The African Development Bank, AfDB, has approved US$100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria.
The 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, General Yakubu Gowon (rtd.).
“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,” Adesina said.
He explained that the initiative reflects the AfDB’s commitment to empowering young Nigerians, who he described as critical to the country’s development.
Adesina noted that the new bank would support youth-led enterprises through technical assistance, business incubation, quasi-equity, and debt financing.
In addition, he said the bank would deploy guarantee instruments to reduce lending risks for financial institutions in Nigeria.
“It will be a new day and a new dawn for Nigeria,” he added.
Adesina had earlier announced the bank’s proposal on 25th June 2023, noting that it aligns with President Bola Tinubu’s vision for youth empowerment and economic growth.
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