Minister Lauds NDIC For Depositors’ Protection

The minister of State for Youth Development, Mr. Ayodele Olawande, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its significant achievements in safeguarding depositors from the adverse impacts of bank failures.

The minister gave the commendation during a courtesy visit to the management of the Corporation in Abuja, while applauding NDIC for consistently supporting the Central Bank of Nigeria (CBN) in overseeing the banking sector and contributing to the stability of the nation’s financial system.

Olawande noted that, the ministry was ready to collaborate with the corporation to further deepen and expand public awareness on the mandate and activities of the NDIC, especially, among youth and unbanked populations in rural areas through the ministry’s Nigerian Youth Academy (NiYA) initiative as a veritable tool for financial inclusion.

He explained that, NiYA is a response to the presidential mandate to the ministry aimed at unleashing the creative potential of Nigerian youth for employment generation and wealth creation.

He described NiYA as a digital marketplace connecting Nigerian youth, both domestically and in the diaspora, to showcase their creativity, acquire relevant skills, and secure employment opportunities aligned with their life ambitions. With the slogan ‘one youth, two skills, one local government, one product,’ the initiative aims to empower seven million youths with transformative skills.

It equally features components, such as; online classes, job fairs, and access to resources and funding. Additionally, the ministry is partnering agencies mandated for skills acquisition and empowerment to achieve its objectives.

In his response, the managing director/CEO of the NDIC, Mr. Bello Hassan, who was represented by the executive director (Operations), Mr. Mustapha Ibrahim, commended the ministry for the initiative. Ibrahim highlighted NiYA’s potential to enhance capacity building and empower Nigerian youths, fostering business activities, entrepreneurship, and wealth creation, while noting that, this aligns with NDIC’s objectives of promoting financial inclusion and strengthening public confidence in the nation’s financial system.

He emphasised that the initiative would create an enabling environment for Nigerian youth to thrive and contribute meaningfully to the nation’s development.