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

Former African Development Bank (AfDB) president Akinwumi Adesina has urged Nigeria to invest in young entrepreneurs, emphasizing that access to affordable capital is crucial for their growth, job creation, and wealth building. Addressing the Seyi Tinubu Colloquium in Lagos, Adesina argued that young entrepreneurs require a financial system that sees their potential rather than perceiving them as risky due to a lack of traditional collateral.

Adesina highlighted that conventional credit assessment systems often prevent young entrepreneurs from accessing loans because they cannot offer the collateral required by financial institutions. However, he stressed that young people do not want to fail; they simply need the opportunity to succeed. To address this challenge, Adesina introduced the Youth Entrepreneurship Investment Bank model, which was funded by $100 million from the African Development Bank, with additional investments from the Nigerian Sovereign Investment Authority and the Development Bank of Nigeria.

The model aims to go beyond traditional youth empowerment programs by supporting wealth creation through youth-led businesses rather than just providing employment opportunities. By investing in young entrepreneurs, the initiative seeks to create jobs, generate income, and build lasting wealth for Nigeria. Adesina expressed optimism about the initiative, stating that President Bola Tinubu's administration was working to roll it out, as it reassures young Nigerians that the country is prepared to invest in their ambitions and provide opportunities for them to build successful businesses.