The Nigerian government, under the leadership of President Bola Ahmed Tinubu, is set to launch a N110 billion fund aimed at supporting young entrepreneurs facing financial difficulties. The portal for accessing the Restructured Youth Investment Fund will be available in the coming days, according to Dr. Jamila Ibrahim, the Minister of Youth Development.
During a courtesy visit from the Middle Belt Youth Council, led by its President, Hon. Emmanuel Zopmal, Dr. Ibrahim emphasized the Fund’s role in providing financial assistance, mentorship, and resources to help struggling businesses thrive. She highlighted that the initiative aims to bolster existing businesses that need a financial boost to survive the current economic challenges.
“We are working very hard so that the portal can be opened to allow young people to register to access the fund. When the portal is opened, we will continue to inform and guide young people on how to access the N110 billion committed by the Administration of President Bola Ahmed Tinubu,” Dr. Ibrahim stated. The fund will prioritize existing businesses with established clients, providing the necessary support to prevent them from sinking due to the economic situation.
Dr. Ibrahim also noted several milestones achieved by the current administration, including the approval of a 30% youth quota for government appointments, the implementation of the Presidential Initiatives on Youth Enterprise Clusters, and the establishment of a 70,000 Naira minimum wage for civil servants. Other achievements include the introduction of CNG buses for public transportation, direct distribution of food items to vulnerable families, plans to resume local fuel production, and the rehabilitation and commissioning of the Abuja Metro Stations.
The Minister further mentioned that the government is committed to providing free services by the end of 2024, as directed by President Tinubu. She also pointed to the recently passed North Central Development Commission bill as evidence of the President’s support for that region.
Hon. Emmanuel Zopmal, President of the Middle Belt Youth Council, expressed the youth’s eagerness to engage with the Federal Government on policies affecting them and discussed their potential contributions to governance. He also clarified that the youth from his region do not support the planned protest against the government scheduled for August 1, 2024, emphasizing the importance of constructive engagement to understand government initiatives designed for the youth.
This announcement was made in a press statement signed and made available by Omolara Esan, Director of Press and Public Relations at the Ministry of Youth Development.