Firm Seeks N100bn Fund to Tackle Youth Unemployment


By Emmanuel Addeh

FHT Ventures Plc, a mass housing and property development firm in collaboration with its overseas partners has said it is in the process of sourcing for about N100 billion to be devoted to building low-cost houses as well funding agriculture for youths in the country.

Chairman of the company, Mr. Olubunmi Adewa-Faboro, who spoke in Abuja, noted that the project seeks to explore Nigerian potential and the provision of mortgage based affordable homes, using local materials and appropriate technology.

He added that while the company and its associates are core investors, the government participation will be in the form of provision of project sites which will also be collaboration with the Central Bank, especially to access its intervention funds in agriculture and affordable homes.

Adewa-Faboro explained that the World Bank and other development banks will be fully involved, adding that 1,000 youth entrepreneurs will be trained and empowered in every state in Nigeria in the project’s first phase spanning November 2020 to November 2021.

“Intervention fund shall be sourced per state from the Central Bank of Nigeria using the available platforms already existing with the designated Micro Finance Banks and the Federal Ministry of Youth and Sports Development while FHT Ventures Plc. shall raise equity from the capital market

“The youth coalition shall be coordinated through cooperative societies in every state in Nigeria with Board of Directors to be coordinated by FHT Ventures Plc. and their Associates while the youth coalition shall mobilise all the Nigerian youths within the ages of 18 years to 45 years within 12 calendar months with sustainable data base that will be updated quarterly within other years, ” the chairman said.

He added that the project will take off immediately with an agro-export scheme to many countries with youth entrepreneurs to be positioned through the training to access intervention fund from the government.

In his remarks, National President, Nigeria Youth and Student Coalition (NYSC) Mr Mumeen Ibrahim, noted that youth unemployment can be tackled with adequate housing and agriculture and remains a viable way of stopping youth restiveness in country.

“There is a need for more involvement of the youth population to embrace the business of agriculture. To this end, FHT Ventures PLC in partnership with Nigeria youth and students coalition has initiated modalities for this programme,” he stated.

He urged the government to be intentional in encouraging private and public partnerships and sought for the full cooperation of Nigerians in a bid to ensure that the scheme succeeds.