The African Development Bank (AfDB) is kicking off with a $100 million commitment, part of a broader $2 billion initiative to support over 38,000 youth-led enterprises across Africa.
Young Nigerians with viable business ideas now have a major opportunity to access funding, thanks to the newly established Youth Entrepreneurship Investment Bank by the AFDB.
The eighth President of AFDB, Dr. Akinwumi Adesina, emphasized the importance of empowering Africa’s 465 million youth, describing them not as a burden but a powerful economic force. Speaking on a cable TV interview, he criticized the “Japa phenomenon”—the mass migration of African youth—as a “big loss” and a result of failing to invest in young talent.
“Young people don’t need freebies,” Adesina said. “They have skills… they want to turn their ideas into great businesses.” He highlighted the need to shift from token empowerment programs to real investments in skills and entrepreneurial capacity.
