The Federal Government has approved N110 billion to rejuvenate the National Youth Investment Fund (NYIF), aimed at empowering youths across Nigeria. This announcement was made by Dr. Jamila Bio-Ibrahim, Minister of Youth Development, during the closing ceremony of the ministry’s two-day management retreat on presidential priorities and deliverables in Abuja on Friday.
Dr. Bio-Ibrahim emphasized that the funds, approved under the 2024 fiscal year, are intended to serve as a cornerstone for youth empowerment, promoting entrepreneurship and innovation among Nigerian youths.
“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,” she stated. “This fund will bridge the gap between ambition and opportunity, acting as a catalyst for youth entrepreneurship and innovation.”
The Minister highlighted that this initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which focuses on empowering Nigerian youth through actionable policies and innovative programs.
The Federal Executive Council also approved several initiatives, including the integration of skills and entrepreneurship development into the NYIF program. An interim coordinating unit for project management will replace the NYIF Committee, pending the drafting and passing of an executive bill for the establishment and institutionalization of the National Youth Fund by the National Assembly. Additionally, the FEC approved a N5 billion investment in the soon-to-be-established Youth Development Bank.
Dr. Bio-Ibrahim explained that the Retail Development Financial Institution will be dedicated to providing financial solutions specifically tailored for young entrepreneurs and youth-backed ventures. With an initial capitalization of N10 billion, this bank aims to support youth-led enterprises with loans, equity, development guidance, mentorship, and a network of resources.
The National Youth Development Bank, also known as NEXTGEN BANK, will be launched in partnership with the Bank of Industry and private sector partners. With an initial shareholders fund of N10 billion, this institution will nurture young entrepreneurs and innovators, providing essential financial support and development resources. The Bank of Industry will invest N2.5 billion, with private sector partners contributing the remaining N2.5 billion, and the bank will be managed by the private sector.
The Minister also announced plans to rehabilitate and transform youth development centers across the country into hubs for technical, digital, and creative skills training, as well as centers for social, political, and cultural engagement, mental health support, and combating substance abuse.
“These initiatives are just the beginning. We must enhance our synergy and focus our efforts on delivering the results every Nigerian youth deserves,” Dr. Bio-Ibrahim added.
Dr. Dunoma Ahmed, Permanent Secretary of the ministry, praised the federal government, the ministry, development partners, and stakeholders for their unwavering commitment and support in improving the quality of life for Nigerian youth.
