Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says that Federal Executive Council (FEC) has approved a $100 million African Development Bank facility under the Nigeria Youth Investment Fund.
The minister told journalists after the FEC meeting on Wednesday in Abuja that the fund would support entrepreneurs aged between 18 and 35 and engaged in small and medium-scale ventures.
Edun said that the FEC also approved an Islamic Development Bank facility for an integrated agricultural development project in Yobe State.
“There was also approval for an Islamic Development Bank support for Yobe State, and it’s an integrated agricultural development project.
“And in both cases, these are multilateral development partners. Their funding is concessional. It is relatively affordable and long-term,” he said.
Edun disclosed that Nigerian President Bola Tinubu acknowledged improvements in GDP growth, but maintained that the current figures remain below his target.
“The President directed the Ministries Departments and Agencies (MDA) to prioritise capital spending on projects that stimulate growth and generate employment,” he added.
GIK/APA