The African Development Bank (AfDB) will establish a Youth Entrepreneurship Investment Bank for Nigeria which is part of its support for young people.
AfDB president Akinwunmi Adesina said this on Friday in Abuja while delivering a keynote address at the 90th Birthday Lecture of former Head of State Yakubu Gowon.
“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 said the move underscores AfDB’s resolve to support youths who he believes are critical to the development of the country.
According to him, the bank will support youths technically and otherwise.
“This new bank will support the business of the youths in Nigeria using technical assistance, business incubation, and invest equity, quasi-equity,” and others, the AfDB boss told the audience which included former president Olusegun Obasanjo, governors, ministers, and other top dignitaries.
He described the development as “a new day and a new day for Nigeria” and warned against the growing wave of migration better called “japa” in local parlance.
According to him, the mass migration of the country’s youthful population who he says are “voting with their foot” poses a threat to the development of Nigeria.
“The rate and speed at which Nigerians are leaving the country -the so-called japa syndrome risks undermining Nigeria’s economic drive for economic rejuvenation and positioning for global dominance,” the former minister of agriculture said.
Adesina attributed this to harsh economic conditions but says the country should tap into the digital revolution to reverse the trend.
“Nigeria is well-poised to take advantage of these opportunities,” he said.
“Nigeria also has five out of the top seven unicorn fintech companies in Africa,” the AfDB president said.
“So, when you have young Nigerians – five out of seven with companies doing that – that tells you the potential that we have to take over the world.”
The economist says the future of Nigeria’s youthful population lies in the country’s growth.
“Don’t get me wrong but I don’t believe Nigeria’s youth or Africa’s youth lies in Europe, America, China, or anywhere else. It lies in Nigeria growing very well with equitable growth, and Africa doing the same; able to create jobs for its young people,” he said.
The event attracted dignitaries from different walks of life. In his eulogy, the AfDB president described Gowon as an “exemplary Nigerian and African leader”.
“You were an exemplary Nigerian and African leader. As head of state, your leadership was matched by several firsts,” he said while referencing milestones achieved under Gowon’s leadership from 1966 to 1975.
At the event, former President Olusegun Obasanjo also extolled Yakubu, saying the former head of state deserves all the accolades.
“This is a national celebration and you are worthy to be nationally celebrated while you are still alive,” Obasanjo said.
“I look at the galaxy of distinguished men and women around, only very few of them can claim to be eyewitnesses to your time in government not to talk of your time in the army.
“And because by the grace of God who has given you the longevity of life and who has given me a little bit to be following you, I will just thank God on your behalf that God has made you reach 90.”
