Youth Development Minister Lauds NDIC for depositor protection, commits to advancing financial inclusion

The Minister of State for Youth Development, Mr. Ayodele Olawande, has praised the Nigeria Deposit Insurance Corporation (NDIC) for its significant achievements in safeguarding depositors from the adverse impacts of bank failures.

He commended NDIC for consistently supporting the Central Bank of Nigeria (CBN) in overseeing the banking sector and contributing to the stability of the nation’s financial system.

The Minister gave the commendation during a courtesy visit to the Management of the Corporation in Abuja.

He said the ministry was ready to collaborate with the Corporation to further deepen and expand public awareness on the mandate and activities of the NDIC especially among youth and unbanked populations in rural areas through the Ministry’s Nigerian Youth Academy (NiYA) initiative as a veritable tool for financial inclusion

He explained that NiYA is a response to the Presidential mandate to the ministry aimed at unleashing the creative potential of Nigerian youth for employment generation and wealth creation.

Olawande described NiYA as a digital marketplace connecting Nigerian youth, both domestically and in the diaspora, to showcase their creativity, acquire relevant skills, and secure employment opportunities aligned with their life ambitions.

With the slogan’s youth, two skills, one local government, one product is the initiative aims to empower seven million youths with transformative skills. It feature components such as online classes, job fairs, and access to resources and funding.

Additionally, the Ministry is partnering with agencies mandated for skills acquisition and empowerment to achieve its objectives.

In his response, the Managing Director/Chief Executive of the Corporation, Mr. Bello Hassan, who was represented by the Executive Director (Operations), Mr. Mustapha Ibrahim, commended the ministry for the initiative. Mr. Ibrahim highlighted NiYA’s potential enhance capacity building and empower Nigerian youths, fostering business activities, entrepreneurship, and wealth creation.

He noted that this aligns with NDIC’s objectives of promoting financial inclusion and strengthening public confidence in the nation’s financial system. He emphasized that the initiative would create an enabling environment for Nigerian youth to thrive and contribute meaningfully to the nation’s development.