$100 Million Investment to Boost Young Entrepreneurs
The African Development Bank (AfDB) has approved $100 million to launch the Nigerian Youth Entrepreneurship Investment Bank.
This new bank will support young people who want to start or grow their own businesses in Nigeria and across Africa. Dr. Akinwumi Adesina, AfDB President, made the announcement at the National Open University of Nigeria in Abuja.
Helping Young People Access Funds and Skills
This youth-focused bank won’t just hand out loans. It will also offer equity funding, business training, and support services. Dr. Adesina said entrepreneurship is the best way to fight unemployment. He noted that Africa has the world’s highest rate of entrepreneurship, with 22% of its working-age population starting businesses.
Targeting Key Growth Sectors
The bank will focus on sectors like agriculture, retail, services, and especially technology. Africa’s digital economy is expected to grow fast. It could add $180 billion to the continent’s economy by 2025 and $712 billion by 2050.
More Support Through the iDICE Programme
In addition to the youth bank, AfDB is also supporting the iDICE programme. This project targets digital and creative businesses in Nigeria. It has already received $614 million in funding from AfDB and other partners. These include France’s development agency, the Islamic Development Bank, and Nigeria’s Bank of Industry. The project aims to create over six million jobs and inject $6.4 billion into the economy.
Education Gap Remains a Big Challenge
While Africa is strong in entrepreneurship, Dr. Adesina warned that it is falling behind in education. Only 43% of African youth finish secondary school. In Japan, that number is nearly 99%. Just 10% of young Africans go to university, and less than 25% of them study science, technology, engineering, or math (STEM). In Japan, 30% of students are in STEM fields.
New Fund to Improve Tech and Science Education
To fix this gap, the AfDB is working with the African Union. Together, they plan to launch a $300 million fund. This money will help train young people in areas like artificial intelligence, robotics, and cloud computing.
Call for Stronger Infrastructure and Planning
Dr. Adesina also urged African leaders to build stronger economies. He said countries need better infrastructure, energy systems, and tech development. He warned that Africa lacks strong economic safety nets. More planning and self-reliance are needed to avoid future crises.
Praise for AfDB Leadership
At the event, Prof. Attahiru Jega, former INEC Chairman, praised Dr. Adesina. He called him a visionary and a strong voice for Africa on the global stage.
