The African Development Bank (AfDB) has announced plans to establish a Youth Entrepreneurship Investment Bank in Nigeria as part of its ongoing efforts to support young people and drive economic growth.
AfDB President Akinwunmi Adesina made the announcement on Friday in Abuja during a keynote address at the 90th birthday lecture of former Nigerian Head of State, General Yakubu Gowon. He revealed that just three days prior, the AfDB’s board of directors had approved $100 million to fund the initiative.
Adesina highlighted the importance of the youth in shaping Nigeria’s future and emphasized the bank’s commitment to providing both technical and financial support to young entrepreneurs. “This new bank will support the business endeavors of Nigeria’s youth by offering technical assistance, business incubation, and equity investments,” Adesina explained. The audience included former President Olusegun Obasanjo, governors, ministers, and other high-profile dignitaries.
He also addressed Nigeria’s rising “japa” phenomenon—mass migration of the country’s youthful population—warning that this trend could threaten Nigeria’s economic progress. Adesina attributed the migration surge to harsh economic conditions but urged the nation to harness the ongoing digital revolution to create opportunities for its youth at home. He noted that Nigeria has already produced five of Africa’s top seven unicorn fintech companies, showcasing the potential for growth and innovation in the country.
Adesina stressed that the future of Nigeria’s youth lies within the nation’s own growth, saying, “Nigeria’s youth potential doesn’t lie in Europe, America, or China; it lies in Nigeria and Africa, where equitable growth can create jobs and opportunities.”
During the event, Adesina praised General Gowon as an exemplary Nigerian and African leader, highlighting several milestones achieved during his tenure from 1966 to 1975. Former President Olusegun Obasanjo also commended Gowon, saying he is deserving of national recognition while still alive. Obasanjo expressed gratitude for Gowon’s longevity and continued influence in Nigerian society.
