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FG Approves N110 Billion to Rejuvenate the National Youth Investment Fund

Published

4 months ago

May 18, 2024

Joel Ajayi

The Federal Government has approved N110 billion to revitalize the National Youth Investment Fund (NYIF), for the 2024 fiscal year to serve as a cornerstone for youth empowerment.

The Minister, Ministry of Youth Development, Dr. Jamila Bio Ibrahim, disclosed this during the closing ceremony of the Ministry’s Management Retreat on Presidential Priorities and Deliverables with the theme: ‘Achieving the Eight Presidential Priorities and Deliverables’ in Abuja.

She said the fund is not just a financial reservoir but a catalyst for youth entrepreneurship and innovation aimed at bridging the gap between ambition and opportunity.

Dr Ibrahim further stated that this administration is committed to empowering every Nigerian youth through actionable policies and innovative programmes, under the visionary leadership of President Bola Ahmed Tinubu, which aligns with the renewed hope agenda.

“Federal Government has also approved the integration of Skills and Entrepreneurship Development into the NYIF programme, transitioning the NYIF Committee to an interim project management office, and investing N5 billion in the Youth Development Bank.” She added.

According to her, “the National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry and their private sector partners, represents a ground-breaking stride towards economic independence for our youth. With an initial take-off shareholder fund of N10 billion, this institution will be instrumental in nurturing young entrepreneurs and innovators who are the bedrock of our nation’s future.”

The Minister further explained that the Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises, adding that with an initial capitalization of N10 billion, the bank is poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but development, guidance, mentorship, and a network of resources. The Bank of Industry will be investing N2.5 billion and their private sector partners have committed to the balance of the N2.5 billion investment, and the bank will be private sector managed.

“The rehabilitation and transformation of Youth Development Centres across the country are set to commence immediately. These centres will be transformed into hubs of technical, digital, and creative skills training; bastions of social, political, and cultural engagement, amongst our youths; and sanctuaries for mental health and combatting the scourges of substance abuse and social decay. By investing in these centres, we are investing in safe spaces that foster the holistic development of the Nigerian youth”, she stated.

In his vote of thanks, the Permanent Secretary of the Ministry, Dr. Dunoma Umar Ahmed, expressed gratitude to the Federal Government, the Ministry, all development partners and stakeholders for their unwavering commitment and unflinching support towards lifting the quality of life of Nigerian youth.

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How Prof. Nnanyelugo Ike-Muonso Repositioning the Raw Materials Sector For Economic Diversification

Published

4 days ago

September 3, 2024

The Gleamer

By Joel Ajayi

As we embark on a journey, we always pray for an able, experienced, and courageous driver, pilot, or sailor depending on the means of transportation.

This is because the captain will have enough experience and boldness to navigate out of turbulence and to bring all the passengers and crew to the intended destination.

Interestingly, these fine qualities of ability, experience, boldness, and many more, abound in the man, Prof. Nnanyelugo Martins Ike-Muonso, who we all are pleased was appointed the Raw Materials Research and Development Council, RMRDC, the Director General/CEO by President Bola Ahmed Tinubu a few months ago.

This is because he has brought his knowledge, ability, experience, and doggedness to bear in carrying out his assignment in charge of the Council.

The RMRDC, operating under the Federal

The Ministry of Innovation, Science, and Technology, is pivotal in driving Nigeria’s industrial growth by optimizing local raw materials exploitation, development, and utilization. RMRDC, ab initio, was conceived as a child of necessity when Nigeria was reeling from the throes of global recession and plummeting crude oil prices.

Without an iota of doubt, today, the council is experiencing a transformation with massive innovation in raw material exploitation, development, and utilization, supporting business and industrial growth, and contributing to Nigeria’s economic prosperity.

Speaking this during a press briefing on Tuesday, in Abuja to commemorate his 100 days in office said the council is laying a solid foundation through numerous innovations that will further enhance growth in the country.

According to him, in the past 100 days, my strategic pursuits have been to lay solid foundations for enduring success in these goals.

“Upon assuming this position, I set five crucial deliverables which include, refocusing the Council as a premier research institution; Strengthening the Council’s productivity and operational efficiency; Significantly improving the staff welfare to be the best in the class of similar organizations;

“Others include, Boosting the Council’s visibility and instituting remarkable culture change that encourages ownership and productivity as well as Strengthening and deepening the Council’s place in the international arena.”

While speaking on his Achievements so far, the DG revealed: “My first task, therefore, was to implement a strategic goal-setting for the Council’s staff to define and set out clear objectives and targets to be achieved by the Council within a specified period towards refocusing on this historical mandate. We unleashed five significant initiatives in that regard.

“The nationwide raw material data collection exercise that focused on technical and investment information. erships to drive our mission forward.

“The restructuring and renaming of the former Technology Innovation Complex (TIC) at the Obasanjo Space Center at Airport Road, Abuja, to a Research and Demonstration Plants Complex (RDPC). This complex will be Africa’s first center of excellence in raw material research, featuring state-of-the-art laboratories, technology development workshops, and proof of concept demonstrations.

“We have reactivated the Council’s Journal and repositioned it internationally. The repositioned Journal of Raw Material Research [JORMAR] will host RMRDC’s researchers’ publications, which are crucial in promoting awareness, facilitating knowledge sharing, and informing stakeholders about the opportunities and challenges in Nigeria’s raw materials sector.

“The collaboration with universities and academies will strengthen our capacity for conducting market-guided research, ensuring sustained workforce training while deepening our orientation in science.

The council has reformulated a new template for all our research proposals to ensure and sustain a clear departure from the old culture of blue-sky and deliberately endless research.

Speaking further, Prof Nwanyelugo Martins Ike-Muonso stated that Staff welfare remains a top priority as an issue of unpaid salaries is settled as well as set up a comprehensive welfare program.

“Similarly, we established the RMRDC Training School to sustainably build our staff and stakeholders’ capacity to further the staff welfare improvement goal.

“We are committed to openness, inclusiveness, and performance management and have initiated steps to continuously improve staff ownership, orchestrate transformative culture change, boost our corporate visibility, and enhance

“To further strengthen our visibility and communication strategies, we are upgrading our media infrastructure, which includes the launch of the RMRDC online media platform, The RMRDC TV Online.

“Additionally, we are working hard to effectively enhance the intellectual property and patent portfolio of RMRDC from its current 40 to approximately 200 new patents within the next 24 months. This proactive approach secures valuable IP assets and positions the Council as a leader in innovation within the raw materials sector, contributing to Nigeria’s overall economic growth.

“As well as launching an e-registration and certification portal to enhance transparency in the raw materials sector,” DG revealed.

He however reaffirmed his commitment to reshape the future of research, technology, and innovation, driving Nigeria towards an industrially vibrant and technologically resilient economy.

“As I mark 100 days in office, I boldly say that the Council is on the verge of rewriting its history.

“I believe that in no distant future, RMRDC will play a leading role in enhancing raw materials’ development to boost raw materials’ industrial trial processing and attain sustainable industrial growth in Nigeria.

DG, however, applauded the Minister of Innovation, Science, and Technology, Chief Uche Geoffrey Nnaji, for his unwavering support and mentorship, saying the Minister’s leadership has been instrumental in the progress made so far.

In his opening remarks, the Directorate of Corporate Affairs, Mr Chucks Ngaha commended the hard-working DG who has weathered the storm further to put the Council on the ladder of more prosperity.

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