The African Development Bank (AfDB) has announced the establishment of a Youth Entrepreneurship Investment Bank in Nigeria, marking a significant step in its commitment to support the country’s young population.
During a keynote address at the 90th birthday celebration of former Head of State Yakubu Gowon in Abuja, AfDB President Akinwumi Adesina revealed that the bank’s board had approved an allocation of $100 million for the initiative.
“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,” he said.
He emphasized that this initiative aims to empower youths, who are essential to Nigeria’s progress.
“The new bank will provide technical assistance, business incubation, and financial support through equity and quasi-equity investments,” Adesina stated, addressing an audience that included former President Olusegun Obasanjo, state governors, ministers, and other distinguished guests.
He highlighted the importance of retaining Nigerian youth within the country amid rising concerns over migration, commonly referred to as the “japa” phenomenon. Adesina noted that the trend of young Nigerians leaving the country could undermine national development and economic recovery efforts.
“The pace at which our youth are departing poses a threat to Nigeria’s aspirations for economic growth and global competitiveness,” he warned. He attributed this trend to unfavorable economic conditions but encouraged leveraging the digital economy to harness the talents of Nigerian youth.
Adesina pointed out that Nigeria is home to five of Africa’s seven top unicorn fintech companies, underscoring the potential of the nation’s youth. “The future of our young people lies within Nigeria’s growth trajectory,” he affirmed.
Describing the initiative as a “new dawn for Nigeria,” he stressed that the country’s youth should thrive in their homeland rather than seeking opportunities abroad.
The event not only honoured Gowon but also featured Obasanjo praising his contributions as a leader, asserting, “This is a national celebration, and you deserve to be honored while you are still alive.” He expressed gratitude for Gowon’s long life and service, recognizing the limited number of witnesses to his era in both governance and military service.
The gathering saw a diverse group of dignitaries come together to celebrate Gowon’s legacy, with calls for continued investment in Nigeria’s youth as a pathway to a prosperous future.
Post A Comment: