AfDB Launches $100bn Youth Entrepreneurship Fund in Nigeria

Nigeria Gets $100bn AfDB Boost for Youth Entrepreneurship

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

African Development Bank (AfDB) Invests $100M in Nigeria's Youth: New entrepreneurship bank to drive innovation and job creation.

The African Development Bank (AfDB) is making a bold move to empower Nigeria's youth through entrepreneurship. President Akinwunmi Adesina announced the bank's commitment to supporting young entrepreneurs with a $100 million initiative. This move underscores the AfDB's dedication to empowering youths, who are essential for the nation's development.

The new bank will provide comprehensive assistance to young entrepreneurs in Nigeria through various means, including 

• Technical Support, 
• Business Incubation,
• Quasi-Equity, and 
• Debt Financing. 

This multi-faceted approach will enable young entrepreneurs to access the resources they need to grow their businesses. Additionally, the bank plans to utilize 
Guarantee Instruments to mitigate the risks associated with lending to these businesses by financial institutions in Nigeria.

By providing this support, the AfDB aims to foster economic growth, job creation, and innovation among Nigeria's youth. This initiative is part of the bank's broader efforts to promote entrepreneurship and development across Africa. With this move, the AfDB is solidifying its position as a key player in Africa's economic growth and development.

“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.

Aliko Dangote's recent wealth surge isn't the only exciting news from Nigeria. The African Development Bank (AfDB) has approved $100 million to establish the Youth Entrepreneurship Investment Bank (YEIB) in Nigeria. This initiative aims to boost access to finance for youth and women-led small and medium enterprises, fostering economic growth and job creation.

On Friday, October 18, AfDB President Akinwunmi Adesina made this announcement in Abuja while delivering a keynote address at former Head of State Yakubu Gowon's 90th birthday lecture. This move is part of the AfDB's efforts to support entrepreneurship and innovation in Africa.

The YEIB initiative aligns with the AfDB's previous endeavors, such as the Investment in Digital and Creative Enterprises (iDICE) program, which aims to provide financial and non-financial support to startups, emphasizing job creation. The iDICE program has a total fund size of $618 million, with the AfDB being the largest single funder.

By investing in youth entrepreneurship, the AfDB hopes to create a positive impact on Nigeria's economy, promoting growth and job creation. This move is expected to have a ripple effect, inspiring other African countries to prioritize youth entrepreneurship and innovation.

Major Highlights:

• $100 million approved for YEIB initiative
• Aims to boost access to finance for youth and women-led SMEs
• Part of AfDB's efforts to support entrepreneurship and innovation in Africa
• Aligns with iDICE program, focusing on job creation and startup support

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

Akinwunmi Adesina, President of the African Development Bank, made a groundbreaking announcement on June 25, 2023, revealing plans to establish an entrepreneurship investment bank in Nigeria. This initiative aligns perfectly with President Bola Tinubu's vision for empowering the youth, fostering economic growth, and tackling unemployment in the country.

The proposed bank will provide crucial support to young entrepreneurs, equipping them with the resources needed to thrive in Nigeria's vibrant business landscape. By doing so, Adesina's institution aims to drive innovation, job creation, and economic development, ultimately contributing to a brighter future for Nigeria's youth.

This endeavour is part of the African Development Bank's broader efforts to boost entrepreneurship across Africa, recognizing its potential as a key driver of economic development and social progress.