The African Development Bank (AfDB) has approved a Youth Entrepreneurship Investment Bank for Nigeria.
AfDB president, Akinwunmi Adesina disclosed this on Friday in Abuja while delivering a keynote address at the 90th Birthday Lecture of former Head of State Yakubu Gowon.
Adesina said “I am delighted to announce here today that just three days ago, the African Development Bank’s board of directors approved $100m for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria,”
Adesina said the move underscores AfDB’s resolve to support youths who he believes are critical to the development of the country.
According to him, the bank will support youths technically and otherwise.
“This new bank will support the business of the youths in Nigeria using technical assistance, business incubation, and invest equity, quasi-equity,” and others, the AfDB boss told the audience which included former president Olusegun Obasanjo, governors, ministers, and other top dignitaries.
He described the development as “a new day and a new day for Nigeria” and warned against the growing wave of migration better called “japa” in local parlance.
According to him, the mass migration of the country’s youthful population who he says are “voting with their foot” poses a threat to the development of Nigeria.
“The rate and speed at which Nigerians are leaving the country -the so-called japa syndrome risks undermining Nigeria’s economic drive for economic rejuvenation and positioning for global dominance,” the former minister of agriculture said.
Adesina attributed this to harsh economic conditions but says the country should tap into the digital revolution to reverse the trend.
“Nigeria is well-poised to take advantage of these opportunities,” he said.
“Nigeria also has five out of the top seven unicorn fintech companies in Africa,” the AfDB president said.
“So, when you have young Nigerians – five out of seven with companies doing that – that tells you the potential that we have to take over the world.”
