The Federal Executive Council (FEC) has given its official backing to a major financial package aimed at empowering Nigeria's young population and boosting agricultural output in the northeast.
Major Financial Inflows for Youth and Agriculture
At its weekly meeting held on Wednesday and presided over by President Bola Tinubu, the council approved a significant $100 million loan facility from the African Development Bank (AfDB). This credit is specifically designated to bolster the Nigeria Youth Investment Fund (NYIF).
According to the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, who briefed State House correspondents, the fund will target Nigerians between the ages of 18 and 35. The primary objective is to expand access to finance for young entrepreneurs, particularly those operating small and medium-scale enterprises (SMEs) across the nation.
Second Loan for Yobe State Agriculture
In a separate but equally important approval, the FEC also endorsed a $50 million financing agreement with the Islamic Development Bank. This funding is earmarked for an integrated agricultural development project in Yobe State.
Minister Edun explained that this project is designed to enhance food production and strengthen the livelihoods of people in rural communities within the state, contributing to both food security and economic stability in the region.
Tinubu's Directive on Growth and Jobs
President Tinubu, while acknowledging his cabinet's commitment to the Renewed Hope Agenda, pointed to recent positive economic indicators. Edun noted that Nigeria's Gross Domestic Product (GDP) grew by 3.89% in the third quarter of 2025, accompanied by declining inflation and strong output from agriculture and industry.
However, the President emphasized that this growth rate remains below his administration's target of 7% annual growth, which he views as essential for making a substantial dent in poverty levels.
Consequently, President Tinubu directed all Ministries, Departments, and Agencies (MDAs) to prioritize capital spending on projects that stimulate economic expansion and create jobs. The economic management team is expected to refine these priorities before seeking final approval.
These new loan approvals align with other recent government initiatives aimed at tackling unemployment, such as the National Job Centre Project and the Labour Employment and Empowerment Programme (LEEP).
The move comes against a sobering backdrop highlighted in a recent report by Plan International Nigeria, which stated that over 80 million Nigerian youths are without jobs, a situation forcing many into dangerous coping mechanisms.
