested in the NYIF, applications are accepted through the official portal where they can outline their business plans and funding needs.
This comprehensive support structure not only aids individual entrepreneurs but also plays a crucial role in the broader scope of national economic development, enhancing Nigeria’s competitive edge in various industries.
