The Federal Executive Council, under the leadership of President Bola Tinubu, has taken significant steps to empower the youth population of Nigeria. In a recent meeting, the council approved two key initiatives aimed at promoting inclusion and development opportunities for young people in the country.
Minister of Youth, Jamila Bio Ibrahim, announced that the council has given the green light to the institutionalization of a 2 per cent youth quota and the restructuring of the Nigerian Youth Investment Fund (NYIF). This decision is a crucial move towards addressing the historical marginalization of young people in decision-making processes.
The 2 per cent youth quota will ensure that at least 30 per cent of government appointments include young people, with a particular focus on achieving gender balance. This initiative is designed to encourage youth participation in civic engagements and decision-making processes, ultimately empowering them to contribute to Nigeria’s national development agenda.
Furthermore, the council approved the restructuring and institutionalization of the Nigerian Youth Investment Fund, which was initially established in 2020 to support youth-led and youth-owned enterprises in priority sectors. A technical committee has been commissioned to review and restructure the fund, leading to the establishment of the Nigerian Youth Fund under a legal framework.
To kickstart this revamped Youth Investment Fund, an immediate infusion of N25 billion will be provided from the 2023 Supplementary Appropriation Act, supplemented by an additional N25 billion from the 2024 Appropriation Act’s Digital Development Fund. The Central Bank of Nigeria has also approved a N60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, further boosting the fund’s resources.
The implementation strategy for the renewed Youth Investment Fund will involve the establishment of clusters across the six geopolitical zones, where young people will support each other in ventures focused on commodities with comparative advantages.
These initiatives mark a significant milestone in the efforts to empower and uplift the youth population of Nigeria, providing them with the necessary support and resources to thrive and contribute meaningfully to the country’s development.
