Toba Owojaiye reporting
Abuja, Nigeria
The African Development Bank (AfDB) has announced the approval of $100 million for the establishment of a Youth Entrepreneurship Investment Bank in Nigeria. The approval was disclosed by the AfDB President, Dr. Akinwumi Adesina, during a keynote address at a public lecture in Abuja, celebrating the 90th birthday of former Head of State, General Yakubu Gowon.
Truth Live News gathered that Dr. Adesina expressed the AfDB’s commitment to fostering youth entrepreneurship, noting that the new bank aims to provide robust support to youth-led businesses across the country. “I am delighted to announce that 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 said.
He explained that the bank would support young entrepreneurs through technical assistance, business incubation, quasi-equity, and debt financing. Additionally, it will deploy guarantee instruments to de-risk lending to youth businesses, encouraging financial institutions to offer more support to young entrepreneurs.
The initiative is seen as a strategic move to address Nigeria’s “Japa” trend, which refers to the emigration of young talents abroad. Dr. Adesina emphasized that the future of Nigerian youth does not lie in other countries, but within Nigeria itself. “If we are to drive growth, become globally competitive, and retain our young talent, we need to enhance the entrepreneurial capacity of our young ones with the right government policy,” he stated.
The approval was facilitated by Nigeria’s Minister of Finance, Mr. Wale Edun, whom Dr. Adesina acknowledged for his role in making the initiative a reality.
The establishment of the Youth Entrepreneurship Investment Bank aligns with broader efforts to harness Nigeria’s demographic dividend, turning its vast youth population into a powerful engine for economic growth and development. This initiative promises a new dawn for youth businesses in Nigeria, enabling them to thrive through innovative financial support mechanisms.