The African Development Bank (AfDB) has approved a $100 million fund to establish the Youth Entrepreneurship Investment Bank in Nigeria.
AfDB President Akinwunmi Adesina made this announcement during his keynote speech at the 90th birthday lecture of former Nigerian head of state, Yakubu Gowon, held in Abuja.
Adesina emphasized that the Youth Entrepreneurship Investment Bank reflects the AfDB’s strong commitment to empowering young Nigerians, whom he described as vital to the nation’s progress.
“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.
Adesina highlighted the bank’s role in offering a variety of financial and technical support to youth-led businesses, ensuring their growth and sustainability.
The new bank will provide technical assistance, business incubation services, quasi-equity funding, and debt options to young entrepreneurs across the country.
In addition, it will utilize guarantee mechanisms to help reduce the financial risks associated with lending to these businesses, encouraging more financial institutions to participate in youth-focused investment.
“It will be a new day and a new dawn for Nigeria,” Adesina remarked, underlining the transformative impact that the bank will have on Nigeria’s entrepreneurial landscape.
Adesina had previously expressed the AfDB’s readiness to launch such a bank during a statement on June 25, 2023.
The plan aligns with President Bola Tinubu’s vision for empowering the youth, further supporting the government’s efforts to promote economic growth through entrepreneurship.
