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Economy

AfDB Approves $100m for Youth Entrepreneurship Bank in Nigeria

By PNN Editor1 min read

The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria. This announcement was made by AfDB President, Dr. Akinwunmi Adesina, during a keynote address at a public lecture in Abuja celebrating the 90th birthday of former Head of State, General Yakubu Gowon.

Dr. Adesina emphasized that the new bank aims to support Nigerian youth by providing technical assistance, business incubation, quasi-equity, and debt financing. This initiative is part of AfDB's commitment to nurturing the entrepreneurial potential of young Nigerians and reversing the "Japa" trend of youth migration by investing in their future within the country.

He also acknowledged the role of Nigeria’s Finance Minister, Wale Edun, in facilitating the approval, and stated that guarantee instruments will be used to de-risk lending to youth businesses by financial institutions. Adesina expressed optimism that the establishment of the bank will mark a "new day" for Nigeria’s youth and its economy.

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