The Federal Government of Nigeria has approved the release of a total of N110 billion. This funding is earmarked for the operation of the newly restructured Youth Development Fund and investment in agricultural SMEs.
The decision was announced by the Minister of Youth Development, Jamila Ibrahim, following Monday’s Federal Executive Council meeting at the Aso Rock Villa, Abuja.
According to Ibrahim, the funds allocated for this initiative include N25 billion each from the 2023 supplementary budget and the 2024 budget. Additionally, another N60 billion will be sourced from the Central Bank of Nigeria. This substantial financial injection aims to provide much-needed support to young entrepreneurs and agricultural SMEs across the country.
The Nigerian Youth Investment Fund, which was established in 2020, underwent a comprehensive review by a technical committee commissioned by the current administration. As a result of this review, the fund has been restructured and institutionalized through a legal framework, leading to the establishment of the Nigerian Youth Fund.
Minister Ibrahim emphasized that the approval for the immediate release of funds underscores the government’s commitment to youth empowerment and economic development.
The approval of the N110 billion allocation for youth development and agricultural SMEs, along with the institutionalization of youth quotas in government appointments, reflects the government’s proactive approach to addressing socio-economic challenges and fostering inclusive growth and development across Nigeria.
