FEC approves $100m AfDB loan to boost youth entrepreneurship

The federal executive council (FEC) has approved a $100 million loan from the African Development Bank (AfDB) to support the Nigeria Youth Investment Fund.

Announcing the development, Wale Edun, minister of finance and coordinating minister of the economy, said the facility is designed to assist young entrepreneurs aged 18 to 35, especially those running small and medium-scale enterprises.

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“Moreover, the council endorsed $50 million funding from the Islamic Development Bank for an integrated agricultural development project in Yobe state aimed at improving food security and rural livelihoods,” the minister said.

Edun added that President Bola Tinubu praised the cabinet for its commitment to the Renewed Hope Agenda, noting that emerging economic indicators point to sustained resilience, with GDP growing by 3.89 percent in the third quarter of 2025.

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He said inflation had begun to ease, while agriculture and industry posted strong gains.

However, despite the positive signs, the minister said the president stressed that the current growth rate remains below his 7 percent annual target — a rate he considers crucial to lifting millions of Nigerians out of poverty.

Tinubu was also said to have directed ministries, departments, and agencies (MDAs) to prioritise capital spending on projects that boost growth and create jobs, adding that the economic management team will refine these priorities before presenting them for his final approval.