The President of African Development Bank (AfDB), Akinwumi Adesina has disclosed that the bank will support the establishment of youth entrepreneurship investment banks to help drive entrepreneurship of the youth of Africa.
He made this disclosure while delivering an inaugural address at his swearing-in ceremony on Tuesday for a second term as the President of the bank.
In his words: “We will ensure that Africa’s youth potential is fully unleashed. In this regard, the Bank will support the establishment of Youth Entrepreneurship Investment Banks.
“Banks that will help to mobilize and deploy capital to drive the entrepreneurship of the youth of Africa — in ways that are systemic, scalable and sustainable.
“The shadows of youth unemployment and migration out of Africa must give way to a glowing light of successful youth-driven businesses across Africa. Africa’s youth must stay in Africa, develop Africa, and project Africa’s future.” Adesina said.
He also disclosed that the bank will consolidate its achievement in Agriculture: “We will build on the great successes we have had in agriculture, by scaling up technologies to reach tens of millions of farmers and supporting Africa to build competitive agricultural value chains.
“We will add value to what we produce in Africa, and provide creative and high-tech opportunities for massive youth engagement in agriculture and agribusiness.”
Adesina was unanimously elected for a second five-year tenure. He was first elected president of the bank in 2015.