Akinwumi Adesina, President of the African Development Bank (AfDB);
The African Development Bank (AfDB) has announced the establishment of a $100 million Youth Entrepreneurs Investment Bank in Nigeria to support young Nigerian entrepreneurs.
AfDB President Akinwumi Adesina announced the initiative at a public lecture commemorating former military head of state Yakubu Gowon’s 90th birthday.
The investment bank, which was recently approved by the AfDB Board of Directors, is designed to provide both financial and technical assistance to young business owners across Nigeria.
The new bank will support the entrepreneurship of young Nigerians through technical assistance, business development, and equity and quasi-equity investments, as well as provide guarantees to lower lending to all financial institutions.
Mr. Adesina said this underlines the bank’s commitment to harnessing the potential of Nigeria’s youth for economic growth.
He stressed that the future of Nigeria’s youth lies within the country, not abroad, and stressed the urgent need to address factors contributing to the mass exodus of skilled youth, especially in view of the prevalent 'Japa syndrome’. .
In his speech, he cited a 2022 study by TechCabal that showed 47 percent of Nigerian technology professionals plan to leave the country by 2024.
“Nigeria is home to five of Africa’s top seven fintech unicorns,” Adesina said, noting that the country’s leadership in fintech is evidence of great untapped potential. He emphasized that.
“This exodus risks disrupting Nigeria’s capabilities, particularly in technology and innovation, jeopardizing its readiness for the Fourth Industrial Revolution and hindering progress in advanced sectors such as electronics, semiconductors and space exploration.” he warned.
To address this trend, Adesina proposed a strategy to transform Nigeria into a globally competitive country. He called for the development of a robust infrastructure, the provision of more competitive salaries, the creation of state-of-the-art facilities and technology hubs, and stronger support for innovation and entrepreneurship.
Furthermore, Mr. Adesina emphasized the need for consistent and sustainable government policies to create an environment conducive to growth and competitiveness.
“We must decisively leverage Nigeria’s demographic assets and turn them into talent dividends,” he urged, underscoring Nigeria’s potential to emerge as a leader not only in West Africa but also in the world.
“I am not against immigration, but I strongly believe that the future of Nigerian youth, and indeed Africa, does not lie in Europe, America or China,” he said. “The future is in Nigeria and we will grow fairly and strongly.”
