FG Launches Committee to Establish National Youth Bank for Empowerment
In a strategic move to empower young Nigerians, the Federal Government has inaugurated a technical committee tasked with establishing the National Youth Bank. This initiative aims to support the ambitions and potential of young people by providing them with the financial capital and resources necessary to drive change in their communities.
During a brief inauguration ceremony, the Honourable Minister for the Federal Ministry of Youth Development, Comrade Ayodele Olawande, outlined the committee’s responsibilities. He emphasized that the committee’s role would be to oversee every aspect of the bank’s establishment—from its governance structure and operational model to the types of financial services it will provide and its engagement with young people.
The Minister stressed the importance of creating a strong foundation to ensure that the Youth Bank becomes a sustainable institution. The committee’s mandate includes designing a comprehensive strategy, developing operational frameworks, and ensuring the bank operates with transparency and accountability. The bank’s success, according to Olawande, will depend on forging partnerships with financial institutions and stakeholders that can provide the resources necessary for its growth.
“The vision for the Youth Bank is to deliver on the Presidential Mandate delegated to the Ministry of Youth Development. This bank will be a dynamic platform where young people can access financial support, resources, and mentorship to turn their ideas into action,” Olawande stated. He emphasized that the Youth Bank would not only offer financial capital but also foster the leadership, innovation, and entrepreneurial skills needed by youth to thrive in today’s world.
The Minister also expressed gratitude to the Development Bank of Nigeria for agreeing to co-chair the event, as well as to the Central Bank of Nigeria (CBN), the Bank of Industry, the Ministry of Finance, and the Nigerian Sovereign Investment Authority for their collaboration in making the Youth Bank a reality.
Mr. Olubunmi Olusanya, Permanent Secretary of the Ministry of Youth Development, underscored the committee’s significance. He acknowledged that despite the remarkable potential of Nigerian youth, many lack the financial resources, networks, and support needed to fully realize their dreams.
Representatives from key stakeholders such as the Bank of Industry and the CBN also expressed their commitment to supporting the Youth Bank initiative. Mr. Boneventure Okhaimo from the Bank of Industry assured the committee of their readiness to collaborate with the Ministry and other partners, while Mr. John S. Onoja from the CBN affirmed that the apex bank would ensure the swift registration and licensing of the Youth Bank once the necessary criteria are fulfilled.
This initiative reflects the government’s commitment to creating opportunities for youth from all backgrounds, ensuring that the National Youth Bank will provide inclusive access to financial support, mentorship, and capacity-building for Nigeria’s next generation of leaders and entrepreneurs.
