FG’s Youth Bank Initiative Poised to Empower a New Generation of Nigerian Entrepreneurs
Nigeria (EPICSTORIAN) – The Federal Government has inaugurated a technical committee tasked with establishing a National Youth Bank in a strategic move to empower Nigeria’s youth and foster economic development.
According to a report by the Federal Ministry of Information and National Orientation (FMINO), this initiative aims to provide essential financial support and mentorship for young entrepreneurs and innovators, ensuring long-term economic growth.
Youth Bank initiative to Foster Youth Development and Financial Inclusion
During the inauguration ceremony at his office, Comrade Ayodele Olawande, Minister of Youth Development, outlined the committee’s critical role.
He emphasized that their mandate covers designing the bank’s governance and operational framework, crafting transparent financial services, and building robust engagement strategies for youth.
“This committee must lay a strong foundation for a vibrant and sustainable institution that ensures every young Nigerian, irrespective of their background, can access opportunities,” Olawande stated.
Highlighting the importance of collaboration, the minister stressed the need for partnerships with financial institutions.
He expressed confidence that the Youth Bank would become a catalyst for economic transformation, enabling young people to actualize their potential.
“Our vision is to create a dynamic platform where youth access financial support, resources, and mentorship to bring their ideas to life,” he added.
“This bank will provide both capital and capacity-building support, fostering the next generation of leaders, innovators, and entrepreneurs.”
The Development Bank of Nigeria will co-chair the initiative, with support from the Central Bank of Nigeria (CBN), the Bank of Industry, the Ministry of Finance, and the Nigerian Sovereign Investment Authority.
Olawande praised these organizations for their commitment and highlighted their role in ensuring the bank’s success.
Permanent Secretary Olubunmi Olusanya emphasized the pressing need for such an institution. “Despite their immense potential, many Nigerian youths lack access to the resources and financial networks necessary to realize their ambitions,” Olusanya noted.
His remarks underscored the Youth Bank’s potential to bridge this gap and create a more inclusive economic environment.
Bank of Industry representative Mr. Boneventure Okhaimo affirmed his institution’s readiness to collaborate. He highlighted the initiative’s alignment with President Bola Ahmed Tinubu’s vision for youth empowerment.
Similarly, CBN representative Mr. John S. Onoja assured the committee of the apex bank’s commitment to fast-tracking the registration and licensing process once all requirements are fulfilled.
The Nigerian Banking Sector
Nigeria’s banking sector plays a crucial role in the country’s economic stability. However, challenges such as limited access to credit for small businesses, high youth unemployment, and regional economic disparities persist.
The establishment of the Youth Bank could address these issues by promoting financial inclusion and fostering entrepreneurial ventures among the youth. With inflation and foreign exchange volatility impacting the economy, targeted support for young entrepreneurs is vital for sustainable development.
