- Minister Wycliffe Oparanya of the cooperatives launched the National Youth Opportunities Project (Star) at the University of Kakamega Youth Polytechnic
- Oparanya revealed that 17 million young people are currently working in the informal sector, which contributes around 40% of Kenya’s GDP (GDP)
- The Prime Minister revealed that 1.4 million people applied for the program, but 110,000 would benefit from the funding
Minister of cooperatives and small, small and medium -sized businesses (MSMES), Wycliffe oparanyahe has urged young people to seek entrepreneurship to solve the problem of youth unemployment in the country.
Source: Twitter
Speaking at the launch of the National Youth Opportunity Project for Development (Star) at the Kakamega Youth Polytechnic College, Oparanya said that the MSME industry costs approximately 98% of all jobs in Kenya.
The minister said that the government would provide KSh 50,000 for each beneficiary to start its own business.
“The government has joined the World Bank to allocate KSh 33 billion in five years because this is an important sector. Every young man will receive KSh 50,000 as funds to start revenue generating activities,” He revealed, as reported by Mygov on Tuesday, September 30.
How many Kenyans will benefit from the stars?
According to the Minister (CS), 17 million young people are currently working in the informal sector, which contributes to about 40% of Kenya’s GDP (GDP).
Oparanya revealed that 1.4 million people, aged 18 to 29, and up to 35 for people with disabilities, applied for the program.
After being inspected, the number was reduced to 110,000 recipients, and distributed in 1,450 wards across the country. Approximately 70 male and female young men in each ward will benefit.
“The purpose of the program is to fight youth unemployment and to establish a nationwide platform that will enable young people to fulfill their dreams,” He explained.
Source: Twitter
He explained that, in addition to receiving their startup funding, the beneficiaries will also receive sustainable assistance from business development professionals to help them establish and expand their scope.
However, Oparanya emphasized that personal discipline and effort would also be necessary for the effort to succeed.
The minister urged young people to form strong groups to put themselves in a position to secure government and county contracts under the 30% of the government’s purchase opportunities (AGPO).
AGPO supports businesses owned by women, people with disabilities and young people.
What did ILO reveal about poverty in Kenya?
Other news, recent data from the International Labor Organization (ILO) revealed that 80 percent of Kenyans in employment are facing poverty due to their salaries inadequate to pay for significant costs.
This percentage represents approximately 15.3 million Kenyans, reflecting the realities of the financial problems they face even when they are employed.
According to ILO data, 26% of employed Kenyans fall into the poor society.
Further analysis showed that 29% and 25% of people have been identified as average and almost poor, respectively.
On the other hand, data from the Kenya Employer Federation (FKE) showed young people had a high unemployment rate, at 67%.
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Source: TUKO.co.ke
