The federal government has inaugurated a technical committee to establish the national youth bank to empower young people.
A statement by the Director, Information and Public Relations, Federal Ministry of Youth Development, Omolara Esan, on Tuesday in Abuja, said the bank part of the government’s determined effort to empower young people, cultivate their potential, and support their ambitions in ways that will create lasting change.
While addressing the committee members at a brief inauguration ceremony held in his office, Minister of Youth Development, Comrade Ayodele Olawande, said the committee members’ job is to guide the establishment of the youth bank in every critical aspect: its governance structure to the operational model, from the types of financial services it will offer to how it engages with young people.
He urged the committee to establish a strong foundation to ensure that the youth bank becomes a vibrant and sustainable institution.
The minister said that the committee is responsible for designing a comprehensive strategy for the bank, as well as developing operational and governance frameworks that will guarantee transparency, accountability, and long-term success.
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He stated that the committee’s primary focus will be on establishing partnerships with financial institutions and other stakeholders to secure the resources and support necessary for the Youth Bank to grow and fulfill its objectives.
He emphasised a commitment to fostering an inclusive environment where young people from diverse backgrounds can access opportunities, regardless of their socioeconomic status, gender, or location.
The minister said: “The vision for the youth bank is to deliver on the presidential mandate delegated to the Ministry of Youth Development to create a dynamic platform where young people can access the financial support, resources, and mentorship necessary to translate their ideas into action.
“The youth bank is an institution designed to provide young people with not just the financial capital but also the necessary capacity-building, guidance, and opportunities they need to thrive. The Bank will serve as a platform that empowers youth to become the leaders, innovators, and entrepreneurs of both today and tomorrow.”
Olawande expressed appreciation to the Development Bank of Nigeria for agreeing to co-chair the event, as well as to the Central Bank of Nigeria, the Bank of Industry, the Ministry of Finance, and the Nigerian Sovereign Investment Authority.
He also commended the management staff of the Ministry for their commitment and dedication to supporting the youth and affirming the nation’s belief in their capabilities.
Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya observed that despite Nigerian youth’s remarkable potential, many young people lack the resources, networks, and financial support needed to fully realise their ambitions.
A representative from the Bank of Industry, Bonaventure Okhaimo expressed the readiness of the bank to work with the Ministry and other stakeholders to actualise the vision of President Bola Ahmed Tinubu’s administration while outlining the significance of the committee and its relevance to the success of the youth bank.
In his contribution, Mr John S. Onoja, representative of the Central Bank of Nigeria (CBN), affirmed the commitment of the apex bank to ensure speedy registration and licensing of the Youth Bank as soon as all necessary criteria are met.