FEDERAL MINISTRY OF YOUTH DEVELOPMENT
*FG INAUGURATES TECHNICAL COMMITTEE FOR THE ESTABLISHMENT OF YOUTH BANK
Minister for Youth Development, Comrade Ayodele Olawande, today, inaugurated a Technical Committee for the establishment of Youth Bank.
The Committee comprised representatives from the Bank of Industry, Central Bank of Nigeria, the Federal Ministry of Finance, Nigeria Sovereign Investment Authority, as well as nominated officials of the Ministry of Youth Development.
While giving the opening remarks at a brief inauguration ceremony held in the conference room of the Minister, the Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya spoke extensively on the importance of the committee.
He observed that despite the remarkable potential of Nigerian youth, many young people lack the resources, networks, and financial support needed to fully realize their ambitions.
He noted that the planned Youth Bank was intended to fill this void.
Mr. Boneventure Okhaimo, a representative from the Bank of Industry, expressed the readiness of the bank to work with the Ministry and other stakeholders to actualize 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 own contribution, Mr Jonh 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 required regulations are complied with.
Mrs. Muna Onuazi Adet-Ona, a representative from the Ministry of Finance, commended the Youth Ministry for deeming it fit to establish a bank that will solely focus on providing financial assistance for youth-led businesses to thrive.
Speaking in the same vein, Mr. Abraham Durosawo, Vice President of Nigeria Sovereign Investment Authority, also affirmed his commitment to providing technical support to the committee.
Responding, the Minister for Youth Development, Comrade Olawande, called for concerted efforts and deep commitment to the establishment of the Youth Bank.
“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,” the Minister stated.
Tasking the committee with laying a strong foundation that will ensure the Youth Bank becomes a vibrant and sustainable institution, Olawande highlighted the responsibility of the committee to include the designing of a comprehensive strategy for the bank; establishing the operational and governance frameworks that will guarantee transparency, accountability and long-term success; identifying and building partnerships with financial institutions and other stakeholders to ensure that the Youth Bank has the resources and support necessary to scale and achieve its goals; creating an inclusive environment where youth from diverse backgrounds can access opportunities regardless of their socioeconomic status, gender, or geographic location.
The Minister, thereafter, expressed appreciation to the members of the Technical Committee, acknowledging their sacrifice for taking on the important responsibility of supporting the youth and affirming the nation’s belief in their capabilities.
