Federal Government has expressed interest to partner with the African Development Bank on the establishment of Youth Entrepreneurship Investment Bank (YEIB) to create employment and ensure youth engagement.
The Honourable Minister of Youth Development, Dr. Jamila Bio-Ibrahim disclosed this when she received officials of the bank who came to pay her a courtesy visit in her office.
According to the minister, “The ministry is working on setting up a framework for the establishment of a youth bank. These frameworks and programmes of the ministry on youth entrepreneurship development financing clearly align with the goal of AfDB Youth Entrepreneurship Investment Bank.”
“Therefore, the task is to create synergy and align efforts to ensure that a comprehensive strategy that will achieve the greatest impact is put in place”, She added.
Dr. Bio-Ibrahim stated that the ministry of youth development over the years had been championing advocacy efforts for innovative financing for youth entrepreneurs, particularly one that offers youth friendly services in delivery of financial products and for advancing financial education to youth.
She said that the establishment of the youth bank will leverage on the already approved Nigerian Youth Investment Fund of Seventy -Five Billion Naira, established in the year 2020 through advocacy and policy measure by the ministry during the administration of President Muhammadu Buhari, for the purpose of investing in the innovative ideas, skills and talents of Nigerian youth.
She reiterated that on assumption of office, she saw the need for a review of the fund so as to meet its objectives in line with the eight point agenda of President Bola Ahmed Tinubu’s administration.
She therefore invited the AfDB team to be part of the review process to bring in their quota in terms of financial and technical support.
The Permanent Secretary, Dr. Dunomo Umar Ahmed, in his welcome remarks, assured the team that the ministry would work accordingly to ensure that the objectives for the establishment of the bank are achieved
Speaking earlier, the Mission team lead and the Vice President of AfDB, Mr. Solomon Quaynor eulogizied the Honourable Minister for seeing the need for establishing the Youth Entrepreneurship Investment Bank in Nigeria.
He stated that the African Development Bank will provide technical, financial, and non-financial services for youth entrepreneurs.
Signed
Maryam Umar Yusuf
Head, Press & PRU
