Adesina Advocates for Youth Investment in Nigeria

Dr Akinwumi Adesina, the former President of the African Development Bank, called for increased investment in young Nigerian entrepreneurs during his speech titled “Building the Demographic Asset Class” at the Seyi Tinubu Colloquium in Lagos. He stated that access to affordable capital is crucial for young entrepreneurs to grow their businesses, create jobs, and build wealth.

Adesina criticized conventional credit assessment systems that often view young entrepreneurs as risks due to their lack of traditional collateral. He introduced the Youth Entrepreneurship Investment Bank model, designed to address funding challenges for young business owners, with the African Development Bank providing $100 million for its establishment, alongside investments from the Nigerian Sovereign Investment Authority and the Development Bank of Nigeria.

Adesina expressed optimism about the initiative, noting that President Bola Tinubu's administration is working to roll it out, aiming to reassure young Nigerians of the country's commitment to investing in their ambitions and providing opportunities for wealth creation.