In a major boost for young Nigerians, the Federal Executive Council has approved a Presidential initiative focused on empowering youth entrepreneurs. The initiative, announced by Minister of Youth Development Jamila Bio Ibrahim, aims to tackle unemployment, create jobs, and equip young people with the skills needed to thrive in the modern economy.
Here’s a breakdown of the key components of this initiative:
- Youth Entrepreneurship Clusters: The program will launch with six clusters being activated in the coming weeks. These clusters will provide crucial support to 50,000 young entrepreneurs. The initiative aims to create a ripple effect, generating up to 500,000 direct jobs and over two million indirect opportunities for young Nigerians.
- NextGen Bank: A Financial Lifeline for Young Businesses: The initiative recognizes the critical role of access to capital for young entrepreneurs. To address this challenge, the government is establishing NextGen Bank. This specialized financial institution will cater specifically to youth-led initiatives in strategic sectors. NextGen Bank will provide vital financial services, with an initial government investment of N5 billion. This investment will be matched by contributions from the Bank of Industry and private sector partners, ensuring a robust pool of capital to support young businesses.
- National Youth Skills Programme: Building a Skilled Workforce: The initiative goes beyond just funding. Recognizing the importance of skills development, the Ministry has launched the National Youth Skills Programme. This ambitious program aims to train a massive cohort of young people. It will target 300,000 National Youth Service Corps members (NYSC) and an additional 700,000 young people outside the NYSC program, particularly those in the informal sector. Equipping young Nigerians with in-demand skills will not only enhance their employability but also contribute to the nation’s overall economic growth.
- A Non-Kinetic Approach to Security Challenges: Minister Ibrahim took the initiative a step further, highlighting the program’s potential impact on national security. She emphasized that by empowering young people with skills and opportunities, the initiative serves as a “non-kinetic” approach to tackling insecurity challenges. By providing young Nigerians with a path towards a brighter future, the government aims to address the root causes of social unrest and foster a more stable and secure nation.
