FG will create banks for young people

Youth Development and Sports Minister Sunday Dare said the government was considering turning the National Youth Investment Fund (NYIF) into banks for young people.

He said this Thursday while attending the 51st session of the State House Ministerial Briefing organized by the Presidential Communications Team at the Presidential Villa in Abuja.

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He said that once the Federal Executive Council approves the need for youth banks, it will address the lack of access to finance and credit and the lack of entrepreneurship among young people, thereby giving them the opportunity to achieve their goals.

Dare, who said the motive behind the program was the realization that entrepreneurship was key to youth development.

“All of the 75 billion naira approved by Mr. President for NYF is for entrepreneurship, you have an idea, you have a skill, this money is going to support you. It may be small.

“What’s the last bus stop for us when it comes to youth development, our plan is that we can turn the Youth Investment Fund into a youth bank, we want to make sure that this administration will be the first administration to have youth banks. Imagine when our youth can walk in with their wallets into their own banks.”

The Minister said that more than 31,000 young people have so far benefited from the National Youth Investment Fund.

He said the loan was approved for 45,000 beneficiaries for youth development but only 31,000 accepted the money ranging from 250,000 to 3 million naira based on the idea of ​​the business proposal. submitted by the candidates.

Regarding digital training, he said that his ministry, in partnership with Halogen, counted 6,000 of the 61,000 young people who had applied for cybersecurity training, saying that graduates would obtain their certification.

Dare added that training for the 61,000 candidates would be done in batches due to “financial implications”.

The Minister said the results of a research conducted revealed that the problem of skills mismatch was making it difficult for young people to get available jobs.

“There are jobs for our young people, but the diplomas they have cannot adapt to these jobs. And we discovered that available cybersecurity jobs in Africa alone account for 1.5 million jobs. In this country alone, over 350,000 is their organizations looking for a certified cybersecurity expert….

“Of the 120 digital skills, we have chosen 15 of these digital skills that are relevant for our economy. And that you can also outsource.

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