By Busola Bamidele
The African Development Bank (AfDB) has launched a $100 million Nigerian Youth Entrepreneurship Investment Bank to empower young entrepreneurs across Nigeria.
Announced by AfDB President Dr. Akinwumi Adesina during NOUN’s 14th Convocation in Abuja, the move aims to create jobs and drive economic diversification.
Dr. Adesina highlighted that “entrepreneurship is the key to solving unemployment,” noting Africa’s global lead in entrepreneurial activity, with 22% of working-age adults starting businesses.
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The youth-focused bank will offer equity, loans, technical support, and business development services, targeting sectors like agriculture, services, retail, and digital technology. Africa’s digital economy is projected to contribute $180 billion to GDP by 2025.
In addition, the AfDB is backing the $614 million iDICE program to grow Nigeria’s creative and tech SMEs, with potential to inject $6.4 billion into the economy and create over six million jobs.
Dr. Adesina also flagged the continent’s education deficit, revealing only 10% of African youths pursue higher education—far behind global counterparts. To address this, the AfDB is co-creating a $300 million innovation fund with the AU, focused on AI, robotics, and cloud computing.
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