Deputy Speaker of the House of Representatives, Chief Benjamin Kalu, has increased the number of beneficiaries under the Youth Entrepreneurship and Empowerment Programme (YEEP), raising the grant recipients to 74 young entrepreneurs for the 2026 edition.
Kalu announced the expansion at the YEEP Summit held in Abuja, describing the initiative as part of ongoing efforts to promote youth-driven economic growth and entrepreneurship across the country.
The Deputy Speaker said the number of beneficiaries had doubled from the 37 entrepreneurs supported in the previous year, reflecting a stronger commitment to empowering young Nigerians through enterprise development.
To ensure inclusiveness and gender balance, Kalu directed that the grants be distributed equally between male and female beneficiaries, with 37 slots allocated to each group.
He stressed the importance of accountability and sustainability, noting that future expansion of the programme would depend on the performance of current beneficiaries.
According to him, the number of grants could be increased further in subsequent editions if beneficiaries demonstrate measurable business growth and provide verifiable reports on the utilisation of the support received.
Speaking at the event, the Minister of Women Affairs and Social Development, Mrs Imaan Suleiman-Ibrahim, said Nigeria's young people possess immense entrepreneurial potential and require adequate support rather than rescue.
The minister disclosed that Nigeria currently records the highest rate of female entrepreneurship globally, with 82 per cent of women identifying as entrepreneurs.
Despite this achievement, she noted that only 23 per cent of women-owned businesses have access to formal credit facilities, a challenge she described as a major obstacle to growth.
Suleiman-Ibrahim said the Federal Government was working to bridge the gap through strategic partnerships aimed at expanding access to finance, digital tools and cooperative savings platforms across the country's 774 local government areas under the Renewed Hope Agenda.
Also speaking, the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, announced a new 200 million euro concessional loan agreement signed with the Development Bank of Nigeria.
Mignot explained that the facility, backed by the European Investment Bank, would support small and medium-scale enterprises operating in the digital and green economy sectors, particularly those led by women and young entrepreneurs.
He reaffirmed the EU's commitment to human capital development through initiatives such as the Nigeria Jubilee Fellowship Programme and the 3 Million Technical Talent (3MTT) programme.
The Director-General of the National Youth Service Corps (NYSC), Brig.-Gen. Olakunle Nafiu, commended the foundation behind YEEP for its nine-year collaboration with the scheme.
Nafiu said the partnership had provided practical entrepreneurial training to more than one million corps members across orientation camps nationwide and facilitated start-up support for hundreds of young graduates.
He reiterated the commitment of the NYSC Skill Acquisition and Entrepreneurship Development programme to producing job creators rather than job seekers.
Founder of Activate Success International Foundation and Convener of YEEP, Love Idoko-Uloko, encouraged participants to embrace innovation and value creation.
According to her, more than 90 per cent of businesses supported through the foundation remain operational, while 85 per cent have successfully completed formal registration processes with relevant regulatory authorities.
She advised young entrepreneurs to focus on solving real-world problems and building viable business models rather than concentrating solely on raising capital.
Representatives of key private sector organisations also highlighted the importance of entrepreneurship in driving economic development.
Senior Vice President of Business Development at Flutterwave, Olufunmilayo Olaniyi, said the company was committed to providing entrepreneurs with access to digital payment solutions and financial technology tools needed to scale their businesses.
Similarly, Nestlé's Head of Corporate Communications, Victoria Uwadoka, underscored the significance of creating sustainable value through entrepreneurship.
She said the company's continued support for YEEP over the past nine years was driven by the programme's transparency, accountability and measurable impact on beneficiaries.
Chief Executive Officer of Mines and Lines, Apeh Itam, urged young entrepreneurs to pursue success while maintaining purpose and societal relevance.
Also, the Chief Executive Officer of Crown Luxury Properties, Amos Gbadewole, encouraged beneficiaries to utilise their grants prudently, sharing his personal story of building a successful real estate business from savings accumulated during his National Youth Service nearly two decades ago.
Stakeholders at the summit agreed that sustained investment in youth entrepreneurship remains critical to addressing unemployment, fostering innovation and accelerating Nigeria's economic development.
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