Flexible Loans for Young Entrepreneurs Announced by Govt – NYA
The National Youth Authority (NYA) has announced the government’s plan to provide flexible loans to young entrepreneurs to help strengthen their businesses.
This initiative is part of the government’s broader strategy to drive the next phase of industrialization through the proposed Young Entrepreneurs Business Development initiative, which aims to finance and support youth-led enterprises.
Speaking to the media during the launch of the Youth and Women Business Policy Environment Reform (YWPER) Project, the Chief Executive Officer of the NYA, Osman Abdulai Ayariga, reaffirmed the government’s commitment to creating an enabling environment for young entrepreneurs by providing the necessary funding and support.
Mr. Ayariga stated that “The government is looking at ways to provide very flexible loans to the youth of this country. That is why His Excellency, as part of our manifesto, introduced the Young Entrepreneurial Business Development initiative, which is expected to function as a bank or microfinance institution to support young entrepreneurs. Beyond this, we are also focusing on developing young people, particularly in agriculture, industrialization, and entrepreneurship.”
He further explained that the youth policy and manifesto emphasize integrating youth-focused opportunities within various ministries and industries.
This approach ensures that young entrepreneurs receive a fair share of business opportunities without having to compete with well-established multinational corporations.
“You cannot have a youth-led business competing with a global giant, it creates an unfair playing field. We need to establish an enabling environment specifically for young entrepreneurs. If the government is issuing tenders and contracts, a percentage of them should be reserved for youth businesses to encourage their growth.”
The government, through the NYA, aims to implement these measures to empower young entrepreneurs and contribute to national economic development by fostering youth-led innovation and enterprise.
