The federal government has unveiled plans to launch a new initiative aimed at fostering youth entrepreneurship, known as the Presidential Initiative for Youth Enterprise Cluster, with a budget of N110 billion.
Vice President Kashim Shettima made this announcement during the 2024 World Population Day event hosted by the National Population Commission (NPC) at the Presidential Villa in Abuja on Thursday.
Shettima emphasized that this initiative will complement the existing N110 billion Youth Investment Fund and will include the establishment of a Youth Data Bank alongside a National Youth Development Bank.
World Population Day, observed annually on July 11, serves to raise awareness about global population issues and acknowledge efforts made to tackle these challenges.
The theme for this year’s observance, “Embracing the Power of Inclusive Data Towards a Resilient and Equitable Future for All,” underscores the importance of inclusive data in shaping a sustainable and fair future.
Shettima said, “It is worthy to note that under the present dispensation, we were able to fulfill the 30 per cent quota for youth inclusion in governance across all tiers of government and most importantly, the president has walked the talk.
“He approved N110 billion for the Youth Investment Fund. We are setting up the National Youth Development Bank. We are going to set up the Presidential Initiative for Youth Enterprise Cluster worth N110 billion.
“This is in addition to the Youth Data Bank that the minister earlier talked about that we are setting up.”
The vice president pointed out that if governments at all levels have access to inclusive data sources, policy actions and investments would align with the needs of citizens.
He listed the needs as the provision of decent jobs that pay sustainable incomes to the working-age population, the creation of affordable and equitable access to quality healthcare services at all levels, and quality education for all.
Shettima, the chairman, National Economic Council, NEC, pledged to use the platform and other networks within his purview to ensure people and communities remained the government’s focus for development.
He added, “I believe that aligning the people with investment choices will transform quantity (numbers) to quality (capital) and from liability to assets, guaranteeing rapid economic growth.”
Earlier, the Minister of Youth Development, Jamila Bio-Ibrahim, urged partners present at the event to leverage scientific evidence to resolve challenges confronting the various segments of the world’s population.
She also disclosed plans by the federal government to build a youth data bank that would be dedicated to harnessing the potential of young people for national development, regardless of their location and status.
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