AfDB Board Approves $100m for Establishment of Youth Entrepreneurship Bank in Nigeria

Olawale Ajimotokan

The Africa Development Bank (AfDB) has approved $100m for the establishment of in Nigeria

The President AfDB, Dr Akinwunmi Adesina, disclosed this Friday, in Abuja while delivering the keynote address at a public lecture to celebrate the 90th birthday anniversary of former Head of State, Gen. Yakubu Gowon.

Adesina said the new bank will support businesses of youth in the country.

“ Today, l have some good news. I am delighted to announce here 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.

“This new bank will support the youth businesses in Nigeria using technical assistance, business incubation, quasi-equity, and debt,” Adesina said.

He noted that the initiative highlighted AfDB’s commitment to supporting youths who he believes are critical to the development of the country.

He noted that he did not believe that future of Nigerian youth lie in Europe, China, US or Asia, stressing that the policy is one of the ways to reverse Japa trend and ensure that the talents of Nigerian youth are harnessed and turn Nigeria’s demographic asset into a talented pool.

“If we are to drive growth, become globally competitive and retain our young talent, we need to enhance the talent and entrepreneurial capacity of our young ones with right government policy,” he said.

The AfDB boss, who thanked the Minister of Finance, Wale Edun for facilitating the approval, added that bank will also deploy guarantee instruments to de-risk the lending to the businesses by financial institutions in Nigeria.

“It will be a new day and a new dawn for Nigeria and l believe we can do it,” he said.