The federal executive council has approved a $100 million African Development Bank (AfDB) loan for the Nigeria Youth Investment Fund (NYIF). Wale Edun, minister of finance and coordinating minister of the economy, said the fund is designed to support entrepreneurs between the ages of 18 and 35, especially those managing small and medium-scale businesses. Edun spoke to journalists after the meeting held on Wednesday and presided over by President Bola Tinubu.
He added that “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 explained that the government hopes this agricultural support will boost rural income and improve access to food. According to him, this aligns with the administration’s efforts to strengthen the economy across multiple sectors.
Edun noted that Tinubu commended the cabinet for its dedication to achieving the renewed hope agenda. He pointed to fresh economic indicators showing resilience, with the economy expanding by 3.89 percent in the third quarter of 2025. The minister said inflation has begun to decline, while agriculture and industry have continued to perform well.
However, he said the president maintained that the current growth rate is still below his seven percent target needed to lift millions out of poverty. Tinubu was reported to have directed ministries, departments, and agencies to focus capital spending on growth driven and job creating projects. He added that the economic management team will screen these priorities before seeking final approval from the president.
With the approval of these funds, the government signalled a stronger push for youth empowerment and economic inclusion. It also outlined a medium term fiscal roadmap under the 2026 to 2028 framework. Officials believe that if implementation goes as planned, the youth fund and agricultural financing could support sustainable growth and job creation nationwide.
