Former President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has called for increased investment in young Nigerian entrepreneurs, stressing that access to affordable funding is critical to business growth, job creation and wealth generation.
Adesina made the call on Monday while delivering a speech titled “Building the Demographic Asset Class” at the Seyi Tinubu Colloquium in Lagos.
He argued that many young Nigerians with promising business ideas struggle to secure loans because they lack the traditional collateral demanded by banks, urging financial institutions to look beyond perceived risks and invest in the potential of young entrepreneurs.
According to him, Nigeria needs a financial system that recognises young people as valuable economic assets rather than treating them primarily as credit risks.
“When a young person walks into a bank, what the bank often sees is not an asset. It sees a risk,” Adesina said.
He added that young entrepreneurs were eager to succeed but needed access to funding and an enabling environment to turn their ideas into viable businesses.
“Yet young people do not want to fail. They want the opportunity to succeed. What they need is a financial system that is prepared to believe in them, take appropriate risks and invest in their potential,” he said.
Adesina identified the proposed Youth Entrepreneurship Investment Bank model as an initiative designed to address funding barriers and help young Nigerians establish sustainable businesses.
He disclosed that the African Development Bank had provided $100 million to support the establishment of the model in Nigeria, with additional investments from the Nigerian Sovereign Investment Authority and the Development Bank of Nigeria.
He explained that the initiative was designed to go beyond conventional youth empowerment programmes by creating opportunities for young people to build businesses, generate income and accumulate wealth.
“Its purpose is not simply to provide another form of youth empowerment. The goal is to build youth-based wealth for Nigeria,” he said.
According to Adesina, the model would support promising youth-led enterprises through access to capital, helping them expand their operations, employ more people and contribute to economic growth.
He expressed optimism that the administration of President Bola Tinubu was working towards rolling out the initiative, describing it as an important step towards unlocking the economic potential of Nigeria’s youthful population.
“I am delighted that the government of President Bola Tinubu is working to roll out this important initiative,” he said.
Adesina maintained that investing in young Nigerians would demonstrate the country’s commitment to providing opportunities for them to turn their ambitions into successful enterprises.
“Nigeria will invest in you. Nigeria will create opportunities for you to build wealth,” he said.
He also outlined a pathway through which skills development, access to finance and market connections could transform young people from job seekers into entrepreneurs and employers.
According to him, equipping young Nigerians with technology skills and connecting them to capital and markets would enable them to create businesses, develop innovative solutions and generate employment.
“Build capability. Connect it to capital. Connect it to markets. Create enterprise. Generate value,” Adesina said.
He added that young people equipped with technology skills could become creators, entrepreneurs and employers, with growing businesses generating income, innovation and lasting wealth for the country.