AfDB to establish $100m investment bank for Nigerian youths

This announcement was made today by AfDB President, Akinwunmi Adesina, during a keynote address at the 90th Birthday Lecture of former Head of State, Yakubu Gowon, in Abuja.

“I am pleased to announce that just three days ago, the African Development Bank’s board of directors approved $100 million for the creation of the Youth Entrepreneurship Investment Bank in Nigeria,” Adesina stated.

This decision highlights AfDB’s commitment to empowering Nigerian youth, who Adesina views as pivotal to the nation’s development. The bank will provide both technical and financial assistance to young entrepreneurs.

“This new institution will support youth businesses in Nigeria through technical assistance, business incubation, and investment in equity and quasi-equity,” Adesina explained, addressing an audience that included former President Olusegun Obasanjo, governors, ministers, and other prominent figures.

Adesina also expressed concern about the increasing migration of Nigerian youth, often referred to as the “japa” phenomenon, which he warned could hinder the country’s economic recovery and progress towards global leadership.

“The rapid exodus of Nigerians, especially the youth, threatens Nigeria’s economic revitalization,” he said, attributing the trend to harsh economic conditions. However, he emphasized the potential of Nigeria’s digital revolution to reverse the migration trend.

“Nigeria is well-positioned to capitalize on digital opportunities,” he noted, adding that five of the top seven unicorn fintech companies in Africa are Nigerian. “This shows the immense potential we have to lead globally.”

Adesina concluded by affirming that the future of Nigeria’s youth lies in the country’s sustainable and equitable growth, not abroad.

The event, which celebrated Yakubu Gowon’s 90th birthday, was attended by various dignitaries.

In his tribute, Adesina described Gowon as a remarkable leader, while former President Olusegun Obasanjo also lauded Gowon, emphasizing that he deserves national recognition and celebration.

“This is a national celebration, and you are truly worthy of being honored while still alive,” Obasanjo remarked, acknowledging Gowon’s significant contributions to Nigeria.