The Minister of Youth Development, JAMILA BIO IBRAHIM, says the Federal Executive Council has approved the establishment of the presidential initiative for the youth entrepreneurship cluster.

JAMILA said the first six clusters will be activated in the coming weeks, and will empower fifty thousand entrepreneurs, by creating up to five hundred thousand news direct jobs and over two million indirect engagements for young Nigerians.

The minister stated this during the ongoing Ministerial Sectoral Update to mark the first anniversary of President BOLA TINUBU’S administration, held at the Radio House in Abuja.

She noted that the second phase of the deliverables is the Youth Development Bank, in partnership with the Bank of Industry. 

The establishment of the NextGen Bank, a specialised financial institution, is aimed at supporting youth-led initiatives in strategic sectors, providing vital financial services with an initial government investment of five billion naira, matched by contributions from the Bank of Industry and private sector partners.