The approval of the establishment of the Presidential initiative of the Youth Entrepreneurship cluster marks a significant milestone in the efforts to empower young Nigerians. Announced by the Minister for Youth Development, Jamila Bio Ibrahim, this initiative has received the green light from the Federal Executive Council.
Its aim is clear: to activate the first six clusters in the coming weeks, fostering an environment where 50,000 entrepreneurs can thrive. This endeavor is projected to not only create up to 500,000 direct jobs but also generate over two million indirect engagements, providing invaluable opportunities for the nation’s youth.
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The revelation of this initiative came during the Ministerial Sectoral Update, a pivotal event in the ongoing commemoration of the first anniversary of President Bola Tinubu’s administration. Hosted at the Radio House in Abuja, the update served as a platform to unveil not only the Youth Entrepreneurship cluster but also other key initiatives aimed at youth empowerment.
Among these is the establishment of the NextGen Bank, a specialized financial institution geared towards supporting youth-led initiatives in strategic sectors.
With an initial government investment of N5 billion, supplemented by contributions from the Bank of Industry and private sector partners, the NextGen Bank is poised to play a vital role in providing financial services tailored to the needs of young entrepreneurs.
Additionally, the Minister highlighted the Ministry’s National Youth Skills programme, which seeks to equip 300,000 National Youth Service Corps members and 700,000 young people outside the NYSC scheme with essential skills.
This ambitious program not only aims to enhance employability but also serves as a proactive measure to address the challenges of insecurity by providing youths with alternative avenues for growth and development.
Details later…
