By Babajide Komolafe The need to support youth entrepreneurship as a solution to the increasing challenge of unemployment in Nigeria is reflected in the success story of Paystack, a fintech start-up company founded in 2016 by two Nigerian youths-Ezra Olubi and Shola Akinlade. The company which became part of Stripe, an American technology company through a $200 million acquisition deal, currently employs more than 70 people in Lagos. Like Ezra Olubi and Shola Akinlade, many Nigerian youths, driven by the need to escape the hash realities and unemployment in the country, are embracing entrepreneurship and venturing into different sectors of the economy. READ ALSOBuhari seeks Senate’s confirmation of Gen Yahaya as new COAS While some like the Paystack founders have recorded outstanding success, most are struggling, due to several factors including poor power supply, low capacity and inability to access funding to scale up their businesses.
Ooni of Ife, Oba Adeyeye Ogunwusi has charged youths in Nigeria to be more strategic in an attempt to take over governance rather than complain at any challenge on their way.
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President Muhammadu Buahri on Saturday declared that over 5,300 youths have benefited from the N75 billion Nigeria Youth Investment Fund (NYIF).
The NYIF was set up as an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN) to invest in innovative ideas, skills and talents of Nigerian youths to build sustainable businesses that can activate enterprise and increase job opportunities in the country.
Buhari, who was represented by the Minister of Youth and Sports Development, Sunday Dare, disclosed that his administration in his effort to empower youth had dished out different youth programmes by engaging them in one way or the other.
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Published 10 May 2021
NO fewer than 4,680 persons have received loans worth N1.31bn from the Nigeria Youth Investment Fund, a subsidiary to the Ministry of Youths and Sports Development.
The beneficiaries of the loans, according to a statement by the Director of Press of the ministry, Mohammed Manga, are spread across the country and critical sectors of the economy.
The ministry noted the N1.31bn loan was the first tranche of N12.5bn that would be disbursed, adding that more loans would be given in order to achieve the empowerment objective of the programme.
“The Ministry of Youth and Sports Development’s Nigeria Youth Investment Fund (NYIF) has disbursed loans to at least 4,680 beneficiaries amounting to N1.31bn out of the first tranche of N12.5bn.