The Federal Government has taken a bold step to empower Nigerian youth by inaugurating a Technical Committee for the establishment of a Youth Bank.
Comrade Ayodele Olawande, Minister for Youth Development, led the inauguration at a ceremony held in his ministry’s conference room on Monday.
The committee includes representatives from key financial institutions like the Bank of Industry (BOI), Central Bank of Nigeria (CBN), Federal Ministry of Finance, and the Nigeria Sovereign Investment Authority (NSIA).
In his opening remarks, Mr. Olubunmi Olusanya, Permanent Secretary of the Ministry of Youth Development, emphasized the importance of the initiative.
Olusanya said many young Nigerians have great potential but face financial and social barriers that hinder their success.
“The Youth Bank aims to bridge that gap and provide resources, networks, and financial support for young people to achieve their dreams,” Olusanya stated.
Mr. Boneventure Okhaimo, a representative from the BOI, pledged the bank’s full support.
Okhaimo noted that the project aligns with President Bola Ahmed Tinubu’s vision for youth empowerment.
“Our partnership with the Ministry will ensure the success of this initiative,” he said.
The CBN’s representative, Mr. John S. Onoja, assured the public of the apex bank’s readiness to fast-track the Youth Bank’s registration and licensing.
“Once all regulatory requirements are met, the CBN will ensure a swift process,” Onoja affirmed.
Mrs. Muna Onuazi Adet-Ona, from the Ministry of Finance, praised the initiative, calling it a timely intervention for youth-led businesses.
“This bank will be a game-changer for young entrepreneurs,” she said.
Mr. Abraham Durosawo, Vice President of the NSIA, also committed to providing technical support to the project.
He stressed that the NSIA’s expertise would help build a strong foundation for the bank.
In his address, Minister Olawande outlined the vision and goals of the Youth Bank.
“The Youth Bank is more than just a financial institution,” Olawande said.
“It will be a platform where young people can access funding, mentorship, and resources to turn their ideas into reality.”
The Minister explained that the bank would not only provide financial capital but also offer capacity-building and guidance.
He called on the committee to ensure transparency, accountability, and sustainability in their work.
“The foundation you lay today will determine the bank’s success tomorrow,” he told the committee members.
Olawande outlined several key tasks for the committee.
These include designing a comprehensive strategy, creating operational frameworks, and building partnerships with financial institutions.
He also emphasized the need for an inclusive environment where all youth, regardless of their background, can benefit.
“Youth from all regions, genders, and economic backgrounds must have equal access to these opportunities,” he added.
The Minister concluded by thanking the committee members for their dedication.
“Your efforts today will shape the future of Nigerian youth,” he said.
The Youth Bank initiative has generated excitement among stakeholders and young entrepreneurs across the country.
Observers believe it could address longstanding challenges faced by young Nigerians in accessing financial support.
Many young people struggle with funding their businesses, despite having innovative ideas.
Experts say the Youth Bank could play a crucial role in reducing youth unemployment and fostering entrepreneurship.
Stakeholders have called for swift action to ensure the bank becomes operational soon.
With support from major financial institutions and government agencies, expectations are high.
As the committee begins its work, all eyes are on the government to deliver on its promise.
Nigerian youth are hopeful that this initiative will bring lasting change and open doors to new opportunities.
The journey towards a fully operational Youth Bank has officially begun.
