Business
AfDB to boost youth capacity in Nigeria with $100m entrepreneurship investment bank
As part of its support for young people in Nigeria and to boost their capacities, the African Development Bank (AfDB) will establish a Youth Entrepreneurship Investment Bank for Nigeria.
AfDB president Akinwunmi Adesina made this known 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 said the move underscores AfDB’s resolve to support youths who he believes are critical to the development of the country.
READ ALSO: Tinubu announces 30-day National Youth confab
According to him, the bank will support youths technically and otherwise.
“This new bank will support the business of the youths in Nigeria using technical assistance, business incubation, and invest equity, quasi-equity,” and others, the AfDB boss told the audience which included former president Olusegun Obasanjo, governors, ministers, and other top dignitaries.
”Don’t get me wrong but I don’t believe Nigeria’s youth or Africa’s youth lies in Asia, America or Europe or anywhere else. It lies in Nigeria growing very well with equitable growth.”
By: Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: In Sokoto, classrooms overtaken by goats, reptiles, as insecurity, lack of teachers, govt inaction push children out of school
SHEHU MUHAMMAD SHEHU reports on how insecurity, government inaction and lack of qualified teachers has significantly forced up the number...
INVESTIGATION: Abia residents in pains, as contractor abandons erosion control project after collecting N185m
Fresh from fashion school in 2022, Onuka Kalu planned to convert one of his father’s two shops, where he formerly...
Trump halts $50m Gaza aid, cites ‘condoms in Gaza’ claim
In a sweeping move to reassess U.S. foreign aid spending, President Donald Trump has frozen a $50 million assistance package...
INVESTIGATION: In Zamfara, forgotten Health Center throws community into health crisis
In the late evening of Friday, September 14, 2024, shortly after the Maghrib prayer, Bashir Muhammad, a 34-year-old father of...
INVESTIGATION: Insufficient teachers, learning materials worsen education access in Kwara communities
Qudus, a Junior Secondary School (JSS 2) pupil, would sit the Basic Education Certificate Examination (BECE) in a year to...