Minister of Youth Development, Jamila Bio Ibrahim, announced that the Federal Executive Council has given the green light for the establishment of the presidential initiative for the youth entrepreneurship cluster. The initiative aims to activate the first six clusters in the coming weeks, empowering 50,000 entrepreneurs and potentially creating 500,000 direct jobs and over two million indirect opportunities for young Nigerians.
During the Ministerial Sectoral Update marking the first anniversary of President Bola Tinubu’s administration, held at the Radio House in Abuja, Minister Ibrahim also highlighted the launch of the NextGen Bank, a specialized financial institution. This bank, with an initial government investment of N5bn matched by contributions from the Bank of Industry and private sector partners, is designed to provide financial support to youth-led initiatives in strategic sectors, addressing the critical need for access to capital for young entrepreneurs.
Furthermore, Minister Ibrahim emphasized the National Youth Skills Programme, which aims to train 300,000 National Youth Service Corps members and 700,000 young individuals outside the NYSC scheme. By equipping young people with essential skills, the program serves as a proactive measure to address challenges such as insecurity, offering a non-kinetic approach to tackling societal issues and fostering economic empowerment among Nigeria’s youth population.
In a significant move to empower young Nigerians and address the challenges of unemployment and insecurity, the Nigerian government has launched a series of initiatives aimed at fostering entrepreneurship and skills development among the youth.
The government has also established the NextGen Bank, a specialized financial institution designed to support youth-led initiatives in strategic sectors. With an initial government investment of N5bn, matched by contributions from the Bank of Industry and private sector partners, the NextGen Bank aims to provide vital financial services and bridge the gaps in access to capital for young entrepreneurs.
These initiatives demonstrate the Nigerian government’s commitment to empowering its youth population and creating an enabling environment for entrepreneurship and skills development. By investing in the future of young Nigerians, the government aims to tackle the challenges of unemployment, insecurity, and economic growth, ultimately paving the way for a more prosperous and inclusive society.
