Tag: Youth Fund

The federal government has inaugurated a Project Management Office (PMO) for the implementation of the N110bn Nigerian Youth Investment Fund (NYIF).

The PMO comprises technical persons from the government and the private sector to manage the implementation of the fund.

Minister of Youth Development, Dr. Jamila Bio-Ibrahim stated that the project management office members are responsible for ensuring that they meet President Bola Tinubu’s expectations, which included providing sustainable ways for young innovative Nigerians to access capital for starting, growing, and expanding their businesses.

In a statement on Friday by the Director, Information and Public Relations of the ministry, Omolara Esan, the minister emphasised that the fund was crucial for achieving key aspects of President Tinubu’s “Renewed Hope Agenda” especially in eradicating poverty, ensuring food security, promoting sustainable economic growth, and increasing access to capital.

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She said: “Members of the Project Management Office should note that any strategy that will be effective must be one that will ease the burden currently experienced by large numbers of Nigerian youth in accessing finance to become self-employed. Such a strategy also needs to provide opportunities for developing their entrepreneurial skills, access to markets, and mentorship, in such a manner that will guide their transition into the challenging business environment and support their growth and sustainability.”

The minister noted that the restructured NYIF would be implemented with professionalism, fairness, and utmost integrity.

She also stated that timely and results-based implementation is crucial, adding that she would be requesting periodic briefs and evidence-based updates throughout the process.

The minister urged the team to follow her vision of establishing a formalised fund that would not only offer access to funding for a substantial number of Nigerian youth but also provide mentorship and other business support services.

She explained the importance of including vulnerable groups and underserved communities, as well as ensuring a fast application and fund disbursement process.

“I expect you to hit the ground running and deliver short-term results within the next three to four weeks. At that time, I expect all activities to have been concluded to commence the first tranche of disbursement,” she stated.

Permanent Secretary of the Ministry, Olusanya Olubunmi, tasked members of the PMO with the responsibility of overseeing the NYIF to ensure it achieved its set objectives.

He urged members to adhere to the Public Service Rule and Financial Regulations and to manage the fund under the approved conclusion of the Federal Executive Council (FEC).

Olusanya assured members of the PMO of the ministry’s cooperation and support in the discharge of their duties and wished them success in implementing the NYIF.

The national coordinator of the PMO, Olopade Hakeem expressed gratitude to the President for prioritising the project and to the minister for advocating for the youth in the country.

He also thanked all members of the Executive Council for unanimously and judiciously approving N110 billion for the programme.

Hakeem pledged to “carry out their responsibilities professionally, accountably, and transparently in engaging the youth of the country and expressed openness to ideas for moving the project forward.”

The federal government has said it would support ailing businesses going through challenges as a result of the government’s economic reforms from the N110bn National Youth Investment Fund.

The government said it would first, in the short-term, implement the Youth Investment Fund, by identifying some major existing businesses that are going through challenges as a result of the ongoing reforms in the nation’s economy and support them.

The Minister of Youth Development, Dr Jamila Bio – Ibrahim stated this in response to the ongoing agitation by youths in the country against the government’s reforms that have inflicted hardship on citizens.

She added that this would cushion the effect of the reforms, noting, however, that the “economic hardships that we are faced with today are not limited to Nigeria alone.”

The minister said since COVID-19 struck, the global economy has not quite recovered.

She said the fund aims to offer financial assistance, mentorship, and resources to help young people’s businesses overcome their struggles so that they can thrive.

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The minister said: “We are against the nationwide protest, we need peace, we need stability because the country has given us hope with the current administration’s initiatives for youths. If we go into a crisis today, how can we actualise all these plans? We will implement the youth investment funds for the short-term intervention.

“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.

“This fund will prioritise existing businesses. We understand that they are already established and have their clients. What they need is a little push to avoid sinking due to the current state of the economy.”

She appealed to youths in the country to shun the proposed nationwide protest and stand in solidarity with Nigeria, saying the country needs peace and stability to prosper.

The minister advised youths across the country not to engage in any activity that would not be law-abiding.

She spoke on Thursday in Abuja when she received members of the newly constituted National Students Management Council, which has the Senior Special Assistant to the President, Sunday Asefon, as the chairman.

The council, which has received the blessing of President Tinubu, comprises senior special advisers, personal assistants, and executive advisers to governors on youth and student affairs across the 36 states of the Federation.

The minister said she shared in the pains of the current economic hardships and high-cost food items, which she stated that the government was already addressing, noting that everybody, including herself, goes to the same market.

Bio-Ibrahim noted that as a former Special Assistant on Sustainable Development Goals (SDGs) to the Governor of Kwara State, before she was appointed Minister, she understood the challenges facing SSAs at the sub-national level.

She noted that students remained core to the nation’s development and are key to the activities of the ministry, adding that the quality of the students at all levels of education in the country determined how strong the nation was, whether in the formal or informal sector.

The minister reiterated the commitment of the government to the welfare of Nigerian students, saying the current administration of President Tinubu has enunciated various programmes to address the needs of the students as well as help them remain focused on their studies.

She noted the student loan scheme is one of the most profound policies in that direction, saying her ministry would work with the National Students Management Council (NSMC) to mainstream issues affecting youth and students in the country.

The minister disclosed that President Tinubu has approved the establishment of the Youth Development Bank and that the bank would take care of young people who want to go into entrepreneurship by bridging the gap in access to funds.

The minister said that the 42 youth development centres across the country would be rehabilitated into centres of excellence.

She added that the centres would be run in collaboration with the private sector for effective service delivery and sustainability.

The council raised some challenges being faced by Nigerian students, including the issue of electricity, for which the Minister promised to meet relevant ministries on how to ensure stable energy supply on campuses across the country.

A member of the National Students Management Council, Jacob Ternenge, a Principal Special Assistant (PSA) on Youth and Student Affairs to the Governor of Benue State, said the Council was against the planned protest and would do everything possible to prevail on students and youth across the country to reject the protest.

Senior Special Assistant to the President, Sunday Asefon, who was the elected chairman of the Council, said the body has agreed to work with the Ministries of Youth Development and Education as well as President Tinubu to achieve his aims and objectives for the education sector.

According to him, the Council would make sure that every policy coming from the federal government on youth and students goes down to the grassroots.

The government has approved N110 billion to revitalise the Nigeria Youth Investment Fund (NYIF) to empower youths in the country.

As such, it will begin to accept applications this month to enable more young entrepreneurs access financial support for their innovative ideas.

Minister of Youth Development Dr. Jamila Bio-Ibrahim stated this during the swearing-in of the 2024 Batch B Stream I corps members at the National Youth Service Corps (NYSC) orientation camp in Paiko, Niger State.

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A statement by the ministry’s Director of Press and Public Relations, Omolara Esan, said the NYIF would simplify the application process, emphasising the commitment to fostering entrepreneurial spirit and providing essential resources to transform business visions into reality.

The minister recalled announcing a groundbreaking initiative in May 2024 to empower at least 5,000 NYSC members with up to N10 million each for entrepreneurial ventures upon completing their service. According to her, this would contribute to economic growth and sustainability.

She said: “We are also launching the National Youth Skills Programme (NYSP) this month. This program aims to train over one million young Nigerians across diverse fields. The NYSP offers a remarkable opportunity to enhance your employability and prepare for a successful career, aligning your applications with the evolving demands of the job market.”

The minister urged the corps members to take advantage of these opportunities, emphasising that the world was changing rapidly and the skills they learn now will be crucial to their future success.

She advised them to make use of the NYIF to bring their business ideas to life, as well as actively participate in the NYSP to acquire new competencies, using their NYSC year to develop a well-rounded skill set.