AfDB Approves Establishment Of Youth Entrepreneurship Investment Bank In Nigeria

The African Development Bank (AfDB) has announced the approval for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria with $100 million.

This was made public by Dr Akinwunmi Adesina, AfDB president, on Friday in Abuja while delivering a keynote address at the 90th birthday lecture of former head of state Yakubu Gowon.

“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.

Adesina further said the initiative shows AfDB’s commitment to supporting youths who he believes are critical to the development of the country.
The AfDB Head added that the new bank will support the youths’ businesses in Nigeria using technical assistance, business incubation, quasi-equity, and debt.
Also, the bank will deploy guarantee instruments to de-risk the lending to the businesses by financial institutions in Nigeria.

“It will be a new day and a new dawn for Nigeria,” he added.