News in Brief:
– The Nigerian government unveiled a ₦110 billion plan to support youth development and agricultural SMEs.
– This plan includes a revitalised Youth Development Fund, additional funding for agricultural SMEs, and geographically focused clusters.
The Nigerian government has pledged ₦110 billion to bolster youth development and agricultural Small and Medium Enterprises (SMEs). It combines funding from the 2023 supplementary budget, the 2024 appropriation, and the Central Bank of Nigeria (CBN).
This was disclosed to the press by the Minister of Youth Development, Jamila Ibrahim, and came on the heels of a recent Federal Executive Council meeting in Abuja.
The government allocated ₦50 billion (₦25 billion each from the 2023 supplementary and 2024 budgets) to the newly restructured Youth Development Fund. This fund aims to empower young entrepreneurs through financial support.
An additional ₦60 billion from the CBN will be directed towards agricultural SMEs, promoting growth within this sector. Meantime, this initiative revamps the existing Nigerian Youth Investment Fund by establishing a legal Framework.
Additionally, it establishes clusters focused on commodities with regional advantages across the six geopolitical zones of Nigeria.
Examples include:
- Cotton Cluster: This Katsina State-based project aims to revitalise the textile, garment, and fashion industries while creating potential employment for 50,000 individuals.
- Rice Production Cluster: This Ebonyi State-based project empowers young people in rice production, potentially increasing output and managing waste efficiently.
- Niger State Cluster: Over 10,000 hectares of land have been committed for cluster formation. This allows young people to leverage economies of scale by sharing equipment and infrastructure.
Overall, the multi-pronged approach demonstrates the government’s commitment to fostering youth development and agricultural growth in Nigeria.
