• Saturday, June 15, 2024
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FEC approves N110b loans for youth entrepreneurs

FEC approves N110b loans for youth entrepreneurs

The Federal Executive Council on Monday approved N110b from the Presidential Youths Investment Funds.

Jamila Ibrahim, minister of youth development disclosed this on Monday while briefing State House journalists after the Federal Executive Council (FEC) meeting presided over by President Bola Tinunu.

The minister disclosed that the Ministry received N25 billion for 2023, 2024 fiscal year, and another N60 billion for disbursement to youth entrepreneurs.

Ibrahim revealed that the Council’s approved to institutionalise 2% representation of young people in all government appointments and an equitable women representation.

She disclosed that the approval will go a long way to address the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes in civic engagements.

“This will in turn lead to young people contributing tremendously to national development agenda,” she said. ” I am also pleased to announce the Council’s approval to restructure and institutionalize the Nigerian Youth Investment Fund.

This is a fund that was approved in 2020. And then on assumption of Office of this administration, we commissioned a technical committee to review this fund and restructure it with the aim of institutionalizing it through a legal framework, which will lead to the establishment of the Nigerian Youth Fund.

” The fund was initially was a N75 billion fund with 25 billion annual releases for youth led and youth owned enterprises in priority sectors.

” Now, we have secured Council’s approval to for the immediate release of the 25 billion in from the 2023 supplementary Appropriation Act and an additional 25 billion from the 2024 Appropriation Act from the Development Fund

” We also received an additional approval from council for a 60 billion released from the Central Bank of Nigeria through the agric investment of a small medium enterprises the activates
“Well, this will go a long way to support young businesses and bring young persons in to strengthen and scale young businesses

The Minister also announced the the establishment of investment clusters that will be focused on commodities with comparative advantage across the Six geopolitical zones.

The new arrangements will allow for patients in loan recovery and also allow young businesses incubate to the point of making return on investment.

” And then of course, we hope that we can collaborate with line ministries such as the Federal Ministry of Agriculture Ministry of creative economy, and the ministry of digital economy in implementation, amongst others”.