The Federal Executive Council meeting presided over by President Bola Tinubu has approved two initiatives aimed at fostering better inclusion and development opportunities for the teeming youth population of Nigeria.
The Minister of Youth, Jamila Bio Ibrahim, made this known to State House correspondents.
Bio-Ibrahim said that the council has approved the institutionalisation of a 2 per cent youth quota and the restructuring of the Nigerian Youth Investment Fund, NYIF.
“Towards addressing the long-standing marginalisation of young people in decision-making processes, the Council has approved a 2 per cent youth quota, ensuring 30 per cent representation of young people, including an equitable representation of young women, in all government appointments,” she said.
The minister further stated that the landmark decision is aimed at encouraging youth participation in civic engagements and decision-making processes, thereby empowering them to contribute to Nigeria’s national development agenda.
“This will go a long way to address the long-term marginalisation and exclusion of young people in decision-making and will also go a long way to encourage young people to participate in decision-making processes and civic engagements,” she added.
She further disclosed that FEC equally approved the restructuring and institutionalisation of the Nigerian Youth Investment Fund, a fund initially established in 2020 to support youth-led and youth-owned enterprises in priority sectors.
Recognising the potential of this initiative, the administration has commissioned a technical committee to review and restructure the fund, leading to the establishment of the Nigerian Youth Fund within a legal framework.
Bio-Ibrahim said the revamped Youth Investment Fund will receive an immediate infusion of N25 billion from the 2023 Supplementary Appropriation Act, complemented by an additional N25 billion from the 2024 Appropriation Act’s Digital Development Fund.
“The Central Bank of Nigeria has approved a N60 billion release through the Agric Investment and Small and Medium Enterprises (SMEs) Scheme, providing a significant boost to the fund’s resources,” she stated.
The minister further highlighted that the implementation strategy for the renewed Youth Investment Fund will involve the establishment of clusters, where young people will guarantee each other, focused on commodities with comparative advantages across the six geopolitical zones.
