Nigerian government approves 110 billion naira in capital for young startups and early-stage businesses

The Minister of Youth Development, Jamila Bio Ibrahim, has announced that the Federal Executive Council (FEC) has approved the allocation of N110 billion in capital for youth-targeted start-ups and early growth stage businesses.

Dr Bio Ibrahim disclosed at a ministerial sectoral update briefing in Abuja on Thursday that the approved funds would be channelled through a restructured Nigeria Youth Investment Fund (NYIF).

The minister highlighted collaborative efforts between his ministry and the Bank of Industry (BoI) to set up a “next generation” bank dedicated to nurturing young entrepreneurs by providing them access to loans and comprehensive business support services.

What she said

“The approval is targeted at start-ups and early growth stage companies through the restructured Nigeria Youth Investment Fund (NYIF).”

Highlighting further commitments, Dr. Bio Ibrahim revealed plans to establish a Presidential-led Youth Cluster focusing on key sectors such as Agriculture, Manufacturing and ICT to harness the innovative potential of Nigerian youths.

• She provided insight into ongoing youth programmes, citing an impressive figure of 146,998 beneficiaries participating in targeted vocational training, social inclusion, technical, agricultural and entrepreneurship development programmes.

“I approved the establishment of Presidential Initiatives on Youth Clusters in Agriculture, Manufacturing and ICT.

“We have 146,998 beneficiaries of targeted vocational training, social inclusion, technical, agricultural and entrepreneurship training.”

What you need to know

Dr. Bio Ibrahim highlighted the ministry’s commitment to youth development and empowerment, outlining the overarching objectives of promoting well-being, excellence, national unity and sustainable development, all aimed at enabling Nigerian youths to realise their full potential and contribute meaningfully to the country’s development.

• She affirmed the ministry’s resolve to implement comprehensive reforms within the National Youth Service Corps (NYSC), including focusing on skills development to enhance the capacity of youth corps members.
• Nairametrics report The ministry plans to award 10 million naira each to 5,000 NYSC members.
• Bio Ibrahim outlined a strategic plan for data harmonization, analytics, performance management and predictive analysis to inform policy prioritization and decision-making processes.
• The ministry aims to strengthen collaboration with various levels of government and foster partnerships with existing and emerging companies in the private sector.
• The Minister stressed the importance of media revitalization, leveraging online, social and visual channels to ensure effective communication and engagement, sustaining communication efforts and facilitating positive societal change.

The Nigeria Youth Investment Fund (NYIF) is a government initiative aimed at empowering Nigerian youth by providing them with financial assistance to start up and scale their businesses.

Established by the Federal Ministry of Youth and Sports Development, NYIF aims to address the challenges young entrepreneurs face in raising funds to realise their business ideas.

The fund will provide various financial products, including loans, grants and equity, to eligible applicants to promote economic growth, job creation and youth empowerment in various sectors of the economy.