The Federal Ministries of Youth Development and Labour and Employment and Sapphital Limited have signed a Memorandum of Understanding (MoU) to create economic opportunities for the youth.
The signing is part of an effort to tackle youth unemployment and boost economic empowerment.
Minister of Youth Development, Comrade Ayodele Olawande, signed on behalf of his ministry while Minister of State for Labour and Employment, Nkeiruka Onyejeocha, signed for the Ministry of Labour and Employment.
A statement by the Director, Information and Public Relations, Federal Ministry of Youth Development, Omolara Esan, said the agreement marked a major step toward equipping young Nigerians with the skills and opportunities needed to thrive in today’s economy.
Olawande highlighted the significance of the Labour Employment and Entrepreneurship Programme (LEEP) and the Nigerian Youth Academy (NIYA) platform.
According to him, these initiatives will redefine youth empowerment by providing clear pathways for skills development, job placement, and entrepreneurial growth.
He said, “this partnership goes beyond promises, it is about action. By integrating vocational training, technology, and mentorship, we are committed to equipping Nigerian youth with the right skills to succeed in today’s competitive job market.”
Comrade Olawande further said the collaboration between the two ministries aligned with President Bola Tinubu’s vision to tackle youth unemployment head-on and drive sustainable economic growth.
“Not only will this initiative prepare young Nigerians for existing jobs, but it will also empower them to become job creators, fostering innovation, enterprise, and prosperity across the nation”, he said.
Onyejeocha reaffirmed the commitment of the ministry to job creation under President Tinubu’s Renewed Hope Agenda.
She noted that LEEP was designed with the theme, “Don’t Leave Anyone Behind”, ensuring that youth, women, and retirees all have access to economic opportunities.
She said: “The Ministry of Labour and Employment is ready to collaborate with all stakeholders to reduce poverty, create wealth, and generate employment opportunities for Nigerians.”

Manufacturers in Nigeria earned N494.2 billion from the export of goods in the fourth quarter of 2024.
Data from the foreign trade report showed that the country’s exports for the period jumped by 110 per cent when compared to N235 billion in the corresponding period of 2023 and recorded a decrease of 52.5 per cent from the preceding quarter in 2024.
A breakdown of the data showed that manufacturers’ exports for the period accounted for 24.5 per cent of the total N8.97 trillion of manufactured goods traded.
The main export commodity was Unwrought aluminum alloys exported to Japan and China worth N63 billion and N9.3 billion respectively.
By region, Africa accounted for most of the manufactured goods exports with N215.9 billion, followed by Asia with N165.9 billion and Europe with N62 billion for the period.
The data also showed that manufacturers imported manufactured goods worth N8.5 trillion, indicating a 113 per cent increase from N3.97 trillion in the fourth quarter and a 21.37 per cent rise from N6.98 trillion recorded in Q3 2024.
According to manufacturers, the high raw materials and machinery imports bill is due to exchange volatility. The country’s currency traded against the green bag during the period was 1,700/$, according to BusinessDay’s analysis.
Manufacturers import their raw materials invoiced in dollars which they must now purchase using the slumping naira.
Depending on the sector, exposure to the FX market in the Nigerian manufacturing sector averages about 40 percent, according to the Manufacturers Association of Nigeria (MAN).
But it differs from sector to sector. Sectors like pharmaceuticals and chemicals would naturally have higher FX exposure because most of their inputs are imported owing to the lack of a limited petrochemical industry in Africa’s most populous nation.
Products from inputs to machinery are imported into the country every week by manufacturers.
The fact that manufacturers are the biggest importers is, however, ironical, given that the sector should naturally be at the forefront of exporting and repatriating FX into the economy.
In the words of the Chief Executive Officer for the Centre for the Promotion of Private Enterprise, Muda Yusuf, “The exchange rate volatility has been raising production costs for manufacturers because of their dependence on imported raw materials.”
Speaking at the 2024 MAN’s Annual General Meeting (AGM), Managing Director of Coleman Wires and Cables Industries Ltd., George Onafowokan, said foreign exchange volatility is negatively impacting the country’s manufacturing as the cost of importing essential raw materials and machinery has tripled.
Onafowokan said the foreign exchange scarcity has greatly hindered manufacturing sector operations, hence affecting business sustainability.

The World Bank is set to approve a total of $1.13billion in loans for Nigeria before the end of March 2025.
This is part of ongoing efforts to support the country’s economic resilience, health security, and education reforms.
Information published on the World Bank’s website, stats that three key projects for Nigeria are at the stage of negotiation, with approval dates set for this month.
Among the projects set for negotiation is the Accelerating Nutrition Results in Nigeria 2.0 programme, valued at $80million, which is expected to be approved by March 31, 2025.
This initiative is aimed at improving nutrition outcomes, particularly among vulnerable groups, by enhancing access to essential dietary support and reducing malnutrition rates.
Another project in the negotiation phase is the Community Action for Resilience and Economic Stimulus Programme, which has a commitment value of $500million and is expected to be approved by March 24, 2025.
The project is designed to provide economic stimulus for community-driven initiatives to strengthen economic resilience and growth.
The “HOPE for Quality Basic Education for All” programme, with a proposed funding of $552.2million, is also at the negotiation stage and is expected to secure approval by March 31, 2025.
This initiative seeks to improve the quality of basic education by addressing infrastructure deficits, enhancing teacher training, and increasing educational accessibility across the country.
The potential approval of these loans comes at a time when Nigeria continues to grapple with economic challenges, including foreign exchange liquidity constraints, fiscal deficits, and mounting debt servicing obligations.
The Tide’s source had earlier reported that the Federal Government would likely secure six new loans totalling $2.23billion from the World Bank in 2025 as the international financial institution continues to support the country’s economic and structural reforms.
Data from the World Bank’s official website indicates that this will bring Nigeria’s total approved loans to $9.25billion over three years, reflecting a growing reliance on multilateral funding to support critical sectors of the economy, including infrastructure, healthcare, education, and economic resilience.
An analysis of Nigeria’s loan approvals from the World Bank since 2023 under the administration of President Bola Tinubu shows a significant increase in funding commitments.
In 2023, the World Bank approved loans amounting to $2.7billion, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector.
The funding approvals recorded in 2024 significantly surpassed those of the previous year, with a total of $4.32billion allocated to various projects. This increase was largely due to Nigeria’s growing need for financial assistance to stabilise the economy amid mounting fiscal pressures and rising public debt.
For 2025, Nigeria is looking to secure six new loans from the World Bank, with a combined value of $2.23billion. The planned loans cover key sectors, such as digital infrastructure, healthcare, education, nutrition, and community resilience.
While the proposed World Bank loans could provide much-needed fiscal relief, concerns remain over the country’s rising debt burden. Recent data from the Central Bank of Nigeria indicate that the country has spent $5.47bn on external debt servicing in the past 14 months, highlighting the strain on its foreign reserves.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier said that rather than accumulating more debt, the government is prioritising alternative funding sources such as revenue generation, concessional loans, and strategic investments.
“We are at that optimisation stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimising assets and attracting private sector investment, whether domestic or foreign,” Edun said.
However, the consistent growth in the World Bank’s financial commitments to Nigeria, from $2.7bn in 2023 to $4.32bn in 2024, and the anticipated $2.23bn in 2025, highlights the country’s increasing dependence on concessional financing to drive structural reforms and public sector investments.
The source further observed that Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association, despite its exposure dropping to $16.8bn as of December 31, 2024.
According to the World Bank’s latest financial statements for the fiscal year up to December 2024, Nigeria’s debt to the IDA dropped by $300m in three months from $17.1bn recorded in September 2024.
However, the current amount is still higher than the $16.5bn recorded in June 2024.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.