President William Ruto has launched the second phase of the National Youth Opportunities Towards Advancement (NYOTA) project, a flagship government initiative put in place aiming at empowering young people through entrepreneurship and enterprise development.
The launch ceremony, which took place on Wednesday at the Eldoret Sports Club, also marked the commencement of the disbursement of startup funds to youths who have successfully qualified for the programme across the country.
The event attracted a large number of government officials, youth representatives, and stakeholders in the micro, small and medium enterprises (MSME) sector.
Approximately 50,000 young Kenyans are set to receive Sh22,000 each as seed capital under Phase Two. The money will be deposited into their NYOTA mobile wallets directly.
Additionally, the government will contribute Sh3,000 per beneficiary to the National Social Security Fund (NSSF) with an aim of promoting a culture of saving among young entrepreneurs.
Speaking during the launch ceremony, President Ruto said that the initiative reflects his administration’s commitment to placing youth at the centre of Kenya’s economic transformation. He went on to describe the young people as a critical driver of growth and innovation.
“Young people are the engine of our economy. Through programmes like NYOTA, we are equipping them with the tools they need to create opportunities for themselves, generate jobs, and contribute meaningfully to national development”, said the President.
Officials from the Ministry of Cooperatives and Micro, small and medium Enterprises noted that the NYOTA project goes beyond providing capital. According to the ministry, the beneficiaries also undergo entrepreneurship training, mentorship and support to access markets. All these are aimed at improving the sustainability of youth-led businesses.
According to the government, the programme goes hand in hand with the Bottom-Up Economic Transformation Agenda, which prioritises grassroots enterprise development and financial inclusion.
Terming it as a timely intervention amid limited access to startup capital, the youth beneficiaries welcomed the initiative, with many of them saying the combination of seed funding and mandatory savings would be of help to them in building resilient businesses.
The government has indicated that additional phases of the NYOTA project will be rolled out across the country as part of a long-term strategy strengthen Kenya’s MSME sector and ensure expansion of economic opportunities for the youth.
