Nigeria must invest in young entrepreneurs — Ex-AfDB president Adesina

Former African Development Bank president Dr Akinwumi Adesina has urged Nigeria to invest in young entrepreneurs, emphasizing the importance of providing them with affordable capital to grow businesses, create jobs and accumulate wealth. Delivered at the Seyi Tinubu Colloquium in Lagos, Adesina argued that young entrepreneurs require a financial system willing to invest in their potential, rather than rejecting them due to a lack of traditional collateral.

He noted that conventional credit assessment systems often deter young entrepreneurs from accessing loans because they cannot provide sufficient collateral.

Adesina introduced the Youth Entrepreneurship Investment Bank model, designed to tackle funding challenges faced by young business owners and aid in building sustainable enterprises. This initiative, funded by $100 million from the African Development Bank along with investments from the Nigerian Sovereign Investment Authority and the Development Bank of Nigeria, aims to go beyond traditional youth empowerment programs by promoting wealth creation through youth-led businesses.

The model seeks to provide young entrepreneurs with access to capital, enabling them to create jobs, generate income, and build lasting wealth. Adesina expressed optimism about the government's commitment to rolling out this important initiative, stating that Nigeria is prepared to invest in the ambitions of young Nigerians and create opportunities for them to build successful businesses.