The Federal Government has approved N110 billion to revitalize the National Youth Investment Fund (NYIF) for the 2024 fiscal year, aimed at youth empowerment.
Dr. Jamila Bio Ibrahim, the Minister of Youth Development, announced this at the closing ceremony of the Ministry’s Management Retreat on Presidential Priorities and Deliverables in Abuja, on Saturday, themed ‘Achieving the Eight Presidential Priorities and Deliverables.’
She explained that the fund will not only provide financial resources but also serve as a catalyst for youth entrepreneurship and innovation, helping bridge the gap between ambition and opportunity.
Dr. Ibrahim emphasized that the current administration is dedicated to empowering Nigerian youth through actionable policies and innovative programs, under the leadership of President Bola Ahmed Tinubu, aligning with the renewed hope agenda.
Additionally, she revealed that the government has approved the integration of Skills and Entrepreneurship Development into the NYIF program.
This includes transitioning the NYIF Committee to an interim project management office and investing N5 billion in the Youth Development Bank.
She highlighted that the National Youth Development Bank (NEXTGEN BANK) is a pioneering effort in partnership with the Bank of Industry and private sector partners.
“With an initial shareholder fund of N10 billion, this bank aims to support young entrepreneurs and innovators, who are crucial for the nation’s future.”
The Retail Development Financial Institution will provide financial solutions tailored specifically for young entrepreneurs and youth-led ventures.
“With an initial capitalization of N10 billion, the bank will support youth-led enterprises with loans, equity, development, guidance, mentorship, and a network of resources.”
The Bank of Industry will invest N2.5 billion, with private sector partners contributing the remaining N2.5 billion. The bank will be managed by the private sector.
Dr. Ibrahim also mentioned that the rehabilitation and transformation of Youth Development Centres across the country will start immediately.
These centres will offer technical, digital, and creative skills training, promote social, political, and cultural engagement among youth, and provide support for mental health and substance abuse issues.
By investing in these centres, the government aims to foster the holistic development of Nigerian youth.
