The African Development Bank (AfDB) has approved a $100 million investment to establish the Youth Entrepreneurship Investment Bank in Nigeria. AfDB President Akinwunmi Adesina made the announcement during a keynote address at the 90th birthday lecture of former head of state, Yakubu Gowon, held in Abuja.
Adesina emphasized that the initiative reflects AfDB’s commitment to supporting Nigerian youth, whom he described as critical to the country’s development. The newly approved bank will provide assistance to young entrepreneurs through technical support, business incubation, quasi-equity, and debt. Additionally, it will deploy guarantee instruments to mitigate risks for financial institutions lending to youth-led businesses.
This announcement aligns with President Bola Tinubu’s plans and vision to empower young people and create more opportunities for entrepreneurship in Nigeria.
Adesina also expressed optimism about the future impact of the initiative, stating, “It will be a new day and a new dawn for Nigeria,” signaling a transformative opportunity for youth-led enterprises in the country.
The establishment of this bank underscores AfDB’s ongoing efforts to foster youth entrepreneurship, job creation, and economic growth in Nigeria.
