Nigerian Govt Inaugurates Technical Committee On Establishment of Youth Bank

The Federal Government of Nigeria has inaugurated a technical committee to establish the national youth bank. This is part of its effort to empower young people, cultivate their potential, and support their ambitions in ways that will create lasting change.

While addressing the committee members at a brief inauguration ceremony held in his office, the Minister, Federal Ministry of Youth Development, Comrade Ayodele Olawande, said the committee members’ job is to guide the establishment of the Youth Bank in every critical aspect: its governance structure to operational model, from the types of financial services it will offer to how it engages with young people.

The Minister 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.

He emphasised that the committee will 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,” the Minister stated.

Olawande expressed appreciation to the Development Bank of Nigeria for agreeing to co-chair the event, as well as to the Central Bank of Nigeria, the Bank of Industry, the Ministry of Finance, and the Nigerian Sovereign Investment Authority.

He also commended the management staff of the Ministry for their commitment and dedication to supporting the youth and affirming the nation’s belief in their capabilities.

In his welcome address, the Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya, spoke extensively on the committee’s importance.

He observed that despite Nigerian youths’ remarkable potential, many young people lack the resources, networks, and financial support needed to fully realise their ambitions.

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 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.

In his contribution, Mr. John 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 necessary criteria are met.