The African Development Bank (AfDB) has approved $100 million for the establishment of the Youth Entrepreneurship Investment Bank in Nigeria.

Akinwunmi Adesina, AfDB president, spoke 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 initiative highlights AfDB’s commitment to supporting youths who he believes are critical to the development of the country.

The AfDB boss said the new bank will support the youths’ businesses in Nigeria using technical assistance, business incubation, quasi-equity, and debt.

Additionally, the bank will deploy guarantee instruments to de-risk the lending to the businesses by financial institutions in Nigeria.

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

On June 25, 2023, Adesina said his institution was ready to establish an entrepreneurship investment bank in Nigeria.

The Cable