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AfDB to establish $100m investment bank for Nigerian youths

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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.

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Nigerians will begin to see the fruits of Tinubu’s labour— CoS Gbajabiamila

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Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has assured Nigerians that citizens will soon begin to reap the fruits of the president’s labour in the past 17 months since he assumed office.

Gbajabiamila, who gave the assurance on Saturday night in Abuja upon the president’s return to the country from a two-week working leave in the United Kingdom and France, said that Tinubu, who was well-rested following the vacation, was poised to get the country to a “cruising altitude.”⁣

“He’s back to continue from where he left off in terms of putting policies in place and making sure things are done right, making sure we’re going in the right direction,” Gbajabiamila told journalists at the reception put together to welcome the president. ⁣

“He’s the captain of the plane, and he’s working to get to a cruising level, which is precisely where we’re going. And in a matter of time, Nigerians will begin to see the fruits of his labour and our labour. ⁣

“Let’s all be expectant and hopeful, and we’ve been living the renewed hope, and Mr. President is back in Nigeria to continue the good work he’s doing.

“The kind of work he’s been doing in the last year and a half requires some rest, and he was gone, and he’s back now, and he’s well rested, rejuvenated.⁣

“It was even just a working holiday anyway, so he was working and resting at the same time. Now that he’s back in Nigeria, all hands are back on deck, and he’s ready to go,” he noted.

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Amnesty International demands immediate release of detained Zambian journalist

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The Deputy Director of Amnesty International for East and Southern Africa, Vongai Chikwanda, has called on Zambian authorities to immediately and unconditionally release a journalist, Thomas Zgambo, who is currently being detained for doing his job.

Media reports have it that Zgambo, a contributor to the Zambia Whistleblower website, was arrested on October 16, 2024, while dining at a mall and is currently being held at Ridgeway Police Station.

In a statement issued on Saturday in Lusaka, Chikwanda stated that journalism was not a crime and highlighted that Zambia’s Constitution guarantees the right to freedom of expression and media freedom.

“Authorities must uphold their constitutional and international human rights obligations and allow journalists to freely carry out their work,” Chikwanda said in the statement.

Chikwanda noted that Zgambo had not been officially charged, while his arrest followed the publication of an article perceived as critical of government officials.

He pointed out that Zgambo’s arrest comes just days after President Hakainde Hichilema reaffirmed his administration’s commitment to press freedom and the promotion of access to information, alleging that Zambian authorities had harassed and intimidated Zgambo in previous years.

It will be recalled that in August, Zgambo was arrested and detained for two days before being released on bail for sedition after publishing an article calling for government transparency regarding a rental property allegedly linked to President Hichilema.

He was arrested twice in 2023 for his critical reporting, and in 2013, faced sedition charges related to his coverage of then-president Michael Sata.

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