Vice President Kashim Shettima has unveiled ambitious plans by the Federal Government to establish a Presidential Initiative on Youth Enterprise Clusters, with a substantial budget of N110 billion.
The announcement was made on Thursday during an event held at the Banquet Hall of the State House in Abuja, commemorating the 2024 World Population Day.
In his address, Vice President Shettima emphasized President Bola Tinubu’s strong commitment to promoting the inclusion of youth and women in governance.
He highlighted that the new Presidential Initiative on Youth Enterprise Clusters is distinct from the Youth Investment Fund, which was approved by the Federal Executive Council in an earlier meeting, allocating N100 billion to support youth investment.
Shettima underscored the critical role of data in effective population planning and development, noting that such initiatives are essential for driving sustainable growth and empowering the younger generation.
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Also speaking at the event, Minister of Youth Development Jemila Ibrahim reiterated the government’s dedication to enhancing opportunities for young Nigerians. She announced the establishment of a national youth development bank, aimed at increasing access to capital for young entrepreneurs across the country.
This initiative is part of a broader strategy to foster entrepreneurship among the youth, providing them with the necessary resources and support to thrive.
Minister Ibrahim emphasized that the ministry’s role is to create an enabling environment that nurtures the talents and ambitions of young people. By facilitating access to financial resources and entrepreneurial opportunities, the government aims to empower the youth to become active contributors to the nation’s economic growth.
The Presidential Initiative on Youth Enterprise Clusters represents a significant investment in the future of Nigeria’s youth. It aims to establish hubs where young entrepreneurs can collaborate, innovate, and grow their businesses.
These clusters will provide a supportive ecosystem, including access to mentorship, training, and funding, to help young entrepreneurs turn their ideas into successful enterprises.
This initiative, along with the national youth development bank, demonstrates the Federal Government’s commitment to harnessing the potential of its youthful population.
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By investing in the next generation, the government hopes to drive economic development, reduce unemployment, and create a more inclusive and prosperous society.
As the plans for the Presidential Initiative on Youth Enterprise Clusters take shape, it is expected to become a cornerstone of Nigeria’s youth empowerment strategy.
Through targeted support and substantial investment, the government aims to unlock the potential of young Nigerians, paving the way for a brighter and more dynamic future.