Saturday, December 21, 2024
HomenewsFG Inaugurates Technical Committee for National Youth Bank

FG Inaugurates Technical Committee for National Youth Bank

In a bid to empower Nigerian youth and foster their potential, the Federal Government has inaugurated a technical committee to establish the National Youth Bank. The initiative, spearheaded by the Federal Ministry of Youth Development, aims to provide young people with the financial support, mentorship, and resources needed to achieve their ambitions and drive transformative change.

The Honourable Minister of Youth Development, Comrade Ayodele Olawande, presided over the inauguration ceremony, charging the committee with the responsibility of laying a solid foundation for the Youth Bank. He emphasized the importance of designing a robust governance structure, an operational model, and a comprehensive strategy that ensures transparency, accountability, and sustainability.

A Platform for Youth Empowerment

Olawande described the Youth Bank as a dynamic platform that aligns with the Presidential Mandate to support young innovators, entrepreneurs, and leaders.

“The Youth Bank will not only provide financial capital but also capacity-building and mentorship opportunities to empower youth from all backgrounds, irrespective of their socioeconomic status or location,” the Minister said.

He further tasked the committee with building strategic partnerships with financial institutions and stakeholders to guarantee the bank’s success and expansion.

Key Stakeholders and Partnerships

Olawande expressed gratitude to the Development Bank of Nigeria (DBN), which will co-chair the initiative, and acknowledged the support of the Central Bank of Nigeria (CBN), Bank of Industry (BOI), Ministry of Finance, and Nigerian Sovereign Investment Authority (NSIA).

The Minister also commended the commitment of the Ministry’s management staff, emphasizing their dedication to advancing youth empowerment.

Stakeholder Contributions

Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya, highlighted the significance of the committee, noting that many Nigerian youth lack the resources and networks necessary to actualize their aspirations.

Mr. Boneventure Okhaimo of the BOI pledged the institution’s readiness to collaborate with the Ministry and stakeholders to bring President Bola Ahmed Tinubu’s vision to life. Similarly, Mr. John S. Onoja of the CBN affirmed the apex bank’s commitment to expediting the Youth Bank’s registration and licensing once all prerequisites are met.

Vision for the Future

The Youth Bank initiative seeks to bridge the financial gap faced by young Nigerians and create an inclusive environment where they can thrive as innovators and entrepreneurs. With a focus on capacity building and long-term sustainability, the Youth Bank is positioned to play a transformative role in shaping Nigeria’s future.

This groundbreaking initiative underscores the Federal Government’s dedication to investing in the nation’s youth, recognizing their potential as key drivers of economic and social progress.

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