The African Development Bank (AfDB) has concluded plans to establish a Youth Entrepreneurship Investment Bank for Nigeria in its bid to support young people in the country.
President of the AfDB, Akinwunmi Adesina, who disclosed this while delivering a keynote address at the 90th birthday lecture of former Head of State, Yakubu Gowon, in Abuja on Friday, said the bank’s board of directors had already approved the establishment of the project.
“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.
He stated that the move is a statement of AfDB’s resolve to support youths who he believes are critical to the development of the country, 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.
Adesina emphasized that the mass migration of the country’s youthful population, otherwise known as “Japa Syndrome” would be curtailed by the establishment of the bank.
”Don’t get me wrong but I don’t believe the future of Nigeria’s youth or Africa’s youth lies in Asia, America or Europe or anywhere else; it lies in Nigeira growing very well with equitable growth.
“This is a new day and a new day for 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,” Adesina, a former Nigerian Minister of Agriculture noted.