The Federal Executive Council (FEC) has approved a $100 million African Development Bank (AfDB) loan for the Nigeria youth investment fund which targets entrepreneurs between the ages of 18 and 35, particularly those operating small and medium-scale businesses.
Minister of finance and coordinating minister of the economy, Wale Edun, who disclosed this after the FEC meeting in Abuja, said the council also endorsed $50 million funding from the Islamic Development Bank for an integrated agricultural development project in Yobe state aimed at improving food security and rural livelihoods.
According to him, the president commended his cabinet’s commitment to the renewed hope agenda and pointed to new economic indicators showing continued resilience, with GDP expanding by 3.89 per cent in the third quarter of 2025.
The minister said inflation had started to decline, while the agriculture and industrial sectors recorded strong performance.
He noted that in spite the progress, the current growth rate remains below his 7 per cent annual target, which he considers essential for lifting millions of Nigerians out of poverty.
Tinubu was said to have directed ministries, departments, and agencies (MDAs) to prioritise capital expenditure on growth-enhancing and job-creating projects, noting that the economic management team will streamline these priorities for his final approval.
