Federal Gov’t Mulls Youth Bank To Boost Entrepreneurship, Employment

The Federal Government has announced plans to establish a Youth Bank to provide loans, grants, and other financial support, to young entrepreneurs, aiming to drive innovation, job creation, and economic growth across the country.

The Minister of Youth Development, Mr. Ayodele Olawande, disclosed this during a media conference held on Tuesday in Abuja. He emphasised that the Youth Bank would play a critical role in empowering youth-led businesses while addressing Nigeria’s unemployment challenges.

“The establishment of a youth bank has numerous benefits for young people and communities,” Olawande said. “By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”

He explained that the initiative would offer opportunities for education, training, and employment to help young people develop their skills and achieve their goals.

The Minister revealed that efforts were also underway to implement the Nigerian Youth Employment Action Plan, a strategic initiative designed to address rising unemployment rates in the country.

As part of its drive for transparency and information sharing, the Ministry launched a Youth Activities Dashboard, where youth-related initiatives across Ministries, Departments, and Agencies (MDAs) will be displayed.

“We are saying that everybody should go on this dashboard to get information,” Olawande noted. “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 the Ministry of Youth.”

Olawande also spoke on the Federal Government’s Student Loan Scheme, describing it as a critical tool in the fight against poverty. He reiterated the administration’s commitment to ensuring sufficient funding for the programme, aligning with its vision of inclusiveness.

“Education is the greatest weapon against poverty in any society,” the Minister stated. “It is essential for vision, development, and successfully combating insecurity, including terrorism and banditry.”

Highlighting the potential of Nigeria’s youth population, which accounted for over 60% of the country, Olawande called for the creation of an enabling environment to allow young people to thrive.

“With the right environment, much can be achieved,” he said, adding that the Ministry is actively making suggestions and critical decisions for President Bola Tinubu’s consideration and implementation.

Addressing the issue of National Youth Service Corps (NYSC) postings, Olawande appealed to private sector organisations to accept corps members posted to their establishments.

“On November 19, the Federal Government lifted the ban restricting the posting of corps members to the public sector, allowing corps members to be posted to private sector organisations, including banks and oil and gas companies,” he explained.

He further noted that government parastatals are now mandated to accept corps members, ensuring their mandatory one-year service can benefit both the youth and their host organisations.