The African Development Bank (AfDB) has approved a $100 million funding package to establish a Youth Entrepreneurship Investment Bank in Nigeria. Akinwunmi Adesina, the president of AfDB, announced this development during a keynote speech at the 90th birthday lecture of former head of state Yakubu Gowon in Abuja on Friday.
Adesina expressed his enthusiasm, stating, “I am pleased to announce that just three days ago, the African Development Bank’s board of directors approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank for Nigeria.” He highlighted that this initiative reflects AfDB’s commitment to empowering youth, who he considers crucial for the country’s growth.
The new bank aims to support youth-led businesses in Nigeria through various means, including technical assistance, business incubation, quasi-equity, and debt financing. It will also employ guarantee instruments to reduce the lending risks faced by financial institutions in Nigeria. “It will be a new day and a new dawn for Nigeria,” he affirmed.
Adesina reiterated his institution’s intent to launch the entrepreneurship investment bank, aligning it with President Bola Tinubu’s vision for Nigeria’s youth, a commitment he first expressed on June 25, 2023.
