President William Ruto has launched the second phase of the National Youth Opportunities Towards Advancement (NYOTA) programme’s business support component, with the government disbursing more than Sh3 billion to over 122,000 young entrepreneurs across the country.
Under the latest phase of the programme, each beneficiary received Sh25,000, bringing the total amount disbursed to Sh50,000 per beneficiary after the second tranche to help young people start or expand their businesses.
Speaking during the launch on Friday, President Ruto said the programme is transforming the lives of thousands of young entrepreneurs by providing them with capital to establish sustainable businesses.
“Thousands of small businesses across the country have been given the much-needed financial boost to expand and thrive. This was abundantly clear from the uplifting stories of success told from every corner of the country,” Ruto said.
“These are clear testaments of what this programme can do, proving wrong those who dismissed Sh25,000 or Sh50,000 as too small to do anything,” he added.
The President said the NYOTA programme has become one of Kenya’s largest investments in youth entrepreneurship, aimed at creating jobs, increasing incomes and promoting financial independence among young people.
To strengthen support for beneficiaries, Ruto directed the Ministry of Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Development to establish a national NYOTA identification mechanism that will enable participants to access government services, incentives and business support more easily.
He also directed government financing institutions, including the Youth Enterprise Development Fund, Uwezo Fund, Women Enterprise Fund and Kenya Industrial Estates, to develop a dedicated NYOTA Growth Product that will provide additional financing to beneficiaries seeking to grow their enterprises.
The President further called on the Intergovernmental Budget and Economic Council (IBEC) and county governments to consider granting NYOTA beneficiaries a two-year waiver on business permit fees to help reduce the cost of doing business during the early stages of enterprise development.
The nationwide rollout of the second phase was led by various Cabinet Secretaries across different counties, while Deputy President Kithure Kindiki presided over the launch in Nakuru County.
The National Youth Opportunities Towards Advancement (NYOTA) programme is a five-year Government initiative designed to reduce youth unemployment by expanding income-generating opportunities, promoting entrepreneurship and encouraging a culture of saving among young people.
The government says the programme seeks to empower young people to become drivers of innovation, economic growth and community development while strengthening the country’s MSME sector.
Author: Andrew Walyaula
Andrew Walyaula is a seasoned multimedia journalist. Email: [email protected]
