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N75bn Youth Fund: FG Pledges Commitment to Youth Development

…Nigeria, S/A to sign MoU on youth development

By Smart Omorogbe

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The Federal Government has reiterated its commitment to youth development through focused initiatives that would harness the potentials of the youth as well as upscale them towards achieving rapid socio-economic growth. 

The Minister of Youth and Sports Development, Mr. Sunday Dare, disclosed this today during the commemoration of the 2021 AFRICA YOUTH DAY, which held in Abuja- with the theme ‘Defining the Future Today: Youth – Led Solutions for Building the Africa We Want’

Dare, stated that the federal government in realization of the demographic dividends of the youth as a strategic asset, has pledged to continue to support their efforts with youth development focused-initiatives that will create innovative solutions and boost their entrepreneurial capacity.

Remembrance

Buttressing this assertion, He said: ”This administration is committed to youth development and has established youth development – focused initiatives, while scaling up on existing ones, such as the recently approved increase of N-Power beneficiaries from N500,000 to N1 million, the N75 billion National Youth Investment Fund (NYIF); the Central Bank of Nigeria’s Creative Sector Fund, and others being carried out in collaboration with international partners.”

To complement the efforts of the government in investment in the youth, the Minister said that the Ministry has initiated deliberate policies and programmes that will enhance the capacity of the youth as it recognizes the youth as key agents for socio-economic growth and sustainable development. 

He that ”The Ministry is focused on providing opportunities for our youth in Training, Digital Skills, Entrepreneurship, soft skills, internships and access to credit and finance among others.

The DEEL programme helps to fill the knowledge and skills gap in the Nigerian youth. Our DEEL initiative focuses on Digital Literacy and Skills Acquisition, Entrepreneurship, Employability and Leadership.

“We focus more on training into enterprise and, in the past 2 years, we have trained close to 198,000 youth.”

Over 6,000 youth from across the country have benefited and another batch of 10,000 is currently undergoing training before benefiting, he noted. 

In his remarks, the Permanent Secretary, Alhaji Ismail Abubakar stated that the government will create a conducive environment that will ensure that the capacity of our youth for innovations, entrepreneurship and leadership is nurtured to attain socio-economic growth and development.

To commemorate the Africa Youth Day, several goodwill messages came from the Federal Ministry of Women Affairs, NYSC, UNFPA, ECOWAS and National Youth Council of Nigeria (NYCN) amongst others.

Meanwhile, the Federal government on Monday reiterated its commitment towards strengthening the bilateral relationship with the Republic of South Africa in the area of youth development.

The Minister stated this today in his office in Abuja when the South African Minister of Women, Youth and Persons with Disabilities, Ms. Maite Nkoane-Mashabene paid him a courtesy visit.

He said that arrangements have been concluded for the formal signing of a Memorandum of Understanding (MoU) between the two countries with a view to tapping the resourcefulness and greatness of the youth of both countries.

Stating further that “we have the most resourceful youth population in both countries that have become a great asset. Government on both sides must have the political will to engage, invest in their skills, create access to credit and finances that will unleash their potentials”.

Already he said, in the realization of the potentialities of the Nigerian youth as asset to sustainable economic growth and development of the country, the President Muhammadu Buhari Administration has through the efforts of the Federal Ministry of Youth and Sports Development of Nigeria last year, approved N75b (Seventy-Five Billion Naira), Nigeria Youth Investment Fund (NYIF) for young entrepreneurs to have access to loans at minimal interest in order to establish and improve their businesses.

“This is to say that the Republic of South Africa have come to that stage of investing in the youth now”, Dare said.

He explained that the signing of the MoU by both countries will not only set a template for other African countries to follow and adopt, but that the partnership will further strengthen both countries in the sectors of mineral resources, environment, forests and Woodlands as well as waste management value chain, adding that the cooperation will help them to combat the restiveness of their youth to enhance cross fertilization of ideas, opportunities as well as reduce friction among them.

The Minister who highlighted the areas of cooperation to include Youth Exchange Programmes on; notable national, international and historic events; National Youth Service initiatives; sharing of best practices on national youth legislation, policies, frameworks and guidelines, among others, noted that the agreement will provide succour for youth with disabilities in both countries.

Others he said, will also feature in the exchange of information on technologies, research, development programmes and experts as well as exchange of Information Communication Technology (ICT) and Special Education.

The visit of the Republic of South African Minister for Women, Youth and Disabilities, Dare said, is a precursor for the smooth signing of the Memorandum of Understanding in Abuja by President Muhammadu Buhari of Nigeria and his South African counterpart, President Cyril Ramaphosa of South Africa.

The Press release was signed by Mr. Mohammed Manga, Director (Press & Public Relations) at the Ministry.

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