Two initiatives aimed at fostering greater inclusion and development opportunities for youths have been approved by the Federal Executive Council (FEC).
Youths Minister Dr. Jamila Ibrahim-Bio who dropped the hint after yesterday’s FEC meeting at the State House in Abuja, said the Council also approved additional provision for the restructuring of the Nigerian Youth Investment Fund (NYIF).
According to the minister, the Council has approved institutionalisation of a two per cent quota for youth and 30 per cent for women in all government appointments
According to her, the step will be addressing the age-long marginalisation of young people in the decision-making processes.
The minister said: “I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalize a two per cent youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%.
“It will go a long way in addressing the long marginalisation and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”
Council also approved the restructuring and institutionalisation of the NYIF to support youth-led and youth-owned enterprises in priority sectors.
The fund was established in 2020.
She said the administration has commissioned a technical committee to review and restructure the fund, leading to the establishment of the NYIF through a legal framework.
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She said the revamped NYIF will get an immediate infusion of N25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional N25 billion from the 2024 Appropriation Act’s Digital Development Fund.
She said that the Central Bank of Nigeria (CBN) has approved the release of N60 billion through the Agriculture Investment and Small and Medium Enterprises (SMEs) Scheme.
Ms. Ibrahim-Bio added that the implementation strategy for the Renewed Hope Youth Investment Fund will involve the establishment of clusters, where young people will cross-guarantee each other, focused on commodities with comparative advantages across the six geopolitical zones.
Additionally, she said the fund will offer increased obligor limits, moratoriums, and extended loan tenures, allowing young businesses to incubate and reach profitability.
She said: “Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.
“The fund, initially set at N75 billion, will now receive N25 billion from the 2023 Supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act. Additionally, N60 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.”
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