CBN to disburse N60 billion to Nigerian youths, small business owners

The Federal Executive Council (FEC) has approved the disbursement of N60 billion from the Central Bank of Nigeria through the Agric Small and Medium Enterprises Investment Scheme to enhance small business growth, especially among young Nigerian business owners.

The minister of Youth, Jamila Ibrahim, said this in a statement on Monday, March 25, 2024, after the FEC meeting in Abuja.

The fund would be targeted at young people

Ibrahim said that funding from the CBN would give essential support to growing businesses operated by Nigerian youths, providing significant relief and allowing them to strengthen and scale up their businesses.

Also, the minister said that the FEC approved restructuring the Nigeria Youth Investment Fund to institutionalize it through a legal procedure, which allows for the establishment of the Nigeria Youth Fund.

She stated that the fund, founded in 2020, amounted to N75 billion, with an annual disbursement of N25 billion, and is meant for youth-led and youth-owned businesses operating in critical sectors.

Per the minister, FEC has also authorised the immediate release of N25 billion from the 2023 Appropriation Act and another N25 billion from the 2024 Appropriation Act under the Youth Development Fund.

She said:

“We also received additional approval from the Council for an N60 billion release from the Central Bank of Nigeria (CBN) through the Agric Small and Medium Enterprises Investment Scheme. This will go a long way in supporting young businesses and bringing a lot of assistance to young people to strengthen and scale young companies.

FG rolls out many empowerment schemes for youths According to reports, the minister stressed the importance of a unique approach in executing the new Youth Investment Fund.

She said the fund includes formation clusters, which aim to provide mutual assistance among young business owners, allowing them to serve each other.

She said that the FEC has approved a 30% youth quota in all government appointments to ensure fair representation of young women in this quota.

The Nigerian government has recently targeted Nigerian youths through its various intervention schemes.

The government, via the Ministry of Communication, Innovation and Digital Economy, launched the 3MTT initiative to train three million Nigerians, especially youths, in technology.

The initiative has successfully graduated the first cohort, with the second batch prepping to begin.

Also, the Ministry launched an N10 million agric initiative to lure Nigerians into farming via technology. FG targets 3m Nigerians for tech talent scheme