The Federal Government has unveiled ambitious plans to launch a Presidential Initiative for Youth Enterprise Clusters, committing a substantial N110 billion to support youth entrepreneurship and economic empowerment nationwide.
Youth Enterprise Clusters
Vice President, Kashim Shettima revealed these plans during the 2024 World Population Day commemoration at the Banquet Hall of the Presidential Villa in Abuja.
He highlighted that this initiative forms part of broader efforts, including the establishment of a Youth Data Bank, a National Youth Development Bank, and the already operational N110 billion Youth Investment Fund.
Commitment to Youth Inclusion
Shettima emphasized that the government is dedicated to ensuring youth representation in governance, highlighting that the current administration has met the 30% quota for including young people at all levels of government.
He emphasized that President Bola Tinubu’s approval of the N110 billion fund signifies a significant stride towards supporting youth initiatives and fostering economic growth.
“It is worthy to note that under this present dispensation, we were able to fulfill the 30% quota for youth inclusion in governance across all tiers of government and most importantly, the President has walked the talk. He approved the sum of N110 billion for the Youth Investment Fund.
“We are setting up the National Youth Development Bank. We are going to set up the Presidential Initiative for Youth Enterprise Clusters worth N110 billion. This is in addition to the Youth Data Bank that the minister earlier talked about that we are setting up,” the vice president said.
Importance of Data and Technology
The Vice President stressed the pivotal role of data in informing governmental decisions and investments. He advocated for enhanced data collection, analysis, and the deployment of modern technology to ensure comprehensive and inclusive evidence. This approach, he believes, will facilitate informed policy-making and strategic development planning.
He said: “Data is life. Data is our evidence. Data is our performance. It is the most realistic picture of situations, trends, and patterns; it tells us how many we are, with an understanding of the age structure, sex structure, location, and more. Data is the true story of our experiences and informs us about today and the future through scientific projections, forecasting, and analysis.
“Despite our last census taking place about 18 years ago, Nigeria has never relegated the importance of data. This is why this day invites us to recommit to improving our data collection, analysis, and deployment of modern technology.
“This will generate more comprehensive and inclusive evidence to guide government decisions, investment options, and development paths.”
Addressing Historical Data Challenges
Acknowledging longstanding challenges in data management, Shettima expressed confidence that Nigeria, under President Tinubu’s leadership, is poised to effectively leverage data for national development.
He highlighted the potential of inclusive data to align government actions with the genuine needs of citizens, such as job creation, healthcare access, and educational improvement.
Strategic Initiatives Moving Forward
In his capacity as Chairman of the National Economic Council (NEC), Shettima pledged to prioritize community-focused development initiatives.
He emphasized the importance of aligning investments with local needs to drive sustainable economic growth and transform liabilities into assets.
The vice president said, “I believe that aligning the people with investment choices will transform quantity (numbers) to quality (capital) and from liability to assets, guaranteeing rapid economic growth.”
Implementation and Impact
The initiative to establish the Presidential Initiative for Youth Enterprise Clusters represents a significant leap towards empowering Nigerian youth economically. By fostering entrepreneurship and leveraging data-driven insights, the government aims to create a more resilient and equitable future for all citizens.
Conclusion
The Federal Government’s commitment to youth empowerment through the N110 billion initiative underscores its dedication to fostering economic prosperity and inclusive development across Nigeria. This initiative not only aims to empower young entrepreneurs but also seeks to harness the potential of data to drive impactful policy decisions and investments.
The launch of the Presidential Initiative for Youth Enterprise Clusters signifies a transformative step towards enhancing economic opportunities for Nigerian youth. Through strategic planning and a commitment to leveraging data, the government aims to build a sustainable pathway to prosperity and ensure that all segments of society benefit from national development efforts.