Federal Government Plans Youth Bank to Drive Entrepreneurship and Employment

The Federal Government has unveiled plans to establish a Youth Bank dedicated to providing financial support, including loans and grants, to young entrepreneurs. This initiative aims to foster innovation, create jobs, and stimulate economic growth nationwide.

The announcement was made by the Minister of Youth Development, Mr. Ayodele Olawande, during a media briefing in Abuja on Tuesday. He highlighted the Youth Bank as a pivotal strategy for empowering youth-led businesses and addressing the country’s unemployment challenges.

Key Highlights

• Youth Bank Initiative:
  • Offers loans, grants, and other financial support to youth-led businesses.
  • Designed to promote education, training, and employment opportunities for skill development.
• Nigerian Youth Employment Action Plan:
  • A strategic initiative to address the rising unemployment rates.
• Youth Activities Dashboard:
  • A transparency tool displaying youth-focused initiatives across 7,000+ activities within Ministries, Departments, and Agencies (MDAs).
• Student Loan Scheme:
  • Described as a critical tool in poverty alleviation, with a commitment to sufficient funding.
  • Reinforces education as a pathway to combating insecurity and promoting societal development.

Call to Action

Minister Olawande emphasized the need to harness the potential of Nigeria’s youth population, which constitutes over 60% of the nation.

“With the right environment, much can be achieved,” Olawande said, adding that the Ministry is advising President Bola Tinubu on measures to create such an environment.

National Youth Service Corps (NYSC) Update

The government has lifted restrictions on the posting of corps members exclusively to the public sector. Corps members can now be deployed to private sector organisations, including banks and oil companies.

Government parastatals are also mandated to accept corps members, ensuring the programme benefits both the youth and their host organisations.

This initiative aligns with the administration’s vision of inclusivity, youth empowerment, and sustainable national development.