Nigeria Youth Investment Fund (NYIF).
The Federal Government of Nigeria has dedicated N110 billion to the Nigeria Youth Investment Fund (NYIF), marking a significant effort to support youth entrepreneurship and innovation.
Minister of Youth Development, Dr. Jamila Bio-Ibrahim, announced the initiative during a ministry retreat’s closing ceremony. The N110 billion allocation for the 2024 fiscal year is set to be a cornerstone for youth development.
Dr. Bio-Ibrahim emphasized that the NYIF is more than just a funding source; it’s a catalyst to help bridge the gap between young people’s ambitions and their opportunities. This fund aims to transform Nigeria’s economic landscape by investing directly in its youth.
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The Federal Executive Council (FEC) has approved several measures to complement the financial boost, including:
– Integrating skills and entrepreneurship development into the NYIF program.
– Establishing an interim coordinating unit to manage projects until a permanent National Youth Fund is legislated.
– Investing N5 billion in the forthcoming National Youth Development Bank.
National Youth Development Bank (NEXTGEN Bank)
The NEXTGEN Bank is a joint initiative between the Ministry of Youth Development, Bank of Industry, and private sector partners, aimed at providing financial solutions for young entrepreneurs and youth-led businesses.
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With an initial capital of N10 billion, the bank will offer more than just loans and equity; it will provide essential support for young businesses through:
– Development programs
– Guidance
– Mentorship
– Access to a network of resources
The Bank of Industry will contribute N2.5 billion, with private sector partners contributing the remaining N2.5 billion. The bank will be managed by the private sector to ensure efficient operations.
The government has also committed to revitalizing youth development centers across the country, transforming them into hubs for:
– Technical skills training
– Digital skills training
– Creative skills training
– Social engagement
– Political engagement
– Cultural engagement
– Mental health support
– Combating substance abuse and social decay
These centers aim to provide safe spaces for the holistic development of young Nigerians.
Dr. Bio-Ibrahim noted that these initiatives are just the beginning. The government is dedicated to addressing the challenges faced by young people, but success requires the active participation and cooperation of all stakeholders.
The Ministry of Youth Development urges all partners to work together to deliver the results that Nigerian youths deserve. This investment in the National Youth Investment Fund and supporting initiatives represents a significant step towards empowering young Nigerians and fostering a brighter future for the country.
Nigeria Youth Investment Fund (NYIF) Receives N110bn from Federal Government.
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