Key sectors targeted include agriculture, retail, services, and technology, with Africa’s digital economy expected to contribute $180 billion to GDP by 2025 and $712 billion by 2050
AfDB Commits $100M to Establish Nigeria’s Youth Entrepreneurship Bank
The African Development Bank (AfDB) has greenlit a $100 million investment to create the Nigerian Youth Entrepreneurship Investment Bank, a financial hub designed to fuel young entrepreneurs across Nigeria and Africa.
AfDB President Dr. Akinwumi Adesina announced the initiative during the 14th Convocation Lecture at the National Open University of Nigeria (NOUN) in Abuja, themed “Advancing Africa’s Positioning within Global Development and Geographical Dynamics.”
The bank will provide debt and equity financing, alongside technical support and business development services for young entrepreneurs. Adesina stressed that entrepreneurship is critical to tackling unemployment, noting Africa’s global lead with 22% of its working-age population starting businesses, per the 2020 Global Entrepreneurship Monitor.
Key sectors targeted include agriculture, retail, services, and technology, with Africa’s digital economy expected to contribute $180 billion to GDP by 2025 and $712 billion by 2050.
Additionally, Adesina highlighted AfDB’s backing of the Investment in Digital and Creative Enterprises (iDICE) program, which has secured $614 million from AfDB, Agence Française de Développement, the Islamic Development Bank, and Nigeria’s Bank of Industry. This initiative aims to bolster Nigeria’s creative and tech sectors, potentially generating $6.4 billion and six million jobs.
However, Adesina raised concerns about Africa’s education gap, with only 43% of youth completing secondary school (vs. 98.9% in Japan) and 10% pursuing higher education (vs. 60% in Japan). STEM enrollment lags at under 25% compared to 30% in Japan.
To counter this, AfDB is partnering with the African Union on a $300 million Education, Science, and Technology Innovation Fund to advance AI, robotics, and cloud computing.
Adesina urged African governments to prioritize energy, mineral resources, and technological innovation for economic resilience and self-reliance.
Former INEC Chairman Prof. Attahiru Jega, who chaired the convocation, lauded Adesina as a visionary and global advocate for Africa. Read More
