The African Development Bank (AfDB) is set to launch a Youth Entrepreneurship Investment Bank in Nigeria, a major initiative aimed at supporting the country’s youth. AfDB President Akinwumi Adesina announced this on Friday in Abuja during the 90th Birthday Lecture of former Head of State, Yakubu Gowon.
“I am pleased to announce 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 said.
This initiative highlights the AfDB’s commitment to empowering young Nigerians, whom Adesina views as essential to the nation’s development. The bank will provide technical support, business incubation, and funding through equity, quasi-equity, and other financial instruments to help young entrepreneurs grow their businesses.
Speaking before an audience that included former President Olusegun Obasanjo, governors, ministers, and other prominent figures, Adesina described this as “a new dawn for Nigeria.”
However, he expressed concern over the increasing trend of young Nigerians emigrating in what is locally referred to as “japa,” warning that this mass migration could undermine Nigeria’s economic ambitions.
“The speed at which Nigerians are leaving the country, driven by harsh economic conditions, poses a risk to Nigeria’s quest for economic rejuvenation and global competitiveness,” Adesina said. He stressed that Nigeria must capitalize on the digital revolution to reverse this trend, pointing out that five of Africa’s top seven fintech unicorns are Nigerian.
“This shows the immense potential we have to lead on the global stage,” he added.
Adesina emphasized that the future of Nigeria’s youth is tied to the country’s own growth. “I don’t believe the future of Nigeria’s youth lies in Europe, America, or anywhere else. It lies here in Nigeria, with equitable growth and job creation.”
In his tribute to Yakubu Gowon, Adesina praised the former leader as an “exemplary Nigerian and African leader,” recognizing the many milestones achieved during his time in office from 1966 to 1975.
Former President Olusegun Obasanjo also lauded Gowon, calling the celebration of his 90th birthday a national event. “This is a national celebration, and you deserve to be celebrated while you are still alive,” Obasanjo said.
“I see a gathering of distinguished men and women here, many of whom were eyewitnesses to your time in government and your service in the army. By the grace of God, you have reached 90, and we are all grateful for that,” Obasanjo concluded.