AfDB Approves $100 Million for New Youth Bank in Nigeria
The African Development Bank (AfDB) has approved $100 million to create a special bank for young entrepreneurs in Nigeria. This new bank, called the Nigerian Youth Entrepreneurship Investment Bank, will help young business owners across Nigeria and Africa get the money and support they need to grow their businesses.
The announcement was made by Dr. Akinwumi Adesina, President of the AfDB, during a speech at the National Open University of Nigeria (NOUN) in Abuja. His speech, titled “Advancing Africa’s Position in Global Development,” focused on Africa’s growing role in business, technology, and the world economy.
What Will the Youth Bank Do?
The new bank will provide:
- Loans and investment funding – Young entrepreneurs can borrow money or get investors to support their businesses.
- Training and advice – The bank will offer business training to help young people manage their companies better.
- Support for key industries – Focus areas include farming, retail, services, and technology.
Dr. Adesina said, “The best way to solve unemployment is through entrepreneurship.” He noted that Africa has the highest rate of new business startups in the world, with 22% of working-age Africans starting their own businesses.
Loading...
Why Is This Important?
Nigeria and Africa have many young people with great business ideas, but they often struggle to get funding. This bank will make it easier for them to start and grow their businesses.
More Support for Nigerian Businesses
Besides the youth bank, the AfDB is also supporting another program called iDICE (Investment in Digital and Creative Enterprises). This program helps small businesses in Nigeria’s tech and creative industries.
The iDICE program has received $614 million from different organizations, including:
- The African Development Bank (AfDB)
- The French Development Agency (AFD)
- The Islamic Development Bank
- Nigeria’s Bank of Industry
This program is expected to bring $6.4 billion into Nigeria’s economy and create over 6 million jobs.
The Education Problem in Africa
While celebrating Africa’s progress in business, Dr. Adesina also warned about a big problem: education. Many African students do not finish school, and very few study science and technology, which are important for future jobs.
Some key facts:
- Only 43% of African youth finish secondary school (compared to 98.9% in Japan).
- Only 10% go to university (compared to 60% in Japan).
- Less than 25% of African university students study science, technology, engineering, or math (STEM) (compared to 30% in Japan).
To fix this, the AfDB is working with the African Union to create a $300 million fund for education, science, and technology. This fund will help African students learn skills in artificial intelligence, robotics, and cloud computing—skills that will be very important in the future.
A Call for Change in Africa
Dr. Adesina also asked African governments to make their economies stronger by:
- Investing in electricity and energy – Many African countries still face power problems.
- Developing mineral resources – Africa has many natural resources that can create jobs and wealth.
- Supporting technology and innovation – African countries must invest in new technologies to compete globally.
He said Africa needs to depend more on itself and plan better for the future.
Praise for Dr. Adesina’s Leadership
At the event, Prof. Attahiru Jega, former Chairman of Nigeria’s Independent National Electoral Commission (INEC), praised Dr. Adesina as a visionary leader and a true representative of Africa on the world stage.
What Does This Mean for Nigeria and Africa?
The new youth bank and other programs like iDICE will help:
- Create jobs – More young people will start businesses and hire others.
- Grow the economy – More businesses mean more money circulating in Nigeria and Africa.
- Reduce poverty – When people have jobs and businesses, they can take care of themselves and their families.
The AfDB’s $100 million youth bank is a big step toward supporting young entrepreneurs in Nigeria and Africa. With better funding, training, and education, Africa’s youth can build successful businesses and help the continent grow stronger.
However, African governments must also invest in education, energy, and technology to make sure young people have the skills and opportunities they need. If this happens, Africa can become a global leader in business and innovation.
