FG Approves N110bn for Youth Development Fund March 2024

Nigerian Government Invests in Youth and Agriculture

The Nigerian government has announced a significant investment in youth development and agriculture. Here’s a breakdown of the key points:

Youth Development Fund

• N110 Billion Approved: The government approved a total of N110 billion to support young people and their businesses.
• Revamped Youth Investment Fund: This fund aims to strengthen and scale young businesses in Nigeria.
• Funding Breakdown:
  • N50 billion (N25 billion each) allocated from the 2023 supplementary and 2024 appropriation acts.
  • Additional N60 billion from the Central Bank of Nigeria’s agricultural investment scheme for small and medium enterprises (SMEs).

Focus on Clusters

• Commodity-Based Approach: The fund will support clusters focused on commodities with regional advantages across the six geopolitical zones.
• Examples:
  • Katsina State: Cotton cluster with potential to boost the textile, garment, and fashion industry, potentially creating 50,000 jobs.
  • Ebonyi State: Rice production cluster to empower young people, increase production, and manage waste.
  • Niger State: Over 10,000 hectares of land allocated for cluster formation.

Benefits of Clusters

• Economies of Scale: Sharing equipment and infrastructure among young businesses will reduce costs and increase efficiency.

Increased Youth Participation in Government

• 30% Youth Quota: The government approved a policy mandating a 30% quota for youth representation in government appointments.
• Equitable Young Women Representation: This quota includes a focus on equitable representation of young women.
• Benefits: This policy aims to address the marginalization of young people in decision-making and encourage their participation in civic engagement and national development.

Improved Basic Healthcare Provision

• Sector-Wide Approach: The government approved a plan to streamline funding for basic healthcare centers.
• Eliminating Fragmentation: This approach aims to better coordinate resources from the government and development partners.
• Increased Funding: More resources will be directed to primary healthcare centers, improving services like immunization, maternal and child health, and nutrition.
• Focus Areas: Additional funding will be used to combat diseases like tuberculosis and HIV/AIDS, and improve the well-being of healthcare workers.

Overall Impact

These initiatives aim to empower young Nigerians, boost agricultural production, and strengthen the country’s healthcare system.

FAQs

What’s the news?

The Nigerian Federal Government approved N110 billion to fund the restructured Youth Development Fund and support agricultural businesses run by small and medium enterprises (SMEs).

How will the money be distributed?

• N50 billion will be split between the 2023 supplementary budget (N25 billion) and the 2024 budget (N25 billion) for the Youth Development Fund.
• N60 billion will come from the Central Bank of Nigeria (CBN) for investment in agricultural SMEs.

What are the goals of this initiative?

• Support young people in starting and growing businesses.
• Create jobs in the agricultural sector.
• Boost the Nigerian economy.

What is the new name of the Youth Development Fund?

The Nigerian Youth Fund.