Tinubu-led cabinet also clears $50m Islamic Development Bank facility for Yobe agricultural development as FG pushes growth, jobs and food security
The Federal Executive Council (FEC) has approved a $100 million loan from the African Development Bank (AfDB) to support the Nigeria Youth Investment Fund, a scheme designed to boost entrepreneurship and access to finance for young Nigerians.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the approval on Wednesday while briefing State House correspondents after the council meeting presided over by President Bola Tinubu.
According to Edun, the facility is targeted at Nigerians aged 18 to 35, particularly those running small and medium-sized enterprises who need capital to scale their businesses.
In addition to the youth development facility, Edun revealed that FEC also endorsed a $50 million loan from the Islamic Development Bank for an integrated agricultural development project in Yobe State. The programme is expected to strengthen food security, support rural livelihoods, and expand productivity in the state’s agricultural sector.
The minister added that President Tinubu commended members of his cabinet for their commitment to the administration’s Renewed Hope agenda. He highlighted recent economic indicators showing continued resilience, noting that Nigeria’s GDP grew by 3.89 percent in the third quarter of 2025.
Edun said inflation has begun to ease, while both the agriculture and industrial sectors posted strong performances during the period.
Despite the positive trends, the president reportedly stressed that the growth rate remains below his 7 percent annual target, which he considers necessary to lift millions of Nigerians out of poverty.
To accelerate progress, Tinubu directed ministries, departments, and agencies (MDAs) to prioritise capital spending on projects that directly support economic expansion and job creation. He also instructed the economic management team to refine and streamline these priorities before forwarding them for his final approval.
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