By Online Editor
The Centre for Advocacy, Transparency and Accountability Initiative (CATAI) has convened young people, banks and other financial institutions in Borno State to address barriers limiting access to finance for youth-led businesses and innovations.
The public-private dialogue, held under the Strategic Partnership Agreement II (SPA II) project, focused on creating opportunities for young people to access funding and scale solutions to challenges in their communities.
SPA II is a multi-country programme being implemented by CATAI in partnership with ActionAid Denmark. It focuses on sustainable livelihoods, resilience and the empowerment of young people, particularly those affected by crises.
Speaking at the event, CATAI Executive Director, Abubakar Sadiq Mu’azu, said many young people in Borno had viable ideas capable of addressing pressing community problems but lacked the financial resources to develop them.
He said the initiative was aimed at bringing together government, the private sector, banks and other lenders to explore practical ways of improving young people’s access to finance.
“We have a lot of young people in Borno coming up with solutions, innovations and very good ideas that will address a lot of problems,” Mu’azu said. “Unfortunately, one of the barriers we are facing is access to finance and resources to take these ideas forward.
”He added that the participation of banks and financial institutions would enable young people to learn about available financing opportunities and engage directly with lenders on how to make such opportunities more accessible.
Mu’azu said stronger partnerships between the public and private sectors were needed to unlock the potential of young people and enable them to contribute to economic recovery and development in Borno.
Also speaking, Dr Mohammed Kime, co-founder of AgroVet Digital Market, said lack of access to finance remained a major challenge for innovators seeking to develop and scale their solutions.
Kime, whose digital platform connects farmers, veterinarians and livestock producers to wider markets, said bringing innovators together with investors, banks, government and private-sector institutions could help bridge the financing gap. “We are coming up with a solution, but for us to get those who will finance that innovation is a problem,” he said.
He said the dialogue provided an opportunity for innovators to connect with potential investors and explore financing options to expand their businesses.
In his remarks, the Director-General of a Borno State government agency, Ambassador Usman Aliyu, commended CATAI for bringing government, the private sector and youths together to promote sustainable businesses and development in the state.
He said the initiative would also strengthen efforts to tackle climate change, desertification and environmental degradation while supporting sustainable development.
