In a move to support Nigeria’s young entrepreneurs, the African Development Bank (AfDB) has announced the establishment of a one hundred-million-dollar Youth Entrepreneurship Investment Bank in the country.
This initiative was revealed by Bank’s president Akinwumi Adesina, during a public lecture marking the 90th birthday of former military head of state, Yakubu Gowon.
Approved by the Development Bank’s board, the investment bank is designed to offer both financial assistance and technical support to young business owners across Nigeria.
Adeshina stressed that the future of Nigeria’s youth lies within the country, not abroad, and highlighted the pressing need to tackle the factors contributing to the mass exodus of skilled young people, particularly in light of the widespread ‘Japa syndrome.’
The new bank will support the business ventures of Nigerian youths through technical assistance, business incubation, and investment in equity and quasi-equity, as well as guarantee instruments to derate the lending to all financial institutions.