The federal government is set to launch the “NextGen” bank in partnership with the Bank of Industry. The bank will provide loans and business support to young entrepreneurs.

Dr. Jamila Bio Ibrahim, Minister of Youth Development, announced this during the Ministerial Sectoral Update, which marked the first year of President Bola Tinubu’s administration. The event was held at the Radio House in Abuja yesterday.

Dr Ibrahim stated that the creation of this bank aligns with the ministry’s mandate to promote youth development, wealth creation, empowerment, well-being, excellence, national unity, and sustainable development. The ultimate goal is to empower young Nigerians to reach their full potential and contribute positively to the nation’s growth.

The minister also highlighted the ministry’s 11 key deliverables, which include establishing a framework to create and expand Micro, Small, and Medium Enterprises (MSMEs) incubators, accelerators, and innovation centers in all six geopolitical zones.

Furthermore, Dr. Ibrahim revealed that 146,998 Nigerians are targeted for vocational skills, 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, the government is working on institutionalizing a 30 percent youth quota, with equitable inclusion of young women in all government appointments.