The Federal Executive Council has approved two initiatives aimed at promoting greater inclusion and development opportunities for the youth population in Nigeria. One initiative involves the restructuring of the Nigerian Youth Investment Fund (NYIF) with additional provisions, while the other seeks to institutionalize a 2% youth quota in all government appointments and a 30% representation of young women.
Speaking to journalists after the FEC meeting, Minister of Youth and Sports Development Dr. Jemila Ibrahim-Bio stated, "I'm delighted to brief the gentlemen and women of the press that we have received Council’s approval to institutionalize a 2% youth quota, a third percent representation of young people in all government appointments, and an equitable young women representation inclusive of this 30%."
Dr. Ibrahim-Bio also announced that the revamped Youth Investment Fund will receive an immediate infusion of ₦25 billion from the 2023 Supplementary Appropriation Act, along with an additional ₦25 billion from the 2024 Appropriation Act's Digital Development Fund.
Regarding the NYIF, she said, "The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments."
These measures are intended to support young businesses and stimulate economic growth while addressing the long-standing marginalization and exclusion of young people in decision-making processes. They are also expected to encourage youth participation in decision-making and civic engagements.
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