Great News for Young Nigerian Entrepreneurs! The Federal Executive Council (FEC) just announced a bunch of initiatives aimed at empowering young Nigerian business owners.

The Federal Executive Council (FEC) just announced a bunch of initiatives aimed at empowering young Nigerian business owners! Here’s a quick breakdown:

N60 Billion Boost for SMEs:

• The Central Bank of Nigeria (CBN) is releasing a whopping N60 billion through the Agric Small and Medium Enterprises Investment Scheme.
• This is fantastic news for young entrepreneurs looking to grow their businesses!

Revamped Nigerian Youth Investment Fund:

• The existing N75 billion Youth Investment Fund is getting a makeover!
• The FEC approved restructuring the fund and creating a legal framework for a brand new Nigerian Youth Fund.
• An immediate disbursement of N50 billion (N25 billion each from the 2023 and 2024 budgets) is on the way for youth-led and youth-owned businesses in priority sectors.

What’s New and Exciting?

• The revamped fund will focus on creating clusters of young entrepreneurs.
• These clusters will allow young people to support each other and provide cross-guarantees, making it easier to access funding.
• The focus will be on commodities with a comparative advantage in each of Nigeria’s six geopolitical zones.

30% Youth Quota in Government!

• This is huge! The FEC approved a 30% quota for youth representation in government appointments.
• Young women will also have a guaranteed fair share within this quota.
• This is a major step towards reducing the marginalization of young people in decision-making and encouraging their participation in civic activities.

Overall, this is a positive development for young Nigerians looking to launch or grow their businesses and have a say in the country’s future. Stay tuned for more details on how to access these initiatives!

Source: Nairamatics