FEC okays $100m AfDB loan to support young entrepreneurs

The federal executive council (FEC) has approved a $100 million African Development Bank (AfDB) loan for the Nigeria youth investment fund.

Wale Edun, minister of finance and coordinating minister of the economy, said the loan targets entrepreneurs between the ages of 18 and 35, particularly those operating small and medium-scale businesses.

Edun spoke to journalists after the FEC meeting on Wednesday, presided over 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,” the minister 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 prioritise capital expenditure on growth-enhancing and job-creating projects, noting that the economic management team will streamline these priorities for his final approval.(The Cable)