FG to Disburse N110bn to Empower Youths – Minister

The Federal Executive Council has approved the launch of the Presidential Initiative for Youth Entrepreneurship Clusters, announced by the Minister for Youth Development, Jamila Bio-Ibrahim. This initiative is set to empower 50,000 young entrepreneurs, creating 500,000 direct jobs and over two million indirect engagements for Nigerian youths.

Speaking at the Ministerial Sectoral Update marking the first anniversary of President Bola Tinubu’s administration, held at the Radio House in Abuja, Bio-Ibrahim detailed plans for the initiative. She revealed that six clusters will be activated in the coming weeks as part of the broader strategy to boost youth employment and economic engagement.

In addition to the entrepreneurship clusters, the minister highlighted the establishment of the NextGen Bank, a specialized financial institution aimed at supporting youth-led initiatives. The bank will provide vital financial services with an initial government investment of N5 billion, supplemented by contributions from the Bank of Industry and private sector partners.

Bio-Ibrahim also announced the launch of the National Youth Skills Programme, which aims to train 300,000 National Youth Service Corps members and 700,000 young people outside the NYSC scheme in various informal sectors. This programme is part of the administration’s strategy to address insecurity through non-kinetic means.

Crucially, the minister disclosed that the Federal Executive Council has approved a budget of N110 billion for the Youth Investment Fund in 2024. This fund will soon be disbursed to empower young Nigerians, with the goal of making the initiative sustainable and impactful.

“We are on track for maximum impact of the youth investment fund this year. In the following weeks, disbursement of the approved N110 billion will commence,” Bio-Ibrahim stated.