Federal Government and BOI Collaborate to Launch Youth Development Bank

The federal government, in collaboration with the Bank of Industry, has finalized plans to establish a “NextGen” bank designed to support young entrepreneurs with loans and business assistance.

This announcement came from the Minister of Youth Development, Dr. Jamila Bio Ibrahim, during the Ministerial Sectoral Update commemorating the first year of the President Bola Tinubu administration, held at the Radio House in Abuja yesterday.

During her presentation, the minister highlighted that the creation of the bank aligns with the ministry’s mandate, which is “to formulate, implement, monitor, and evaluate policies and programs that promote youth development, wealth creation, empowerment, wellbeing, excellence, national unity, and sustainable development, ultimately empowering young Nigerians to realize their full potential and contribute positively to the nation’s growth.”

Expanding on the ministry’s objectives, she mentioned being tasked with 11 deliverables within specific presidential priorities, including establishing a framework to foster the establishment and growth of multiple Micro, Small, and Medium Enterprises (MSMEs) incubators, accelerators, and innovation centers across the six geopolitical zones.

Furthermore, she disclosed that 146,998 Nigerians have been earmarked for vocational, social inclusion, technology, agriculture, and entrepreneurship training. The Federal Executive Council has also approved N110 billion in capital for startups and early-stage businesses through the restructured Nigerian Youth Investment Fund (NYIF). Additionally, plans are underway to institutionalize a 30% Youth Quota with equitable inclusion of young women in all government appointments.

Written by Taiwo Afolayan

Taiwo is a multinational award-winning Art & IT Consultant and a Certified Management Consultant. He is the Editor-in-Chief of The Fashionistar Africa, Founder of Argitech Limited, and an SDGs Advocate. He has over 10 years of experience in journalism, digital artistry, analytics, and photography. He enjoys listening to music, watching movies, and cycling.

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