The Federal Government has inaugurated a technical committee to establish the national youth bank in an effort to empower young people, cultivate their potential and support their ambitions in ways that will create lasting change.
In a statement signed by Director, Information and Public Relations of the Ministry of Youth Development, Omolara Esan, the Minister, Comrade Ayodele Olawande, announced this on Tuesday in Abuja while addressing the committee members at a brief inauguration ceremony.
He said the committee members’ job was to guide the establishment of the Youth Bank in every critical aspect: its governance structure, the types of financial services it will offer and how it will engage with young people.
He tasked the committee to establish a strong foundation in order to ensure that the Youth Bank becomes a vibrant and sustainable institution, adding 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 emphasized that the committee would focus on identifying and building partnerships with financial institutions and other stakeholders to ensure that the Youth Bank has the resources and support needed to expand and achieve its goals and also committed to creating an inclusive environment where youth from diverse backgrounds can access the opportunities, regardless of their socioeconomic status, gender or geographic location.
“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 stated.
Olawande appreciated the Development Bank of Nigeria for agreeing to co-chair the event, as well as the Central Bank of Nigeria, the Bank of Industry, the Ministry of Finance, and the Nigerian Sovereign Investment Authority.
In his welcome address, the Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya, observed that despite Nigerian youths’ remarkable potential, many young people lacked the resources, networks, and financial support needed to fully realize their ambitions.
A representative from the Bank of Industry (BOI), Mr. Boneventure 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.
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