Farah Dagogo, a member of the Degema / Bonny federal constituency of Rivers state, said the proposed entrepreneurship law would create opportunities and resources for Nigerian youth.
The legislature made this known in an interview with journalists on the International Youth Convention and referred to how the worldwide recognition of young people affects Nigeria.
He said youth are a critical mass in Nigeria, the most populous black nation, and stressed that it was “imperative and obligatory” that the country’s government focus on policies that benefit youth.
Dagogo regretted that the governments at the three levels had failed to use the young people’s potential except to use it for personal political gain.
Legislature announced that it has sponsored a law that not only provides funding for young people, but encourages them to get into businesses.
He said the bill, entitled “Youth Entrepreneurship Development Trust Fund (Establishment) Bill, 2021 (HB. 1448)” is already in the second reading in the House of Representatives.
He stated that when the law goes into effect “will create a fund that will be used to financially support Nigerian youth with entrepreneurial skills”.
He said: “I am optimistic that the bill will play three major roles in the socio-economic and security role and coordinate them to employers of manpower.”
Regarding the highlights of the bill, the federal legislature said it had proposed that “the funding of the ‘youth fund’ is no less than 5% of the proposed capital estimate from the federal account approved as funding for the fiscal year”.