Two initiatives aimed at fostering greater inclusion and development opportunities for the youth population have been approved by the Federal Executive Council.
These include restructuring of the Nigerian Youth Investment Fund (NYIF) with additional provision for it and institutionalization of a 2% youth quota in all government appointments and women representation of 30%.
Addressing journalists after this week’s FEC meeting, Minister of Youth and Sports Development Dr Jemila Ibrahim-Bio said;
“I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalise 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%.
“This will go a long way in addressing the long marginalization 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.”
Jemila also revealed that the revamped Youth Investment Fund will receive an immediate infusion of ₦25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional ₦25 billion from the 2024 Appropriation Act’s Digital Development Fund.
The minister added;
“Secondly, 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”
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