The federal government has approved the disbursement of N60 billion to boost small business growth, particularly among young entrepreneurs nationwide.
Minister of Youth, Jamila Ibrahim, in a statement, said the approval was given at the Federal Executive Council meeting on Monday.
The money, according to the statement, would be gotten from the Central Bank of Nigeria (CBN) through the Agric Small and Medium Enterprises Investment Scheme.
Ibrahim said the funding from the apex bank would offer vital support to burgeoning enterprises run by young entrepreneurs, providing significant relief and enabling them to fortify and expand their businesses.
The minister further disclosed that the Council approved the restructuring of the Nigeria Youth Investment Fund, aiming to institutionalise it through a legal framework, paving the way for the establishment of the Nigerian Youth Fund.
She explained that the fund, established in 2020, initially amounted to N75 billion, with annual releases of N25 billion designated for youth-led and youth-owned enterprises operating in priority sectors.
Ibrahim further disclosed that FEC also endorsed the immediate disbursement of N25 billion from the 2023 Appropriation Act and an additional N25 billion from the 2024 Appropriation Act, designated under the Youth Development Fund.
“We also receive another additional approval from the Council for a N60 billion release from the Central Bank of Nigeria (CBN) through the Agric Small and Medium Enterprises Investment Scheme. This will go a long way to support young businesses and bring a lot of succour to young persons to strengthen and scale young businesses.
Furthermore, the Minister highlighted the significance of a distinct approach in executing the revamped Youth Investment Fund, which includes the formation of clusters.
According to her, these clusters aim to foster mutual assistance among young entrepreneurs, enabling them to provide cross-guarantees for each other.
“A strategy that actually stands out in the implementation of the revamp Youth Investment Fund will be the establishment of clusters. These clusters will ensure that young people cross-guarantee each other.
“And the clusters will focus on commodities of comparative advantage across the six geopolitical zones,” she added.
Ibrahim further stated that the FEC had given its approval for a 30% youth quota in all government appointments, with a specific provision for ensuring fair representation of young women within this quota.
She emphasized that this step would greatly alleviate the marginalization and exclusion of young individuals from decision-making roles.
