FEC okays $100m AfDB loan to support young entrepreneurs

The federal executive council (FEC) has approved a $100million African Development Bank (AfDB) loan for the Nigeria youth investmentfund. Wale Edun, minister of finance and coordinating minister ofthe 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 onWednesday, presided over by President Bola Tinubu. “Moreover, the council endorsed $50 million funding from theIslamic Development Bank for an integrated agricultural development project inYobe state aimed at improving food security and rural livelihoods,” theminister said. The minister noted that Tinubu commended his cabinet’scommitment to the renewed hope agenda and pointed to new economic indicatorsshowing continued resilience, with GDP expanding by 3.89 percent in the thirdquarter of 2025. He said inflation had started to decline, while theagriculture and industrial sectors recorded strong performance. But despite the progress, minister said the presidentobserved that the current growth rate remains below his 7 percent annualtarget, which he considers essential for lifting millions of Nigerians out ofpoverty. Tinubu was said to have directed ministries, departments,and agencies (MDAs) to prioritise capital expenditure on growth-enhancing andjob-creating projects, noting that the economic management team will streamlinethese priorities for his final approval.

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