The federal government has inaugurated a technical committee to establish the National Youth Bank, aiming to empower young Nigerians and harness their potential for transformative change.

Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development, confirmed the development in a statement issued on Tuesday in Abuja. According to Esan, the initiative reflects the government’s commitment to supporting youth ambitions in a way that fosters lasting impact.

At the inauguration ceremony held in Abuja, Minister of Youth Development, Comrade Ayodele Olawande, charged the committee with creating a robust framework for the bank’s operations. This includes developing governance structures, operational models, and financial services tailored to the needs of young people.

“The vision for the Youth Bank is to provide young people with the financial support, resources, and mentorship needed to turn their ideas into action,” Olawande said. He added that the institution would empower youths to become leaders, innovators, and entrepreneurs, transcending socioeconomic, gender, and geographic barriers.

The committee’s mandate also includes forming partnerships with financial institutions and stakeholders to secure resources for the bank’s sustainability. Olawande urged the members to prioritize transparency, accountability, and inclusivity in their strategy.

The initiative has garnered support from key financial entities. The Development Bank of Nigeria will co-chair the committee, while the Central Bank of Nigeria (CBN), Bank of Industry (BoI), Ministry of Finance, and the Nigerian Sovereign Investment Authority have pledged their backing.

During the event, Permanent Secretary of the Ministry of Youth Development, Mr. Olubunmi Olusanya, highlighted the challenges faced by Nigerian youth, including limited access to resources and networks needed to realize their potential.

Bonaventure Okhaimo, representing the Bank of Industry, affirmed the institution’s readiness to collaborate with the Ministry and other stakeholders to actualize the vision of President Bola Ahmed Tinubu’s administration. Similarly, Mr. John S. Onoja of the CBN assured that the apex bank would expedite the registration and licensing of the Youth Bank once all requirements are fulfilled.

The Youth Bank is expected to provide financial capital, capacity-building programs, and mentorship to empower Nigerian youths as they drive innovation and entrepreneurship in the nation.