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The Minister of Youth Development, Jamila Bio-Ibrahim, says the Federal Executive Council has approved N110 billion capital for startups and early growth stage businesses for youth.
Ms Bio-Ibrahim said this in Abuja on Thursday at the ministerial sectoral update of the present administration.
The minister said that “the approval is for startups and early growth stage businesses via restructured Nigeria Youth Investment Fund ( NYIF).”
She added that the ministry is in partnership with the Bank of Industry (BoI) to set up a ‘NextGen’ Bank to nurture youth entrepreneurs with loans and business support.
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“We have approval for the establishment of the Presidential Initiative on Youth Clusters in agriculture, manufacturing and ICT.
“We have 146,998 beneficiaries of targeted vocational, social inclusion, technology, agriculture, and entrepreneurship training,” Ms Bio-Ibrahim said.
According to her, the ministry has commenced robust NYSC reforms, including skills building to position youth corps members better.
She noted that the mandate of the ministry is to formulate, implement, monitor and evaluate policies and programmes that promote youth development, empowerment and wealth creation.
Others, she said, are well-being, excellence, national unity, and sustainable development, with the ultimate goal of empowering young Nigerians to reach their full potential and contribute positively to the nation’s growth and development.
She reiterated the ministry’s determination to reposition the country’s youth to thrive and catalyse economic development.
Ms Bio-Ibrahim said the ministry had concluded plans to do data harmonisation, analytics, performance management and predictive analytics for prioritisation.
“We will strengthen inter-government collaboration and foster development of existing and new private sector partnerships.
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“We will also have media activation to leverage online, social, and visual channels for sustained communication and reorientation,” she said.
According to her, some of the ministry’s targets are to reduce the youth unemployment rate, increase youth with global market demand skills and increase youth participation in social and economic development.
(NAN)
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