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BUSINESS

FG Approves N60 Billion SME Fund for Young Business Owners

April 17, 2024 • 3 min read

The Federal Government of Nigeria has approved N60 billion from the Central Bank of Nigeria (CBN) to boost business owners, especially those run by young people across the country.

This initiative called the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), aims to empower young Nigerians and fuel economic growth.

AGSMEIS, is a government programme designed to support small and medium businesses (SMEs) in the agriculture sector.

The Federal Executive Council granted its consent for the disbursement of N60 billion from the Central Bank of Nigeria via the scheme

This was according to a statement issued by the Minister of Youth, Jamila Ibrahim, following the conclusion of the 4th FEC meeting in Abuja on Monday.

The minister said that the funding from the apex bank would offer vital support to burgeoning enterprises run by young entrepreneurs, providing significant relief and enabling them to fortify and expand their businesses.

In addition, Ibrahim said that the council approved the restructuring of the Nigeria Youth Investment Fund, aiming to institutionalize it through a legal framework, paving the way for the establishment of the Nigerian Youth Fund.

She explained that the fund, established in 2020, initially amounted to N75 billion, with annual releases of N25 billion designated for youth-led and youth-owned enterprises operating in priority sectors.

The statement reads: “We also receive another additional approval from the Council for a N60 billion release from the Central Bank of Nigeria (CBN) through the Agric Small and Medium Enterprises Investment Scheme.

“This will go a long way to support young businesses and bring a lot of succour to young persons to strengthen and scale young businesses.

“I am also pleased to announce the second Council’s approval to restructure and institutionalise the Nigeria Youth Investment Fund. This is a fund that was approved in 2020.

“Upon assumption of office of this administration, we commission a technical committee to review this fund and restructure it to institutionalize it through a legal framework which will lead to the establishment of the Nigerian Youth Fund.”

““The fund was initially a N75 billion fund with N25 billion annual releases for youth-lead and youth-owned enterprises in priority sectors.

“We have secured the Council’s approval for the immediate release of N25 billion from the 2023 appropriation Act and an additional N25 billion from the 2024 appropriation Act under the youth development fund.”

HOW TO APPLY

You can visit the CBN website or contact NIRSAL MFB for detailed information and updates on the AGSMEIS programme.

Additionally, participating banks can provide guidance on the application process.