The federal government has approved a $100 million African Development Bank, AfDB loan for the Nigeria youth investment fund.
The decision to obtain the loan was arrived at during Wednesday Federal executive council , FEC meeting, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The FEC meeting was presided over by president Bola Ahmed Tinubu, where the Council also agreed to a $50 million funding for an agricultural project in Yobe state.
Edun, while speaking after the meeting said the loan will be used to assist young Nigerians, between the ages of 18 and 35 operating small and medium-scale businesses.
“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,” Edun said.
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