The African Development Bank (AfDB) has announced plans to establish a $100 million investment bank aimed at empowering Nigerian youths, fostering entrepreneurship, and promoting economic growth in the country.
The African Development Bank (AfDB) has announced the creation of a Youth Entrepreneurship Investment Bank in Nigeria, highlighting its significant commitment to supporting the country’s youth population.
While delivering a keynote address at the 90th birthday celebration of former Head of State Yakubu Gowon in Abuja, AfDB President Akinwumi Adesina announced that the bank’s board had approved an allocation of $100 million for the initiative.
“I am thrilled to share that only three days ago, the board of directors at the African Development Bank approved $100 million for setting up the Youth Entrepreneurship Investment Bank in Nigeria,” he announced.
He stressed that this initiative seeks to empower young people, who are crucial to Nigeria’s advancement.
“The new bank is set to offer technical assistance, business incubation, and financial support through equity and quasi-equity investments,” Adesina announced to an audience that featured former President Olusegun Obasanjo, state governors, ministers, and other esteemed guests.
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He emphasized the significance of keeping Nigerian youth in the country amid growing concerns about migration, often called the “japa” phenomenon. Adesina pointed out that this trend of young Nigerians departing could hinder national development and economic recovery efforts.
“The rapid departure of our youth threatens Nigeria’s economic growth and global competitiveness,” he cautioned. He attributed this pattern to unfavorable economic conditions but encouraged capitalizing on the digital economy to tap into the talents of Nigerian youth.
Adesina highlighted that Nigeria hosts five of Africa’s seven leading unicorn fintech companies, emphasizing the potential of the nation’s youth. “The future for our young people is embedded in Nigeria’s growth path,” he stated confidently.
Calling the initiative a “new dawn for Nigeria,” he emphasized that young people in the country should have opportunities to prosper at home instead of looking overseas.
The event celebrated Gowon and included Obasanjo, who praised his leadership contributions by stating, “This is a national celebration, and you deserve to be honored while alive.” He expressed gratitude for Gowon’s lengthy life and service, acknowledging the few remaining witnesses from his time in government and military roles.
The event brought together a diverse array of dignitaries to honor Gowon’s legacy, emphasizing the need for ongoing investment in Nigerian youth as a key route to achieving future prosperity.
