𝐅𝐄𝐂 𝐨𝐤𝐚𝐲𝐬 $𝟏𝟎𝟎𝐦 𝐀𝐟𝐃𝐁 𝐥𝐨𝐚𝐧 𝐭𝐨 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐲𝐨𝐮𝐧𝐠 𝐞𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬

The Federal Executive Council has approved a $100m African Development Bank loan to strengthen the Nigeria Youth Investment Fund, targeting entrepreneurs aged 18 to 35.

Finance Minister and Coordinating Minister of the Economy, Wale Edun, said the support is aimed at young Nigerians running small and medium-scale enterprises, noting that it forms part of the government’s broader effort to expand access to finance and stimulate economic inclusion.

He addressed State House correspondents on Wednesday after the FEC meeting chaired by President Bola Tinubu. Edun explained that the AfDB facility would help remove financial barriers restricting youth-driven businesses and improve the ease of accessing credit.

According to him, the loan will be deployed through structured programmes designed to boost productivity, innovation and employment among young entrepreneurs. He added that the initiative aligns with the administration’s agenda to empower youths and strengthen the MSME sector.

The council also reviewed ongoing economic reforms and emphasised the need for sustained support to sectors with high job-creation potential.