FEC Approves $100m AfDB Loan for Nigeria Youth Investment Fund
- The Federal Executive Council (FEC) approved a $100 million AfDB loan for the Nigeria Youth Investment Fund
- An additional $50 million loan from the Islamic Development Bank was endorsed for an agricultural development project in Yobe state
- President Tinubu urged MDAs to focus on growth-driven and job-creating capital projects to meet his 7% annual growth target
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria
The Federal Executive Council (FEC) has approved a $100 million loan from the African Development Bank (AfDB) to support the Nigeria Youth Investment Fund.
The credit facility is designed to expand access to finance for young entrepreneurs across the country, The Cable reported.
The minister of finance and coordinating minister of the economy, Wale Edun, disclosed this to State House correspondents after the FEC meeting held on Wednesday and chaired by President Bola Tinubu.
According to Edun, the initiative will focus on Nigerians aged 18 to 35, especially those running small and medium-scale enterprises.
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The minister added that the council also gave approval for $50 million in funding from the Islamic Development Bank to support an integrated agricultural development project in Yobe state.
He said the project aims to boost food production and strengthen livelihoods in rural communities.
Edun noted that President Tinubu acknowledged the commitment of his cabinet to the Renewed Hope Agenda and highlighted new economic indicators showing resilience.
He pointed out that Nigeria’s GDP grew by 3.89% in the third quarter of 2025, alongside declining inflation and strong output from the agriculture and industrial sectors.
However, the minister explained that the president believes the current pace of growth is still below his 7% annual target, which he considers necessary to reduce poverty on a large scale.
Tinubu, therefore, directed ministries, departments and agencies (MDAs) to prioritise capital spending on projects that stimulate economic expansion and create jobs.
The economic management team is expected to refine these priorities before presenting them for final approval.
Recall that the federal government recently launched the National Job Centre Project to connect skilled Nigerians with real employment opportunities in a bid to tackle youth unemployment in the country.
At the time, Minister of State for Labour and Employment, Nkeiruka Onyejeocha, also unveiled the Labour Employment and Empowerment Programme (LEEP).
Both initiatives reportedly align with President Tinubu’s Renewed Hope Agenda, which aims to build a more inclusive and sustainable labour market.
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A report titled State of the Nigerian Youth Report 2025 by Plan International Nigeria revealed that more than 80 million Nigerian youths are without jobs, representing 53%, DailyTrust reported.
According to the report, joblessness, insecurity, and poor governance are forcing millions of young people into irregular migration, cybercrime, and other dangerous coping mechanisms.
AfDB approves $500m loan for Nigeria's energy reform
Legit.ng earlier reported that the African Development Bank has approved a new $500 million loan to support Nigeria’s ongoing energy reforms and fiscal policy improvements.
The bank disclosed that the funding represents the second phase of the Economic Governance and Energy Transition Support Programme, covering Nigeria’s 2024–2025 fiscal years
According to AfDB, the programme aims to strengthen public financial management, reform the energy sector, and advance Nigeria’s climate action and energy transition plan.
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