In addition to the youth bank initiative, Dr. Adesina highlighted the AfDB’s commitment to the Investment in Digital and Creative Enterprises (iDICE) programme — a multi-million dollar initiative aimed at scaling small and medium enterprises in Nigeria’s tech and creative sectors.
Abuja, Nigeria – The African Development Bank (AfDB) has approved a landmark $100 million investment for the creation of the Nigerian Youth Entrepreneurship Investment Bank — a new financial institution designed to boost access to capital for young entrepreneurs across Nigeria and the wider African continent.
This announcement was made by AfDB President, Dr. Akinwumi Adesina, during his keynote address at the 14th Convocation Lecture of the National Open University of Nigeria (NOUN) in Abuja. The lecture, themed “Advancing Africa’s Positioning within Global Development and Geographical Dynamics,” centered on Africa’s increasing prominence in innovation, entrepreneurship, and resilience in the face of global challenges.
Empowering Youth Through Access to Finance
Dr. Adesina explained that the youth-focused bank would provide a mix of debt and equity financing along with technical assistance and business support services to help young entrepreneurs thrive.
“The solution to unemployment lies in entrepreneurship,” he said, noting that Africa holds the highest global rate of entrepreneurial activity, with around 22 percent of its working-age population engaged in business creation, as reported by the Global Entrepreneurship Monitor (2020).
Key sectors identified for investment include agriculture, services, retail, and digital technology, with Africa’s digital economy projected to contribute an estimated $180 billion to the continent’s GDP by 2025 and up to $712 billion by 2050.
iDICE and Broader Support for Innovation
In addition to the youth bank initiative, Dr. Adesina highlighted the AfDB’s commitment to the Investment in Digital and Creative Enterprises (iDICE) programme — a multi-million dollar initiative aimed at scaling small and medium enterprises in Nigeria’s tech and creative sectors.
The programme has secured $614 million in backing from a consortium comprising the AfDB, Agence Française de Développement (AFD), the Islamic Development Bank, and Nigeria’s Bank of Industry. It is expected to inject $6.4 billion into the Nigerian economy and generate over six million jobs.
Bridging Africa’s Education Gap
Despite Africa’s advances in entrepreneurship, Adesina expressed concern over the continent’s lagging educational outcomes, particularly in science, technology, engineering, and mathematics (STEM) fields crucial to the Fourth Industrial Revolution.
He cited comparative statistics showing that while 98.9% of Japanese youth complete secondary school, only 43% do so in Africa. Furthermore, just 10% of African youth pursue higher education — far below Japan’s 60%. STEM participation is similarly low, with less than 25% of African university students enrolled in science and technology disciplines, compared to 30% in Japan.
To address these disparities, Adesina revealed that the AfDB, in collaboration with the African Union, is launching a $300 million African Education, Science and Technology Innovation Fund. The fund is expected to promote skills development in key areas such as artificial intelligence, robotics, and cloud computing.
Call for Structural Transformation
Dr. Adesina also used the convocation platform to urge African governments to initiate bold economic reforms and reduce dependence on external economies. He stressed the need for greater investment in energy, natural resources, and technological infrastructure, warning that the continent lacks sufficient economic buffers to withstand global shocks.
Former Independent National Electoral Commission (INEC) Chairman and convocation chairman, Prof. Attahiru Jega, commended Dr. Adesina’s visionary leadership, describing him as a powerful voice for Africa on the global stage.
The convocation lecture concluded with a renewed call for action among policymakers to harness the entrepreneurial spirit of Africa’s youth and reposition the continent for sustainable growth.
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