The Federal Government has announced plans to establish a youth bank aimed at providing loans, grants, and other financial products to support young entrepreneurs, fostering innovation and job creation in the country.
The Minister of Youth Development, Mr Ayodele Olawande, disclosed this during a media parley on Tuesday in Abuja.
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According to him, the initiative aligns with 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,” Olawande stated. “By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”
He added that the bank would also create opportunities for education, training, and employment.
The minister further unveiled a Youth Activities Dashboard, an online platform showcasing activities and initiatives involving Nigerian youths. “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 said.
Olawande emphasized that the student loan scheme was a critical tool in combating poverty, stating that it aligns with the administration’s commitment to inclusiveness. He assured Nigerians of adequate funding to sustain the programme.
“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,” he said.
The minister called for the creation of an enabling environment for young people to thrive, noting that with over 60 per cent of the country’s population being youths, significant progress could be achieved if they are empowered.
On the posting of corps members, Olawande appealed to employers to accept corps members deployed to their organisations for the mandatory one-year National Youth Service Corps (NYSC) scheme.
He disclosed that the Federal Government had lifted the restriction on corps members’ postings 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 stated.
The government also directed its parastatals to accept corps members assigned to them.
