The Federal Government has announced plans to establish a youth bank aimed at providing loans, grants, and other financial products to support young entrepreneurs, encourage innovation, and foster job creation.
This initiative was shared by the Minister of Youth Development, Ayodele Olawande, during a media briefing in Abuja on Tuesday.
The minister highlighted that the establishment of the youth bank would offer numerous benefits to both young people and communities. By supporting youth-led businesses, the bank is expected to contribute significantly to employment generation and economic growth. Additionally, the bank will provide education, training, and employment opportunities for youth.
Olawande also revealed the launch of the Youth Activities Dashboard, a platform that will showcase various activities and initiatives for young people. He emphasized the importance of this dashboard, encouraging everyone to access it for information. The dashboard will track over 7,000 youth activities across Ministries, Departments, and Agencies (MDAs), including those outside the Ministry of Youth.
Addressing the student loan scheme, the minister stated that it is a crucial tool in the fight against poverty, aligning with the administration’s commitment to inclusivity. He reassured that adequate funding would be allocated to sustain the programme. Olawande also reiterated that education is the most powerful weapon against poverty, as it is key to development, vision, and addressing societal challenges like insecurity and terrorism.
Olawande emphasized the importance of creating an enabling environment for young people to achieve their aspirations, noting that over 60 percent of Nigeria’s population is youth. With the right conditions, the country could harness this potential for greater success.
The minister further mentioned that the ministry was working on critical decisions and proposals for President Bola Tinubu’s consideration. Regarding the posting of National Youth Service Corps (NYSC) members, Olawande urged employers to accept corps members for their mandatory one-year service.
He also confirmed that the Federal Government lifted the ban on posting corps members to private sector institutions, allowing them to serve in private companies, including banks and oil firms, as of November 19. Additionally, government parastatals have been instructed to accept posted corps members.
