The Federal Executive Council (FEC) has sanctioned the disbursement of N60 billion from the Central Bank of Nigeria through the Agric Small and Medium Enterprises Investment Scheme to bolster small business growth, particularly among young entrepreneurs.
The announcement came from the Minister of Youth, Jamila Ibrahim, following the fourth FEC meeting in Abuja.
This significant funding injection aims to provide crucial support to burgeoning enterprises run by young entrepreneurs, enabling them to fortify and expand their businesses.
Additionally, the FEC endorsed the restructuring of the Nigeria Youth Investment Fund, seeking to institutionalize it through a legal framework, paving the way for the establishment of the Nigerian Youth Fund.
Originally established in 2020 with an initial amount of N75 billion, the fund saw annual releases of N25 billion designated for youth-led and youth-owned enterprises operating in priority sectors.
The FEC has now greenlit the immediate disbursement of N25 billion from the 2023 Appropriation Act and an additional N25 billion from the 2024 Appropriation Act under the Youth Development Fund.
Minister Ibrahim also highlighted a distinct approach in executing the revamped Youth Investment Fund, emphasizing the formation of clusters to foster mutual assistance among young entrepreneurs.
These clusters aim to enable cross-guarantees among young business owners and will focus on commodities of comparative advantage across the six geopolitical zones.
In another significant move, the FEC has approved a 30% youth quota in all government appointments, with specific provisions to ensure fair representation of young women within this quota.
Minister Ibrahim underscored that this step aims to alleviate the marginalization and exclusion of young individuals from decision-making roles, ultimately encouraging youth participation in civic activities and national development agendas.
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