Unemployment: FG plans new empowerment initiatives for youths

Minister of Youth Development, Dr Jamila Bio Ibrahim, said weekend that his ministry has developed new initiatives and restructured existing ones to meet the needs of youths as a result of the grave threat high unemployment rates pose to the nation.

Speaking at the 12th Youth Summit on crime prevention organised by African Youth Initiative in Lagos, Dr. Ibrahim also said the new initiative was aimed at sustaining solutions that address long-term challenges. 

Ibrahim, who was represented by Ms Olufela Olaloye-Sosan, said: “One of our initiatives is the Nigerian Youth Investment Fund, NYIF, which promotes entrepreneurship and job creation.

”By supporting our youth through loans and providing training on building scalable and sustainable businesses, the NYIF serves as a cornerstone for youth empowerment. ‘

“Furthermore, we have begun work on establishing the National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry, BOI. ”This bank provides financial solutions tailored specifically for young entrepreneurs, youth-backed ventures and youth sector enterprises.

“The Nigerian Youth Investment Fund and the National Youth Development Bank are transformative initiatives to reduce youth crime and foster safe, inclusive communities. ”By providing loans and training, NYIF empowers young people to start and grow businesses, tackling youth unemployment and the financial desperation that can lead to crime.

”By providing opportunities for entrepreneurship, these programs keep youth constructively engaged, preventing idleness and frustration that can lead to delinquency.”

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