- Federal government's new youth bank to provide loans, grants, and financial support for young entrepreneurs
- The youth bank plan also includes opportunities for education, training, and employment
- New youth activities dashboard to connect young Nigerians with over 7,000 opportunities across Ministries, Departments and Agencies (MDAs)
The Federal Government has announced plans to set up a youth bank that will provide loans, grants, and various financial products aimed at supporting young entrepreneurs and encouraging innovation and job creation.
This was disclosed by the Minister of Youth Development, Mr Ayodele Olawande, on Tuesday, December 17 at a media parley in Abuja.
“The establishment of a youth bank has numerous benefits for young people and communities,” Olawande stated.
The minister stated that steps are being taken to develop a Nigerian Youth Employment Action Plan to tackle the issue of unemployment in the nation.
“By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”
He mentioned that the bank would offer opportunities for education, training, and employment. Olawande also highlighted that the ministry introduced a Youth Activities Dashboard, where various activities and initiatives will be showcased.
“We are saying that everybody should go on this dashboard to get information.
“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 Ministry of Youth,” Olawande stated.
Student loan scheme as tool to fight poverty
According to the minister, the student loan scheme serves as a tool in the fight against poverty, reflecting his administration's dedication to inclusiveness. He further assured that there would be enough funding to ensure the program’s sustainability.
Olawande emphasised that education is the strongest weapon against poverty, essential for vision, development, and for confronting insecurity, including terrorism and banditry.
He called for the development of an environment that empowers young people to excel and reach their aspirations. He pointed out that with more than 60 per cent of the population under the age of 30, the country has great potential to achieve success through an enabling environment.
Olawande pointed out that the ministry is actively submitting significant decisions and recommendations to President Bola Tinubu for implementation.
Addressing the matter of corps members' postings, he urged employers to provide opportunities for those assigned to their organisations to fulfil their mandatory one-year service.
He revealed that a directive has been put in place to lift the ban on corps members being posted to private sector institutions.
Speaking further, Olawande said, “On Nov. 19, the Federal Government lifted the ban restricting the posting of corps members to the public sector, allowing for corps members to be posted to private sector organisations, including banks and oil and gas companies.”
FG sets date for national youth conference to engage grassroots, address key issues
Meanwhile, TheRadar earlier reported that the National Youth Conference was set for February 2025 with a focus on unemployment and other key issues.
President Bola Tinubu approved the approach, promising actionable results from the conference.