Africa (Commonwealth Union) _ At the 90th birthday lecture of former Nigerian Head of State Yakubu Gowon in Abuja, African Development Bank (AfDB) President Akinwunmi Adesina announced a significant development for Nigeria’s youth. Adesina revealed that the AfDB’s board of directors had approved a $100 million initiative to establish the Youth Entrepreneurship Investment Bank in Nigeria, signaling a major commitment to supporting young entrepreneurs in the country.
Adesina emphasized that the bank would provide more than just financial assistance. It will support youth businesses through technical assistance, business incubation, equity investments, and quasi-equity funding. The initiative aims to harness the entrepreneurial potential of Nigeria’s youth, whom he described as central to the nation’s future growth and development.
During his keynote address, Adesina also touched on the worrying trend of “japa,“ the mass migration of young Nigerians seeking better opportunities abroad. He warned that this could undermine the nation’s economic rejuvenation and global aspirations. However, he highlighted Nigeria’s potential in the digital and fintech sectors, noting that the country is home to five of Africa’s seven leading fintech unicorns. This, he argued, demonstrated Nigeria’s capability to lead on the global stage.
Adesina believes the future of Nigeria’s youth lies within the country, stressing that the creation of equitable growth and job opportunities in Nigeria and across Africa is the key to retaining young talent. His comments reflect a growing concern among leaders about the need to reverse the brain drain and invest in Nigeria’s youth to secure the nation’s economic future.
The event was also an occasion to honor Yakubu Gowon, who served as Nigeria’s head of state from 1966 to 1975. In his tribute, Adesina praised Gowon as an exemplary leader who achieved several significant milestones for the country during his time in office. Former President Olusegun Obasanjo also lauded Gowon, calling the celebration of his 90th birthday a “national celebration” and thanking God for his longevity and contributions to the nation.
