The African Development Bank (AfDB) has approved a significant funding initiative aimed at boosting youth entrepreneurship in Nigeria. Akinwunmi Adesina, President of AfDB, announced on Friday that the bank’s board of directors has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria.
Speaking during the 90th birthday lecture of former head of state, Yakubu Gowon, Adesina emphasized the importance of empowering the youth to drive Nigeria’s economic development. “I am delighted to announce that just three days ago, the African Development Bank’s board approved $100 million for the Youth Entrepreneurship Investment Bank for Nigeria,” he said, highlighting AfDB’s commitment to youth development.
The newly approved Youth Entrepreneurship Investment Bank will provide much-needed support to youth-led businesses across Nigeria. The initiative will combine technical assistance, business incubation, quasi-equity, and debt to help young entrepreneurs scale their ventures. Additionally, the bank will offer guarantee instruments to help de-risk lending to youth-owned businesses, encouraging financial institutions in Nigeria to participate more actively in supporting these entrepreneurs.
Adesina expressed optimism about the impact this new institution will have, stating, “It will be a new day and a new dawn for Nigeria.”
This announcement follows AfDB’s previous commitment to youth entrepreneurship in Nigeria. On June 25, 2023, Adesina stated that the bank was ready to establish an entrepreneurship investment bank to align with President Bola Tinubu’s plans for supporting young Nigerians.
With this move, the AfDB aims to create an enabling environment for youth-led businesses to thrive, contributing to long-term economic growth in Nigeria.
