The Federal Government has announced plans to create a youth bank aimed at providing loans, grants, and other financial services to support young entrepreneurs in driving innovation and creating jobs.
This initiative was revealed by the Minister of Youth Development, Mr. Ayodele Olawande, during a media engagement in Abuja on Tuesday.
Highlighting the government’s commitment to tackling unemployment, Olawande noted that a Nigerian Youth Employment Action Plan is being developed to address the challenge effectively.
“Establishing a youth bank has numerous benefits for young people and communities,” the minister stated. “By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”
According to Olawande, the youth bank will also focus on providing education, training, and employment opportunities to foster development.
Additionally, the minister introduced a Youth Activities Dashboard designed to centralize and showcase various initiatives and programs.
“We are saying that everybody should go on this dashboard to get information. We have discovered that there are more than 7,000 activities of youths in Ministries, Departments and Agencies (MDAs) and others that do not reside in Ministry of Youth,” he explained.
On the student loan program, Olawande emphasized its potential as a poverty alleviation tool, underscoring its alignment with the administration’s goal of inclusivity. He reassured stakeholders of adequate funding to sustain the initiative.
“Education is the greatest weapon against poverty in any society as it is essential for vision, development and successfully combating insecurity, including terrorism and banditry,” the minister added.
Olawande stressed the need to create a conducive environment for young Nigerians, given that over 60% of the country’s population consists of youth.
He expressed confidence in the transformative potential of this demographic when provided with the right opportunities.
The minister also touched on strategic recommendations being made to President Bola Tinubu, which he believes will advance the country’s youth agenda.
Addressing the posting of corps members, Olawande appealed to employers to accept those assigned to their organizations for the mandatory one-year service program.
He noted that the government had recently reversed the restriction on posting corps members to private sector institutions.
“On Nov. 19, the Federal Government lifted the ban restricting the posting of corps members to the public sector, allowing for corps members to be posted to private sector organisations, including banks and oil and gas companies,” he said.
He added that government parastatals had also been instructed to welcome corps members assigned to them.
