- The Nigerian government has approved N110 billion in capital startups for new businesses across the country
- The fund would be distributed via the Bank of Industry and the Ministry of Youth Development
- The Jamila Bio-Ibrahim said that the fund would be via the revamped Nigeria Youth Investment Fund (NYSIF)
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Minister of Youth Development, Jamila Bio-Ibrahim, has disclosed that the Nigerian government has approved allocating N110 billion in capital startups and early growth stage businesses targeted at the youth demographic.
The minister said the approved funds would be channelled via the revamped Nigeria Youth Investment Fund (NYIF).
Credit: State House
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She stated that the partnership effort between her ministry and the Bank of Industry (BoI) will create a specialised NextGen Bank dedicated to growing youth entrepreneurs by providing access to loans and business support services.
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She said:
“The approval is for startups and early growth stage businesses via restructured Nigeria Youth Investment Fund (NYIF).”
According to the minister, plans are underway to establish a Presidential Initiative on Youth Clusters, which will focus on critical sectors such as agriculture, manufacturing, and technology to harness the creative potential of young Nigerians.
Reports say the minister said the ongoing youth schemes involve about 146,998 beneficiaries engaged in targeted vocational, social inclusion, technology, agriculture, and entrepreneurial training.
FG opens application to recruit 3 million Nigerians
Legit.ng earlier reported that the Nigerian government has opened an application portal for phase one of the Three Million Technical (3MTT) programme.
Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, opened the portal for the programme on Friday, October 13, 2023.
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Tijani stated that a crucial part of the programme is building Nigeria’s tech talent pool as a backbone to boost its digital economy and position it as a net tech exporter. Tijani stated that a crucial part of the programme is building Nigeria’s tech talent pool as a backbone to boost its digital economy and position it as a net tech exporter.
Source: Legit.ng
