The Federal Government has approved the sum of N110 billion for running of the operation of newly restructured ‘Youth Development Fund’ and investment in agricultural Small and Medium Enterprises (SMEs).
Minister of Youth Development, Jamila Ibrahim, who disclosed this while interacting with State House correspondents after the Federal Executive Council (FEC) meeting at the Aso Rock Villa, Abuja, said council had allocated N25 billion each in the 2023 supplementary and 2024 budgets, with an additional N60 billion which will come from the Central Bank of Nigeria (CBN).
The Minister explained that though the Nigerian Youth Investment Fund was established in 2020, the current administration had commissioned a technical committee to review and restructure it with the aim of institutionalising it through a legal framework, which will lead to the establishment of the Nigerian Youth Fund.
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“We have secured council’s approval for the immediate release of N25 billion from the 2023 supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act for the Youth Development Fund appropriation in the budget,” she said.
“An immediate release of N25 billion from the 2023 supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act has been approved by the council for the Youth Development Fund appropriation in the budget.:
The Youth Minister added that the FEC had also granted approval for the release of N60 billion from the CBN through the agric investment of a Small Medium Enterprises scheme.
“This will significantly support young businesses, providing relief to young individuals, strengthening and scaling young businesses,” Ibrahim said.
“As an extension of the revamped Youth Investment Fund, clusters will be established focusing on commodities of comparative advantage across the six geopolitical zones.
“The first phase will cover the six geopolitical zones, with discussions already underway with certain state governments. Talks with the Katsina State government are progressing for clusters around the cotton value chain, which has the potential to boost the textile garment and fashion industry, creating employment opportunities for about 50,000 individuals through direct and indirect engagements.
“Similar efforts are being made with the Ebonyi State government to enhance rice-producing communities by empowering youths and forming clusters to increase rice production and manage waste from the process.
“In states like Niger, commitments for over 10,000 hectares of land have been secured to commence cluster formation. The benefits of clusters will leverage economies of scale, where young people will share equipment and infrastructure.
“The council has also approved the institutionalization of a 30 percent youth quota in all government appointments, with equitable representation of young women inclusive of the 30 per cent,” Ibrahim revealed.
This, she said, will address the perceived marginalization and exclusion of young individuals in decision-making processes, encouraging their active participation in civic engagements, ultimately leading to significant contributions towards the national development agenda.
