Nigerian Govt to launch youth bank, says Minister
The Federal Government has announced plans to establish a youth bank aimed at providing loans, grants, and other financial products to support young entrepreneurs, foster innovation, and create jobs.
The Minister of Youth Development, Ayodele Olawande, disclosed this during a media parley on Tuesday in Abuja. He revealed that the initiative is part of broader efforts to develop a Nigerian Youth Employment Action Plan to tackle unemployment.
“The establishment of a youth bank has numerous benefits for young people and communities,” Mr. Olawande said. “By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”
The minister added that the bank would also offer opportunities for education, training, and employment, creating an enabling environment for young people to thrive.
Additionally, the ministry unveiled a Youth Activities Dashboard to provide information on various youth-focused initiatives. Mr. Olawande explained that the dashboard consolidates over 7,000 activities from Ministries, Departments, Agencies (MDAs), and other stakeholders that were previously uncoordinated.
“We encourage everyone to use the dashboard to access relevant information,” he said.
Mr. Olawande also highlighted the importance of the student loan scheme as a tool to fight poverty, noting that it aligns with the government’s commitment to inclusivity. He emphasized that education is a critical weapon against poverty and essential for combating insecurity, including terrorism and banditry.
The minister appealed to employers to support the National Youth Service Corps (NYSC) by accepting corps members posted to their organizations. He noted that the Federal Government has lifted the ban on posting corps members to private sector organizations, including banks and oil and gas companies.
He assured the public that adequate funding would be allocated to sustain these initiatives, reaffirming the government’s commitment to creating opportunities for the country’s predominantly youthful population.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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