The Nigerian government has allocated N110 billion to revitalize the National Youth Investment Fund (NYIF) in 2024, with a primary focus on empowering youth and promoting entrepreneurship. Dr. Jamila Bio Ibrahim, the Minister of Youth Development, made this announcement during the conclusion of the Ministry’s Management Retreat in Abuja.
She emphasized that the NYIF serves as more than just a financial reservoir; it acts as a catalyst for youth entrepreneurship and innovation, aiming to bridge the gap between ambition and opportunity. Under the leadership of President Bola Ahmed Tinubu, the administration is dedicated to empowering every Nigerian youth through actionable policies and innovative programs aligned with the renewed hope agenda.
To enhance the NYIF program, the government has approved the integration of Skills and Entrepreneurship Development, transitioning the NYIF Committee into an interim project management office, and investing N5 billion in the Youth Development Bank. The creation of the National Youth Development Bank (NEXTGEN BANK), in partnership with the Bank of Industry and private sector partners, marks a significant step towards economic independence for youth.
With an initial capital of N10 billion, NEXTGEN BANK will nurture young entrepreneurs and innovators, serving as a pillar of support for youth-led enterprises. The bank will provide not only loans and equity but also development, guidance, mentorship, and access to a network of resources tailored for young entrepreneurs.
The rehabilitation and transformation of Youth Development Centers across the country will commence immediately, turning them into hubs for technical, digital, and creative skills training. These centers will also serve as platforms for social, political, and cultural engagement among youth and as sanctuaries for mental health support and combating substance abuse and social decay.
Dr. Dunoma Ahmed, the Permanent Secretary of the Ministry, conveyed gratitude to the Federal Government, the Ministry, development partners, and stakeholders for their unwavering commitment to uplifting the quality of life for Nigerian youth.
