Kenya’s President William Ruto has launched a massive start-up financial project targeting hundreds of thousands of Kenyan youth in a development seen an economic stimulant laced with political carrot. In Nakuru, Baringo, Narok, Bomet and Kericho counties, the NYOTA Project Business Start-Up Capital disbursement amounted to Ksh.245.6 million, a huge injection of capital into grassroots businesses never before seen it Kenya if replicated across all the 47 counties.
The first phase of the disbursement will benefit 9,847 successful applicants, each receiving an initial start-up capital of Ksh. 25,000. Of this amount, Ksh22,000 will be deposited directly into Pochi La Biashara to support immediate business start-up and operations, while Ksh. 3,000 will be deposited into the beneficiaries’ Haba Na Haba savings accounts under the National Social Security Fund (NSSF) to promote a culture of savings and long-term financial security.
Speaking during the NYOTA Project start-up capital disbursement exercise, President William Ruto announced that the Government is actively engaging development partners in consideration of a second phase of the Business Component under the NYOTA Project.The President further urged youth with technical skills to take advantage of the Recognition of Prior Learning (RPL) component, which will enable skilled but uncertified youth to obtain formal certification. This certification will allow them to access formal employment opportunities both locally and internationally through the Government’s Labour Export Programme.
In addition, 90,000 youth will benefit from the On-the-Job Experience Component of NYOTA, where beneficiaries will be placed under skilled master trainers for a period of six months before being certified. 600,000 youth and women will be trained on how to access Government Procurement Opportunities, empowering them to participate meaningfully in public supply chains.
Nakuru County Governor, Mrs Susan Kihika, urged beneficiaries to utilise the funds prudently for their intended purpose of starting and growing sustainable businesses. She further offered county-level support to NYOTA beneficiaries, including licence waivers through the Department of Trade, access to Ziwani Market stalls, and free vocational training county vocational training centres to enhance skills development.
Cabinet Secretary for Investments, Trade and Industry, Lee Kinyanjui, encouraged NYOTA beneficiaries in the built environment sector to tap into opportunities within the Affordable Housing Program, including supplying construction materials and furnishing components.
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