The Federal Executive Council has greenlit the establishment of the Presidential Initiative for Youth Entrepreneurship Cluster, aiming to empower 50,000 entrepreneurs.
The Minister of Youth Development, Jamila Bio Ibrahim, announced this initiative during the Ministerial Sectoral Update marking the first anniversary of President Bola Tinubu’s administration.
“We have identified the first six clusters to be started this year, which we will activate in the coming weeks. These clusters will empower 50,000 entrepreneurs, creating up to 500,000 direct jobs and over two million indirect engagements for young Nigerians,” Ibrahim said.
The initiative includes the creation of the NextGen Bank, a specialized financial institution designed to support youth-led ventures in strategic sectors. This bank will provide essential financial services, backed by an initial government investment of N5 billion, supplemented by contributions from the Bank of Industry and private sector partners.
“We are setting up the NextGen Bank to nurture young entrepreneurs with loans and business support, bridging the gaps in access to capital for young people. This was a campaign promise of His Excellency, President Bola Ahmed Tinubu,” Ibrahim added.
In addition to financial support, the Ministry of Youth Development has launched the National Youth Skills Programme. This initiative aims to train 300,000 National Youth Service Corps (NYSC) members and 700,000 young people outside the NYSC scheme, particularly targeting those in the informal sector.
“The National Youth Skills Programme is to train 300,000 NYSC corps members and 700,000 young people outside the NYSC Scheme. We have young people in the informal sector, high-risk young people who are neither educated nor skilled. Addressing the challenges faced by this youth demographic will significantly help tackle issues such as insecurity,” Ibrahim stated.
The minister emphasized that this skills programme represents the administration’s non-kinetic approach to addressing the challenges of insecurity by providing young people with opportunities for education and skill development.
This multi-faceted initiative is part of the government’s broader strategy to bolster youth employment, reduce insecurity, and foster economic growth through the empowerment of young Nigerians.