JUST IN: African Development Bank to Establish Youth Entrepreneurship Bank in Nigeria to Support Youth Businesses

Mubashir Shehu

2 days ago

The African Development Bank (AfDB) has approved a $100 million fund to establish the Youth Entrepreneurship Investment Bank in Nigeria, aimed at boosting youth-led businesses. AfDB President Dr. Akinwunmi Adesina announced this during a lecture commemorating Gen. Yakubu Gowon’s 90th birthday. The bank will offer a combination of technical assistance, business incubation, quasi-equity, and debt financing to young entrepreneurs.

This initiative is part of AfDB’s commitment to turning Nigeria’s youth into a productive demographic asset. Dr. Adesina emphasized that the future of Nigerian youth doesn’t lie abroad but in local economic transformation. The Youth Entrepreneurship Investment Bank is a critical component in reversing the “Japa” migration trend, encouraging young Nigerians to invest their talent within the country.

The bank’s efforts will be supported by de-risking measures to facilitate financial institutions’ lending to youth-driven businesses. The initiative is set to create a favorable environment for young entrepreneurs, leveraging AfDB’s guarantee instruments to make it easier for financial institutions to extend credit.

The approval follows collaborative efforts between AfDB and Nigeria’s Ministry of Finance, led by Wale Edun. Dr. Adesina expressed optimism about the initiative’s potential to foster a new era for youth entrepreneurship in Nigeria, enhancing the country’s global competitiveness.

This bank is expected to drive growth and create a robust entrepreneurial ecosystem for Nigeria’s youth, a group seen as central to the nation’s economic advancement.

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