The Alternative Bank has renewed the call for increased access to technology and critical digital resources for young Nigerian innovators, saying such support is important for the country’s long-term economic growth and global competitiveness.
The appeal was made at the third Annual Socio-Economic Summit organised by the Jericho Businessmen Club, where business leaders, policymakers, academics, and industry stakeholders gathered to discuss sustainable economic development and the growing digital skills gap among Nigerian youths.
In a statement released on Sunday, the non-interest financial institution said Nigeria’s future development depends heavily on deliberate investment in human capital, especially young people with innovative ideas. The bank stressed that many young innovators have the talent and creativity to solve local and global problems but lack the ecosystem support, mentorship, infrastructure, and funding required to turn ideas into scalable businesses.
Speaking at the event, the Executive Director (South) of The Alternative Bank, Korede Demola-Adeniyi, described technology as a powerful driver of economic inclusion and national competitiveness. He said strategic investment in youth-focused technology development is no longer optional but essential for Nigeria’s economic resilience.
According to him, technology is now the biggest equaliser in modern business and commerce. He said empowering young people with the right digital tools and infrastructure will help Nigeria compete better in the global economy, while also reducing unemployment and poverty.
“Technology is the most potent equaliser in modern commerce, and by investing in the technological upliftment of our youth, we are future-proofing our economy. We believe in providing alternatives, not just in finance, but in opportunity, ensuring that local talent have the tools and environment to compete globally,” Demola-Adeniyi stated.
The Alternative Bank disclosed that it is currently exploring strategic partnerships identified during the summit, with plans to introduce special non-interest financing schemes targeted at technology entrepreneurs. The bank also said it intends to support vocational and digital skills acquisition programmes designed to equip young Nigerians with practical, job-ready skills.
According to the bank, the goal of these initiatives is to transform existing innovation hubs and technology clusters into centres of excellence that can produce world-class digital solutions, software tools, and platforms. It explained that strengthening local innovation infrastructure will help Nigeria reduce its dependence on imported technology and grow its local digital economy.
The bank linked its intervention to Nigeria’s broader economic reform goals, particularly the push to diversify national revenue away from crude oil. It said a strong technology sector is crucial in building a knowledge-based economy that can attract foreign direct investment and position Nigeria as a serious player in the global digital value chain.
The Alternative Bank also noted that empowering youths with relevant digital and vocational skills will help to reduce youth unemployment and create new opportunities in sectors such as fintech, software development, creative technology, cybersecurity, and data services. It added that these outcomes are essential for building a resilient economy capable of long-term and inclusive growth.
The lender said the discussions and resolutions from the Jericho Businessmen Club summit have further reinforced its commitment to inclusive economic growth and community-focused development. It pledged to continue working closely with private sector organisations, universities, polytechnics, and industry associations to create platforms that support innovation, entrepreneurship, and sustainable development.
According to the bank, the summit was a timely intervention, especially at a time when Nigeria’s young population is facing rising unemployment and rapidly changing work patterns driven by digital transformation. It stated that stronger collaboration between business leaders and educational institutions is key to closing Nigeria’s digital divide and preparing young people for the future of work.
The Alternative Bank concluded that its participation at the summit reflects its growing role in driving positive change across Nigeria’s financial and technology ecosystems, while positioning young Nigerians as central players in the country’s digital transformation and economic development agenda.
