Two initiatives aimed at promoting greater inclusivity and development opportunities for the youth population have been greenlit by the Federal Executive Council.
These initiatives involve the restructuring of the Nigerian Youth Investment Fund (NYIF) with expanded provisions and the establishment of a 2% youth quota in all government appointments, alongside a 30% representation for women.
Speaking to reporters following this week’s FEC meeting, Minister of Youth and Sports Development, Dr. Jemila Ibrahim-Bio, expressed her satisfaction with the council’s decision, stating, “I’m pleased to announce to the esteemed members of the press that we have received Council’s endorsement to formalize a 2% youth quota and a 30% representation of young people in all government appointments, with an equitable inclusion of 30% for young women. This significant step will address the historical marginalization and exclusion of youth from decision-making processes, and will also encourage their active involvement in civic engagements.”
Dr. Jemila further disclosed that the revitalized Youth Investment Fund will receive an immediate injection of ₦25 billion from the 2023 Supplementary Appropriation Act, supplemented by an additional ₦25 billion from the Digital Development Fund under the 2024 Appropriation Act.
“The Nigerian Youth Investment Fund, originally established in 2020, has been restructured and anchored in a legal framework,” the minister added. “Initially budgeted at ₦75 billion, the fund will now benefit from an infusion of ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Furthermore, ₦60 billion will be allocated from the Central Bank of Nigeria’s SME Investment Fund, prioritizing investments in agriculture.”
These measures are designed to bolster support for young entrepreneurs and stimulate economic expansion.
