The Federal Executive Council (FEC) has approved a $100 million loan from the African Development Bank (AfDB) to support the Nigeria youth investment fund.
Finance minister and coordinating minister of the economy, Wale Edun, said the fund will target young entrepreneurs aged 18 to 35, with a focus on small and medium-sized businesses.
Edun made the announcement on Wednesday, December 3, following FEC meeting chaired by president Bola Tinubu.
“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.
The minister noted that Tinubu commended his cabinet’s commitment to the renewed hope agenda and pointed to new economic indicators showing continued resilience, with GDP expanding by 3.89 percent in the third quarter of 2025.
He said inflation had started to decline, while the agriculture and industrial sectors recorded strong performance.
But despite the progress, minister said the president observed that the current growth rate remains below his 7 percent annual target, which he considers essential for lifting millions of Nigerians out of poverty.
Tinubu was said to have directed ministries, departments, and agencies (MDAs) to prioritize capital expenditure on growth-enhancing and job-creating projects, noting that the economic management team will streamline these priorities for his final approval.
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