Federal Government has restructured the Nigeria Youth Investment Fund (NYIF) with a capital base of N110 billion to support youth-led businesses.
The development was announced by the Minister of Youth, Jamila Ibrahim, during a town hall meeting for South-West youths in Akure on Tuesday.
According to the Ibrahim, the NYIF has received over 200,000 applications since its relaunch less than two weeks ago.
She explained that the program aimed to empower youths by providing easier access to loans for personal and entrepreneurial use, enhancing their financial stability, and ability to contribute to the economy.
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Also, the government was establishing a National Youth Development Bank to provide financial support for youth-led enterprises.
The National Youth Development Bank will play a crucial role in empowering young entrepreneurs, enabling them to drive economic growth and innovation.
According to her, the President Bola Tinubu has approved a 30 per cent youth quota in all government appointments.
Furthermore, the government was working on legislation to institutionalize the initiative, ensuring that youth representation in government became a permanent feature of democracy.
The Minister stressed that the Federal Government was also implementing robust reforms to enhance the National Youth Service Corps (NYSC) experience.
