By Abigail Philip David
The Federal Government has announced plans to establish a youth bank aimed at providing loans, grants, and other financial services to young entrepreneurs. This initiative seeks to promote innovation, create jobs, and stimulate economic growth.
The Minister of Youth Development, Mr. Ayodele Olawande, disclosed this during a media briefing on Tuesday in Abuja. He noted that the government is also working on a Nigerian Youth Employment Action Plan to tackle the country’s unemployment crisis.
“Establishing a youth bank offers significant benefits to young people and their communities. By supporting youth-led businesses, it can drive employment generation and economic development,” Olawande said.
The proposed bank will also provide education, training, and job opportunities for young Nigerians.
New Initiatives to Track Youth Development
Olawande announced the launch of the Youth Activities Dashboard, a platform to consolidate and showcase various youth-focused initiatives.
“This dashboard will serve as an information hub. We’ve identified over 7,000 youth-focused activities across Ministries, Departments, and Agencies (MDAs) that are not housed within the Ministry of Youth,” he explained.
Focus on Education and Poverty Alleviation
The minister emphasized that the government’s student loan scheme is a strategic tool to combat poverty and align with the administration’s commitment to inclusiveness.
“Education is the greatest weapon against poverty. It is critical for vision, development, and addressing insecurity, including terrorism and banditry,” he added.
Olawande stressed the need for an enabling environment to help young Nigerians thrive, citing the country’s youth population, which accounts for over 60% of its total demographic.
Support for Corps Members
On the National Youth Service Corps (NYSC) program, the minister appealed to employers to accept corps members posted to their organizations. He highlighted the government’s decision to lift restrictions on posting corps members to private-sector institutions, including banks and oil and gas companies.
“As of November 19, the Federal Government lifted the ban on corps member postings to the private sector. All government parastatals have also been directed to accept corps members assigned to them,” Olawande said.
The minister reaffirmed the government’s commitment to fostering opportunities for youth and implementing actionable policies under President Bola Tinubu’s administration.
