The African Development Bank (AfDB) has approved $100 million for the establishment of a Youth Entrepreneurship Investment Bank in Nigeria, marking a significant step to support the country’s young entrepreneurs.
AfDB President, Akinwunmi Adesina, announced while delivering a keynote address at a public lecture in Abuja celebrating the 90th birthday of former Head of State, Yakubu Gowon.
“I am delighted to announce that three days ago, the AfDB’s board of directors approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria,” Adesina said.
He emphasized that the new bank will provide critical support to youth-led businesses through technical assistance, business incubation, quasi-equity, and debt financing.
The initiative underscores AfDB’s commitment to Nigeria’s youth, who Adesina believes are vital to the country’s future economic development.
He stressed that Nigeria’s youth do not need to seek their futures in Europe, China, or the United States, highlighting the need to reverse the ongoing “Japa” trend—where young Nigerians leave for better opportunities abroad—and instead leverage the nation’s demographic potential.
“If we are to drive growth, become globally competitive, and retain our young talent, we must enhance their entrepreneurial capacities with the right government policies,” Adesina added.
The AfDB president also expressed gratitude to Nigeria’s Minister of Finance, Wale Edun, for facilitating the approval of the initiative.
He further noted that the bank will deploy guarantee instruments to de-risk lending to youth-run businesses, making it easier for financial institutions to extend credit.
“This marks a new day for Nigeria, and I believe we can achieve it,” Adesina concluded.
This development is poised to strengthen Nigeria’s entrepreneurial ecosystem and create a more favourable environment for youth-driven innovation, potentially reversing the brain drain and ensuring long-term economic growth.
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