By Ebi Kesiena
The African Development Bank (AfDB) is set to launch a Youth Entrepreneurship Investment Bank in Nigeria, backed by a $100 million fund.
AfDB President, Akinwunmi Adesina, made this announcement during a keynote speech at the 90th birthday lecture of former Nigerian Head of State, Yakubu Gowon, in Abuja.
Adesina highlighted the bank’s commitment to supporting Nigerian youths, viewing them as essential drivers of the country’s development. The new investment bank will provide technical support, business incubation, and financing through equity and quasi-equity investments to foster youth entrepreneurship in the country.
Warning of the risks posed by the ongoing migration of young Nigerians, often referred to as the “japa” syndrome, he expressed concern that this trend could hinder the nation’s economic growth, but emphasized that Nigerian youths have immense potential to thrive locally, especially within the booming fintech sector.
“Nigeria is well-positioned to lead in the digital revolution,” he noted, citing that five of Africa’s top seven fintech unicorns are Nigerian-owned.
Adesina encouraged the nation to focus on creating equitable growth and job opportunities to retain its youthful population, stating,
“The future of Nigeria’s youth lies in Nigeria’s growth, not overseas.”
The event also featured tributes to Yakubu Gowon from notable figures, including former President Olusegun Obasanjo, who praised Gowon’s leadership and legacy as a distinguished Nigerian and African leader.
