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BYCHIJIOKE IREMEKA
AS part of efforts to positively channel the energies and resources of the youths, a new initiative, the YouthBank was recently launched in Lagos. The organisation is a small business incubator designed to connect street youths between ages 15 and 25 in the urban developing world with the skills, mentors, and resources they require to set up their businesses and pull out of poverty. Speaking at the launch of the programme at the US Consulate in Lagos, Clara Chow, president and chief executive officer, Youthbank International, said, “our ‘community hub’ model trains and evaluates street youth as they work in a core business, makes targeted investments in the most innovative ideas from the most promising young entrepreneurs. Successful entrepreneurs repay their in-kind loans and commit to hiring and investing in other YouthBank graduates.” She continued: “Built on the principles of microfinance, venture capital and community development, YouthBank is financially sustainable, scalable, and impactful for its young entrepreneurs and their communities. We will take the young people to the next level of life. We welcome quite a number of people to be part of this programme. We don’t train youths to be employees, we train them to be employers of labour.” However, the President, YouthBank Nigeria, Mr Victor Gotevbe said the core social strategy of the initiative involves a two-step process. The first step is on-the-job training and experience through employment in the YouthBank core businesses, while the second is the provision of a small microcredit loan on successful completion of the employment programme to start a micro-enterprise. He said, “we would give them soft loan and buy them the equipment they need to do the work. They will later repay the money collected. We want them to grow from business managers to business owners in the country. People are suggesting we take the initiative to the Northern and South-South geo-political zones to enable them benefit from the programme.” With this, he continued, “we can fight corruption to barest minimum in the country, fight against robbery and other social vices. This will also change the idea of people searching for job instead of developing their own businesses. Meanwhile, one of the beneficiaries of the project, Fagbemi said she was grateful she was selected along side other eight people. Another beneficiary, Oluwatobi Oke said he would pass on what he learnt to others, adding that Youthbank has brought a light to his situation.
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