The Federal Government of Nigeria has revealed plans to establish a youth bank dedicated to providing loans, grants, and other financial products to young entrepreneurs. The initiative aims to drive innovation, create jobs, and address the country’s unemployment challenges, according to the Minister of Youth Development, Mr. Ayodele Olawande.

Speaking during a media briefing in Abuja on Tuesday, Olawande emphasized the transformative potential of the youth bank. He stated, “By supporting youth-led businesses, youth banks can contribute to employment generation and economic growth.”

The bank is expected to extend its support beyond financial products by offering education, training, and employment opportunities. This initiative is part of a broader Nigerian Youth Employment Action Plan designed to combat the growing unemployment rate in the country.

Additionally, the Ministry of Youth Development has unveiled a Youth Activities Dashboard to centralize information about youth-focused programs and initiatives. “We have discovered that there are more than 7,000 activities related to youths in Ministries, Departments, and Agencies (MDAs) that are not currently housed under the Ministry of Youth. This dashboard will help bridge that gap,” the minister explained.

The minister also highlighted the government’s commitment to inclusiveness through programs like the student loan scheme, which he described as a critical tool for fighting poverty. “Education is the greatest weapon against poverty,” he said, stressing its importance in combating insecurity, terrorism, and banditry.

On the National Youth Service Corps (NYSC) program, Olawande announced the lifting of restrictions on corps members being posted to private sector organizations. “The Federal Government has lifted the ban, allowing corps members to be posted to private institutions, including banks and oil and gas companies,” he said. He urged employers to accept corps members to support their career development and the nation’s growth.

With over 60% of Nigeria’s population comprising young people, the minister reiterated the importance of creating an enabling environment for them to thrive. The ministry is actively making policy recommendations to President Bola Tinubu’s administration to ensure that these initiatives are implemented and sustained.

These announcements reflect the Federal Government’s renewed focus on empowering youth and positioning them as key drivers of Nigeria’s economic development.