CBN and Promise of Youth-Friendly Credit
By Lawal Dahiru Mamman,
An average Nigerian youth, particularly in recent times, feels utterly let down by the state when compared to the opportunities afforded to previous generations. Many have enrolled in institutions to acquire certificates, harbouring the notion that their stories will change.
However, this has not been the case of late. After independence, citizens get “juicy jobs” even with secondary school certificates but today, we have a staggering number of graduates, including those with master’s degrees, who are not engaged in anything productive.
Many of these individuals who do not necessarily require traditional employment, but have innovative ideas to venture into enterprises, lack an enabling environment or even the capital to pursue these opportunities.
These enterprises when examined critically could potentially grow and become employers of labour themselves, if only the youthful minds who nurse them would have the necessary resources to see them to maturity.
Nigeria’s large youth population, with over 60% of its citizens under 25, presents a demographic dividend that can propel economic progress, it is needless to say, this demographic advantage can only be fully harnessed if young people have access to opportunities that allow them to thrive as entrepreneurs, innovators, and job creators.
To move in this direction, the Central Bank of Nigeria’s (CBN) has pledged to empower young Nigerians through youth-friendly credit policies and capacity-building programmes. Call it a cliché but this can be viewed as a significant step in the right direction towards encouraging economic growth and innovation.
The promise sounded by the CBN Governor Yemi Cardoso, acknowledges the crucial role young people play in shaping economic policies and transformations, especially at a time like this when Nigeria needs anything rationally possible to boost activities.
Speaking at the Youth Action Event in Abuja on January 31, Cardoso, who was represented by the Deputy Governor, Economic Policy, Muhammad Abdullahi, stated that the apex bank was dedicated to providing young people with the necessary financial tools to succeed, moving away from the usual ‘I don’t care attitude of government and her establishment.’
The youth-friendly credit policies and capacity-building programmes, he declared are designed to equip young Nigerians with the necessary tools to make a difference and will support youth entrepreneurship and innovation, particularly in emerging sectors like the green economy and digital transformation.
“We will harness our economic policies to create opportunities for youth to thrive as entrepreneurs, innovators, and key drivers of economic development.
“Initiatives such as youth-friendly credit policies and capacity-building programmes will be enhanced to equip young Nigerians with the tools they need to succeed, especially in emerging sectors like the green economy and digital transformation,” he said.
Such a declaration is an indicator that the Nigerian youthful population are now being recognised not just as the leaders of a distant tomorrow but key stakeholders in shaping economic policies and transformations today.
The CBN’s dedication to financial inclusion is paramount. Prioritising policies that bridge financial access gaps, the CBN is taking a significant step towards dismantling a major barrier to economic growth, particularly for young people and underserved communities.
Empowering the youth to contribute to building a sustainable future is not just a moral imperative, but an economic one. By providing access to financial services that support their aspirations and economic participation, we can unlock the potential of Nigeria’s most valuable resource which is its people.
Furthermore, fostering collaboration between the CBN, civil society, international organisations, and the private sector is crucial to amplifying the impact of youth-led solutions. By working together, we can drive job creation, promote innovation, and create an environment conducive to sustainable development.
In bring to fore the comment of Ban Ki-moon, a South Korean diplomat and politician who served as the eighth Secretary-General of the United Nations (UN) from 2007 to 2016, about youth when he said “The energy, creativity, and idealism of young people are the driving forces behind any successful social or economic transformation.”
Cardoso and his team have taken 9aa the first leap by stating a novel intention. Sustained commitment, collaboration, and innovation will be required to truly achieve a successful social and economically transformative Nigeria.
