The Federal Government, in collaboration with the Bank of Industry (BOI), has finalized plans to launch the “NextGen” bank, which will be dedicated to supporting youth entrepreneurs with loans and business assistance.
Dr. Jamila Bio Ibrahim, Minister of Youth Development, disclosed this yesterday at the Radio House in Abuja during a Ministerial Sectoral Update marking the first year of President Bola Tinubu’s administration.
The minister emphasized that establishing the bank aligns with the ministry’s mandate to promote youth development, wealth creation, empowerment, and sustainable development.
She outlined 11 deliverables in her presentation, including creating and expanding Micro, Small, and Medium Enterprises (MSMEs) incubators and innovation centers across the six geopolitical zones.
Additionally, she announced plans to provide vocational, social inclusion, technology, agriculture, and entrepreneurship training to 146,998 Nigerians. The Federal Executive Council has approved a capital of N110 billion for startups and early-stage businesses through the restructured Nigerian Youth Investment Fund (NYIF).
Furthermore, the government aims to institutionalize a 30% Youth Quota with equitable representation of young women in all government appointments.
