The Federal Government of Nigeria through the Federal Executive Council (FEC) has granted its approval for the disbursement of ₦60 billion from the Central Bank of Nigeria through the Agric Small and Medium Enterprises Investment Scheme.
This, according to them is aimed at boosting the growth of small businesses, particularly among young entrepreneurs in the country.
This is contained in a statement by the Minister of Youth, Jamila Ibrahim, at the conclusion of the FEC meeting on Abuja on Monday.
“We also receive another additional approval from the Council for a ₦60 billion release from the Central Bank of Nigeria (CBN) through the Agric Small and Medium Enterprises Investment Scheme. This will go a long way to support young businesses and bring a lot of succour to young persons to strengthen and scale young businesses.
“I am also pleased to announce the second Council’s approval to restructure and institutionalise the Nigeria Youth Investment Fund. This is a fund that was approved in 2020. Upon assumption of office of this administration, we commission a technical committee to review this fund and restructure it with the aim of institutionalizing it through a legal framework which will lead to the establishment of the Nigerian Youth Fund.
“The fund was initially a ₦75 billion fund with ₦25 billion annual releases for youth-lead and youth-owned enterprises in priority sectors. We have secured the Council’s approval for the immediate release of ₦25 billion from the 2023 appropriation Act and an additional ₦25 billion from the 2024 appropriation Act under the youth development fund,” she said.