YouthBank is a microbusiness incubator programme targeting street youth in Lagos, Nigeria, allowing them to launch community businesses and pull themselves out of poverty. The idea was originally developed by Theodore Ogbonna along with Clara Chow and Joyce Meng. The YouthBank team has developed and tailored a model to address the issue of youth unemployment in Lagos. The programme’s mission statement summed up:
Our ‘community hub’ model trains and evaluates street youth as they work in a core business, then 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.
YouthBank Model
© YouthBank
After carrying out an extensive survey of Lagos in 2007, YouthBank concluded that there was a need for a community youth centre with a recording and photography studio–this will act as its core operation on ground (I guess someone has to serve all the “Owanbe” parties!). The community centre will act as a platform to employ high potential street youth and the on-the-job training will help them develop fundamental business skills.
YouthBank will also grants small loans to proven employees who demonstrate an interest in starting their own business. This will promote sustainable and lasting self-employment opportunities
This programme is in many ways similar to Ajegunle.org. It’s great to see the organisations like this promoting sustainable self-employment opportunities for street youths in Lagos.
