AfDB Unveils $100M Youth Entrepreneurship Investment Bank in Nigeria

The African Development Bank (AfDB) has rolled out a $100 million Youth Entrepreneurship Investment Bank in Nigeria, aimed at empowering young business owners.

AfDB President Akinwumi Adesina announced the initiative during a public lecture celebrating the 90th birthday of former military head of state, Yakubu Gowon.

Recently approved by the AfDB board, the bank is set to provide more than just cash. It’ll offer technical assistance, business incubation, and equity investments, along with guarantee instruments to lower lending risks for financial institutions.

Adesina stressed that the future of Nigeria’s youth lies within the country—not overseas. He called for urgent action to curb the “Japa syndrome,” where young, skilled Nigerians leave in search of better opportunities abroad.

During the lecture, Adesina cited a 2022 TechCabal survey that found 47% of Nigeria’s tech professionals were planning to leave the country by 2024.

“Nigeria is home to five of Africa’s top seven fintech unicorns,” he pointed out, underscoring the nation’s leadership in the fintech space and the enormous potential waiting to be tapped.

But Adesina also issued a stark warning: “This exodus risks unraveling Nigeria’s capacities, particularly in technology and innovation, jeopardizing our readiness for the fourth industrial revolution and hindering our progress into advanced sectors such as electronics, semi-conductors, and space exploration.”

To reverse the brain drain, Adesina proposed a plan to position Nigeria as a global competitor. He urged the development of solid infrastructure, competitive salaries, cutting-edge tech hubs, and greater backing for entrepreneurship and innovation.

He also emphasized the importance of sustainable government policies to foster an environment where businesses can thrive.

“We must decisively harness Nigeria’s demographic asset and turn it into a talent dividend,” he urged, highlighting the potential for Nigeria to emerge as a leader not only in West Africa but globally.

“I’m not against immigration, but I firmly believe that the future of Nigeria’s youth, and indeed Africa, does not lie in Europe, America, or China,” he said. “The future lies in Nigeria, growing equitably and robustly.”…[CONTINUE READING HERE]>>