FG empowers young entrepreneurs with $600m fund

The Federal Government has allocated $600 million to support young entrepreneurs in Nigeria’s growing digital sector, aimed at fostering the next generation of innovators.

This initiative targets individuals aged 15 to 35, providing financial support and resources for youth-led startups and small businesses in technology and digital innovation.

Finance Minister Wale Edun announced the funding during a panel session at the 2024 Annual Meetings in Washington, DC, where he noted Nigeria’s efforts to support women and entrepreneurs.

“We have around $600 million earmarked for the digital and creative enterprises sector, with about 30 per cent designated for young women,” Edun stated. “It’s aimed at 15 to 35-year-olds, so all the way from those still at school that are trying to be entrepreneurs, all the way to 30 the age of 35, and around 30 per cent is earmarked for young women.”

He elaborated on the programme’s multi-faceted approach, which includes startup capital, technology training, and skills development, stressing its intention to empower young Nigerians in ways traditional systems may not fully address.

“This initiative isn’t just about financial support; it’s about giving them a ladder to success,” he said, praising Nigeria’s youth as “talented, ambitious, and energetic.”

Additionally, Edun thanked the World Bank for its backing of the Nigeria For Women Project, which operates in six states and plans further expansion. This project aims to establish self-help groups for women to learn, train, and access funding through group savings.

“These groups, numbering around 22,000, empower women to strengthen themselves and fund their initiatives,” he added.