Nigeria govt to launch youth bank with loans, grants for young entrepreneurs

The Federal Government has announced plans to establish a youth bank that will offer loans, grants, and other financial products to support young entrepreneurs, fostering innovation and job creation.

Minister of Youth Development, Mr. Ayodele Olawande, made this announcement during a media briefing in Abuja on Tuesday.

The minister explained that the youth bank would help youth-led businesses, contributing to employment generation and economic growth. The initiative is part of the government’s broader effort to create a Nigerian Youth Employment Action Plan to address unemployment.

Olawande also introduced the Youth Activities Dashboard, a platform showcasing over 7,000 youth activities across various ministries, departments, and agencies (MDAs). He emphasized that the dashboard will be a key tool for information on youth initiatives.

The minister further highlighted the student loan scheme as a strategy to fight poverty and promote inclusivity, assuring adequate funding for its sustainability. He reiterated that education is crucial in combating poverty, insecurity, and fostering national development.

Olawande also urged employers to accept corps members posted to their organizations for their one-year mandatory service. He noted that the government recently lifted the ban on posting corps members to private sector organizations, including banks and oil companies.