The African Development Bank (AfDB) has announced the establishment of a Youth Entrepreneurship Investment Bank for Nigeria, aimed at empowering young people and fostering economic development.
AfDB President Akinwunmi Adesina made the announcement on Friday in Abuja during a keynote address at the 90th birthday celebration of former Head of State Yakubu Gowon.
“I am delighted to share that just three days ago, the AfDB’s board of directors approved $100 million for the creation of the Youth Entrepreneurship Investment Bank for Nigeria,” Adesina stated. He emphasized that this initiative reflects the bank’s commitment to supporting the youth, who he believes are crucial to Nigeria’s growth.
The new bank will provide a range of support for young entrepreneurs, including technical assistance, business incubation, and investment in equity and quasi-equity. This initiative was presented to an audience that included notable figures such as former President Olusegun Obasanjo, governors, ministers, and other dignitaries.
Adesina characterized this moment as “a new day for Nigeria,” while expressing concern over the rising trend of youth migration, colloquially known as “japa.” He warned that this mass exodus threatens the nation’s economic rejuvenation and global positioning.
“The speed at which Nigerians are leaving the country poses risks to our economic ambitions,” he noted. He attributed this trend to challenging economic conditions but expressed optimism about harnessing the digital revolution to turn the tide. “Nigeria is well-poised to take advantage of these opportunities,” he added, highlighting that the country hosts five out of the top seven unicorn fintech companies in Africa.
Adesina believes that the future of Nigeria’s youth lies within the country itself, stating, “I don’t believe Nigeria’s youth or Africa’s youth lies in Europe, America, or anywhere else. It lies in Nigeria’s equitable growth and in Africa creating jobs for its young people.”
During the event, Adesina praised Gowon as an “exemplary Nigerian and African leader,” referencing the milestones achieved under his leadership from 1966 to 1975.
Former President Obasanjo echoed these sentiments, celebrating Gowon’s contributions and longevity. “This is a national celebration,” he said, honoring Gowon’s legacy and the impact he has had on the nation.
