Access Bank commits N50 Billion to Federal government’s “YouThrive” initiative for skill acquisition

In a significant move to support the job creation initiative of the Federal Government of Nigeria, Access Bank has earmarked N50 billion to promote skills acquisition among 5 million Nigerians through the “YouThrive” program.

The initiative aims to empower Micro, Small, and Medium Enterprises (MSMEs) by enhancing their capacity through access to affordable finance, digital literacy, technical training, and skill acquisition programs.

Speaking at the inaugural launch, Chioma Ogwo, Head of Non-Financial Services and Emerging Businesses at Access Bank, highlighted the bank’s commitment to providing support to deserving SMEs. Ogwo stated, “We are offering affordable loans at 15 percent interest rates and free grants to deserving SMEs who have demonstrated outstanding performance.”

She further elaborated on the various components of the initiative, including a business exchange program that would enable beneficiaries to exchange ideas with counterparts in other countries, fostering knowledge sharing and innovation.

Ogwo revealed the ambitious target of empowering 4 million individuals over four years, with one million beneficiaries annually. Of these, 700,000 would gain access to finance each year, while 300,000 would undergo training programs. Access Bank has allocated N50 billion for this intervention, with plans for periodic reviews to assess its impact and effectiveness.

Temitola Adekunle-Johnson, Senior Special Assistant to the Vice President on Job Creation and SMEs, emphasized the importance of streamlining access to funding for SMEs. Adekunle-Johnson stressed the need for loan approval processes to be expedited, ensuring that SMEs can access funds within a maximum of 14 days to prevent business disruptions.

In his remarks, Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President, highlighted the crucial role of MSMEs in fostering economic resilience and agility. Hadejia emphasized the significance of partnerships with financial institutions like Access Bank in supporting SME growth.

He also underscored the importance of leveraging technology to enhance agricultural productivity, thereby contributing to GDP growth and encouraging youth participation in agriculture.