The Nigerian Young Professionals Forum (NYPF) has commended the African Development Bank (AfDB) on the launch of the Youth Entrepreneurship Development Fund initiative aimed at supporting easy access to funds to drive Micro, Small and Medium Enterprises (MSMEs).
Chairman of the Forum, Mr. Moses Siloko Siasia, in a statement issued on Thursday, stated that the initiative would create windows of enormous opportunities for African youths, and further heighten their hopes and aspirations in entrepreneurship.
Mr. Siasia also noted that funding has been a setback for young African entrepreneurs, reiterating that ‘Africa must now move beyond “youth empowerment” to feasible youth investment and sustainable engagement’.
The NYPF boss advised that the AfDB ensure that allocated funds are not domiciled in government coffers as done in the past, as African governments have never been good managers of such funds.
“In setting aside these funds, the AfDB must ensure that the funds are not domiciled in government coffers as done in the past. With recourse to past experience, Governments have never been good managers of such funds. The funds should rather be disbursed through responsible, Fund Managers, Non-Governmental Organizations (NGOs) or passed down to the youths directly.
“As a driver of sustainable growth and development in Africa, the AfDB should put in place mechanisms to monitor how these funds are disbursed and ensure that they get into the right hands. The AfDB should also ensure that the initiative is sustained for the youths, who themselves, are the engine for sustainable growth and development,” he added.
The NYPF further urged banks and other financial lending institutions to “wake-up and key into the initiative to provide young people with funding.”
