The Federal Government has unveiled plans to launch the first phase of a project to distribute 2,000 Compressed Natural Gas (CNG)-powered tricycles to young Nigerians on October 1, 2024.
Briefing journalists on the initiative on Friday, Minister of State for Youth Development, Mr Ayodele Olawale, explained that the distribution of the tricycles was part of activities line up by the government to mark Nigeria’s 64th Independence Anniversary celebrations.
According to him, the initiative will ensure that tricycle riders, who are mostly youths, will spend only 20 per cent of what they are currently spending on petrol to power their tricycles, and by implication improve their profit and generally reduce the cost of transportation for their passengers.
The minister said: “I have just concluded a meeting for a partnership between the Federal Ministry of Youth Development, the Presidential Initiative on CNG, and the Amalgamated Commercial Motorcycle Owners and Riders Association of Nigeria for a Tricycle Empowerment
“By Tuesday, October 1st, we will be launching the first phase of a project to distribute 2,000 CNG Tricycles before the end of the year to the informal youth who work in the transportation sector”, he added.
While lamenting the challenge of high youth unemployment in the country, Olawale maintained that President Tinubu believed that about 75% of youth job seekers would stand a chance of securing employment within the growing Micro Small and Medium Enterprises (MSMEs) sector and current initiatives of the Bank of Industry (BOI).
Noting that the youths were obviously not part of the struggle for independence, the minister recalled that the founding fathers of the nation had given them hope to celebrate, and urged the citizens to nurture and preserve this independence.
Olawale further explained that the National Youth Investment Fund (NYIF), with an initial capital of N110 billion, was designed by the President Bola Tinubu-led administration to provide financial support to youth entrepreneurs and start-ups.
He expatiated: “He initiated the Student Loan to give every willing Nigerian youth the chance to access quality education without financial worries.
“The President also approved the set-up for the Nigerian Youth Academy (NiYA) as a platform to teach the relevant skills that would propel the active participation of youth in the business sector and the job market.
“As youth, this government believes that we have the digital power, the technology, and the force of innovation to drive the growth of Nigeria. Hence, we launched the Digital Literary for All (DLAALL) to train over 30 million youth in digital literacy and skills with the partnership of NYSC and NITDA”, the minister added.
