The Federal Executive Council (FEC) has approved the restructuring of the Nigerian Youth Investment Fund, with additional provisions to institutionalize its operations. Minister of Youth Development, Jemila Bio Ibrahim, made this announcement after a meeting of the council at the State House, Abuja.
Originally established in 2020, the N75 billion fund will now receive additional funding to enhance its impact. Minister Ibrahim disclosed that the fund would receive N25 billion from the 2024 supplementary appropriation and an additional N60 billion from the Central Bank of Nigeria. This move aims to bolster support for young businesses and stimulate economic growth, particularly focusing on agricultural investments.
She stated, “The Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework. The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. These measures aim to support young businesses and stimulate economic growth.”
In addition to the restructuring of the fund, FEC also approved the institutionalization of a 2% youth quota in all government appointments and mandated a 30% representation of women. Minister Ibrahim highlighted the significance of these decisions in addressing the historical marginalization of young people and promoting their participation in decision-making processes and civic engagements.
She remarked, “I’m delighted to brief the gentlemen and women of the press that we have received Council’s approval to institutionalize a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%.” These initiatives are expected to foster inclusivity and empower the youth and women in the governance and decision-making processes of the country.