The Federal Government has approved N110 billion to revitalize the National Youth Investment Fund (NYIF), for the 2024 fiscal year to serve as a cornerstone for youth empowerment.
The Minister of Youth Development, Dr. Jamila Bio Ibrahim, disclosed this during the closing ceremony of the Ministry’s Management Retreat on Presidential Priorities and Deliverables with the theme: ‘Achieving the Eight Presidential Priorities and Deliverables’ in Abuja.
She said 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.
A statement by the Director (Press & Public Relations) Omolara Esan at the weekend said Dr Ibrahim stated that this administration is committed to empowering every Nigerian youth through actionable policies and innovative programmes, under the visionary leadership of President Bola Ahmed Tinubu, which aligns with the renewed hope agenda.
“Federal Government has also approved the integration of Skills and Entrepreneurship Development into the NYIF programme, transitioning the NYIF Committee to an interim project management office, and investing N5 billion in the Youth Development Bank.
“T National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry and their private sector partners, represents a ground-breaking stride towards economic independence for our youth.
“With an initial take-off shareholder fund of N10 billion, this institution will be instrumental in nurturing young entrepreneurs and innovators who are the bedrock of our nation’s future, ” she said.
The Minister 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, adding that with an initial capitalization of N10 billion, the bank is 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.
The Bank of Industry will be investing N2.5 billion and their private sector partners have committed to the balance of the N2.5 billion investment, and the bank will be private sector managed.
“The rehabilitation and transformation of Youth Development Centres across the country are set to commence immediately. These centres will be transformed into hubs of technical, digital, and creative skills training; bastions of social, political, and cultural engagement, amongst our youths; and sanctuaries for mental health and combatting the scourges of substance abuse and social decay. By investing in these centres, we are investing in safe spaces that foster the holistic development of the Nigerian youth”, she stated.
