February 18, (THEWILL) — The Federal Government has launched the GROW (Growth and Revenue Optimisation for Wealth) Fund to support 6,122 youth entrepreneurs, a move aimed at stimulating small businesses, creating jobs and strengthening Nigeria’s non-oil economy.
The initiative comes amid persistent youth unemployment challenges. By expanding access to finance and business support, the government hopes to unlock the productive capacity of young Nigerians and drive inclusive growth.
Micro, Small and Medium Enterprises (MSMEs) account for about 96 per cent of businesses in the country and contribute roughly 48 per cent to GDP, yet many struggle to secure affordable funding.
Economists say the programme could have a significant multiplier effect. If each beneficiary business creates just two to five additional jobs, the fund could generate between 12,000 and 30,000 indirect employment opportunities across value chains, particularly in agriculture, light manufacturing, services and the digital economy.
Beyond job creation, the GROW Fund is expected to support economic diversification efforts as Nigeria seeks to reduce reliance on volatile oil revenues.
By strengthening youth-led enterprises, the initiative could boost domestic production, expand the tax base and deepen financial inclusion.
However, analysts stress that sustained impact will depend on effective implementation, transparent disbursement and complementary support such as mentorship, market access and infrastructure.
If successfully executed, the GROW Fund could mark an important step toward turning Nigeria’s large youth population into a driver of long-term economic growth.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
