African Development Bank (AfDB) has announced the establishment of a $100 million Youth Entrepreneurship Investment Bank in Nigeria, aimed at empowering young people and supporting their entrepreneurial ventures.
This initiative was unveiled by AfDB President Akinwunmi Adesina during the 90th birthday celebration of former Head of State Yakubu Gowon in Abuja.
Adesina expressed his enthusiasm for the project, stating, “Just three days ago, the African Development Bank’s board of directors approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria.”
He emphasized that this move reflects AfDB’s commitment to harnessing the potential of Nigerian youths, who are crucial for the country’s development.
The new bank will provide various forms of support, including technical assistance, business incubation, and investments in equity and quasi-equity to help young entrepreneurs thrive.
“This new bank will support the business of the youths in Nigeria,” Adesina explained, addressing a distinguished audience that included former President Olusegun Obasanjo and other notable figures.
Highlighting the urgent need for such initiatives, Adesina warned against the rising trend of youth migration, colloquially known as “japa.”
He noted that the exodus threatens Nigeria’s economic revitalization efforts, urging the country to leverage its digital revolution to retain its youthful population.
“The so-called japa syndrome risks undermining Nigeria’s economic drive,” he cautioned.
Adesina highlighted Nigeria’s potential in the fintech sector, citing that five of Africa’s top seven unicorns are Nigerian.
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He asserted, “This tells you the potential that we have to take over the world,” emphasizing that the future of Nigerian youths lies in the nation’s growth.
The event also celebrated the contributions of Yakubu Gowon, with Adesina commending him as an exemplary leader.
Former President Obasanjo echoed this sentiment, stating, “This is a national celebration, you are worthy to be nationally celebrated while you are still alive.”
