The African Development Bank (AfDB) has approved $100 million to establish a Youth Entrepreneurship Investment Bank in Nigeria, aimed at empowering the country’s young population.
AfDB President Akinwunmi Adesina announced the initiative on Friday while delivering the keynote address at the 90th Birthday Lecture of former Head of State, Yakubu Gowon, in Abuja.
“I am delighted to announce here today 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,” Adesina revealed.
He emphasized that this initiative reflects AfDB’s commitment to supporting Nigerian youth, whom he considers crucial for the country’s development.
The new bank aims to provide Nigerian youth with technical support, business incubation, and investment opportunities, including equity and quasi-equity. Adesina highlighted that the focus is on equipping young entrepreneurs with the resources needed to succeed and grow their businesses.
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Addressing a distinguished audience that included former President Olusegun Obasanjo, state governors, ministers, and other top dignitaries, Adesina spoke on the urgent need to curb Nigeria’s rising migration trend, known locally as the “japa” phenomenon.
He warned that the increasing migration of young Nigerians could undermine the nation’s economic ambitions and global positioning.
“The rate and speed at which Nigerians are leaving the country, the so-called ‘japa syndrome,’ risks undermining Nigeria’s economic drive for rejuvenation and global dominance,” he said, attributing the trend to harsh economic conditions.
He urged Nigeria to leverage its strong digital sector, noting that five of Africa’s top seven fintech unicorns are Nigerian-owned. “This demonstrates the potential we have to take over the world,” he added.
Adesina stressed that the future of Nigeria’s youth lies in the country’s growth, not abroad. “The future of Nigeria’s youth, and Africa’s youth, lies in Nigeria and Africa growing equitably and creating jobs for its young people,” he stated.
The event, attended by high-profile dignitaries from various sectors, also saw former President Obasanjo pay tribute to Yakubu Gowon, praising his exemplary leadership. “This is a national celebration, and you deserve to be celebrated while you are still alive,” Obasanjo said, expressing gratitude for Gowon’s longevity and legacy.
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