The federal government has said it would support ailing businesses going through challenges as a result of the government’s economic reforms from the N110bn National Youth Investment Fund.
The government said it would first, in the short-term, implement the Youth Investment Fund, by identifying some major existing businesses that are going through challenges as a result of the ongoing reforms in the nation’s economy and support them.
The Minister of Youth Development, Dr Jamila Bio – Ibrahim stated this in response to the ongoing agitation by youths in the country against the government’s reforms that have inflicted hardship on citizens.
She added that this would cushion the effect of the reforms, noting, however, that the “economic hardships that we are faced with today are not limited to Nigeria alone.”
The minister said since COVID-19 struck, the global economy has not quite recovered.
She said the fund aims to offer financial assistance, mentorship, and resources to help young people’s businesses overcome their struggles so that they can thrive.
The minister said: “We are against the nationwide protest, we need peace, we need stability because the country has given us hope with the current administration’s initiatives for youths. If we go into a crisis today, how can we actualise all these plans? We will implement the youth investment funds for the short-term intervention.
“We are working very hard so that the portal can be opened to allow young people to register to access the fund. When the portal is opened, we will continue to inform and guide young people on how to access the N110 billion committed by the administration of President Bola Ahmed Tinubu.
“This fund will prioritise existing businesses. We understand that they are already established and have their clients. What they need is a little push to avoid sinking due to the current state of the economy.”
She appealed to youths in the country to shun the proposed nationwide protest and stand in solidarity with Nigeria, saying the country needs peace and stability to prosper.
The minister advised youths across the country not to engage in any activity that would not be law-abiding.
She spoke on Thursday in Abuja when she received members of the newly constituted National Students Management Council, which has the Senior Special Assistant to the President, Sunday Asefon, as the chairman.
The council, which has received the blessing of President Tinubu, comprises senior special advisers, personal assistants, and executive advisers to governors on youth and student affairs across the 36 states of the Federation.
The minister said she shared in the pains of the current economic hardships and high-cost food items, which she stated that the government was already addressing, noting that everybody, including herself, goes to the same market.
Bio-Ibrahim noted that as a former Special Assistant on Sustainable Development Goals (SDGs) to the Governor of Kwara State, before she was appointed Minister, she understood the challenges facing SSAs at the sub-national level.
She noted that students remained core to the nation’s development and are key to the activities of the ministry, adding that the quality of the students at all levels of education in the country determined how strong the nation was, whether in the formal or informal sector.
The minister reiterated the commitment of the government to the welfare of Nigerian students, saying the current administration of President Tinubu has enunciated various programmes to address the needs of the students as well as help them remain focused on their studies.
She noted the student loan scheme is one of the most profound policies in that direction, saying her ministry would work with the National Students Management Council (NSMC) to mainstream issues affecting youth and students in the country.
The minister disclosed that President Tinubu has approved the establishment of the Youth Development Bank and that the bank would take care of young people who want to go into entrepreneurship by bridging the gap in access to funds.
The minister said that the 42 youth development centres across the country would be rehabilitated into centres of excellence.
She added that the centres would be run in collaboration with the private sector for effective service delivery and sustainability.
The council raised some challenges being faced by Nigerian students, including the issue of electricity, for which the Minister promised to meet relevant ministries on how to ensure stable energy supply on campuses across the country.
A member of the National Students Management Council, Jacob Ternenge, a Principal Special Assistant (PSA) on Youth and Student Affairs to the Governor of Benue State, said the Council was against the planned protest and would do everything possible to prevail on students and youth across the country to reject the protest.
Senior Special Assistant to the President, Sunday Asefon, who was the elected chairman of the Council, said the body has agreed to work with the Ministries of Youth Development and Education as well as President Tinubu to achieve his aims and objectives for the education sector.
According to him, the Council would make sure that every policy coming from the federal government on youth and students goes down to the grassroots.
