The President of the African Development Bank (AFDB), Akinwumi Adesina, has called upon the Nigerian Government to make sustainable investments in the youth of the nation. Speaking at the inaugural lecture for Nigeria’s President, Bola Tinubu, in Abuja, Adesina emphasised the importance of creating wealth that is centered around the youth, rather than relying solely on youth empowerment programs.
According to Adesina, providing handouts to the youth is not the solution; instead, they require substantial investments. The current banking systems are not inclined to lend to young individuals, making it essential to establish new financial ecosystems that understand, appreciate, promote, and offer financial instruments and platforms to nurture youth-led business ventures on a large scale.
Additionally, Adesina revealed that the AfDB, in collaboration with Agence Francaise de Developpement and the Islamic Development Bank, has introduced the I-DICE program, a $618 million initiative aimed at developing digital and creative enterprises. This program is expected to generate six million jobs and contribute $6.3 billion to Nigeria’s economy.
Adesina further expressed the intention of the AfDB to work with Central Banks and countries to facilitate the establishment of youth entrepreneurship investment banks. These financial institutions would be managed by young, professional, and highly competent experts and bankers who would develop and offer new financial products and services tailored to the needs of young entrepreneurs. Several African countries are already planning to establish such banks, and Adesina urged Nigeria to follow suit.
Furthermore, the AfDB president highlighted that Nigeria’s most valuable asset is its human capital, rather than its natural resources. To remain globally competitive in a rapidly digitised economy, Nigeria must heavily invest in human capital by building world-class educational institutions and accelerating skills development in science, technology, engineering, mathematics, ICT, and computer coding—fields that will shape the jobs of the future.