N110bn youth fund: FG inaugurates project management office in Abuja

The Federal Government has inaugurated a Project Management Office (PMO) for the  Nigerian Youth Investment Fund (NYIF), comprising technical persons from the government and the private sector, to manage the implementation of the N110 billion fund.

Minister, Ministry of Youth Development, Dr Jamila Bio Ibrahim, speaking during the inauguration in her Office, Abuja, said the project management office members were charged with responsibility for ensuring that they meet President Bola Ahmed Tinubu’s expectations.

This, according to her includes providing sustainable ways for young innovative Nigerians to access capital for starting, growing, and expanding their businesses.

The Minister emphasised that the fund is crucial for achieving key aspects of President Tinubu’s ‘Renewed Hope Agenda,’ especially in eradicating poverty, ensuring food security, promoting sustainable economic growth, and most importantly, increasing access to capital.

She said: “Members of the Project Management Office should note that any strategy that will be effective must be one that will ease the burden currently experienced by large numbers of Nigerian youth in accessing finance to become self-employed.

“Such a strategy also needs to provide opportunities for developing their entrepreneurial skills, access to markets, and mentorship, in such a manner that will guide their transition into the challenging business environment and support their growth and sustainability.”

A statement on Friday signed by Taremi Zuokumor on behalf of the Director of Press and Public Relations, Ministry of Youth Development, said Dr. Ibrahim maintained that the restructured NYIF would be implemented with professionalism, fairness, and utmost integrity.

She also stated that timely and results-based implementation is crucial, and she will be requesting periodic briefs and evidence-based updates throughout the process.

She urged the team to follow her vision of establishing a formalized fund that would not only offer access to funding for a substantial number of Nigerian youth but also provide mentorship and other business support services.

The Minister explained the importance of including vulnerable groups and underserved communities, as well as ensuring a fast application and fund disbursement process.

“I expect you to hit the ground running and deliver short-term results within the next three to four weeks. At that time, I expect all activities to have been concluded to commence the first tranche of disbursement,” she stated.

In his welcome address, Mr. Olusanya Olubunmi, the Permanent Secretary of the Ministry, tasked the Project Management Office with the responsibility of overseeing the National Youth Investment Fund (NYIF) to ensure it achieves its set objectives.

He urged members to adhere to the Public Service Rule and Financial Regulations and to manage the fund in accordance with the approved conclusion of the Federal Executive Council (FEC).

Olusanya assured members of the Project Management Office of the Ministry’s cooperation and support in the discharge of their duties and wished them success in implementing the NYIF.

The National Coordinator of the Project Management Office, Olopade Hakeem expressed gratitude to the President for prioritizing the project and to the Minister for advocating for the youth in the country.

He also thanked all members of the Executive Council for unanimously and judiciously approving the sum of N110 billion for the programme.

Hakeem pledged to carry out their responsibilities professionally, accountably, and transparently in engaging the youth of the country and expressed openness to ideas for moving the project forward.