The Africa Development Bank (AfDB) has given approval for $100 million to establish a new youth bank in Nigeria.

President Akinwunmi Adesina made this known on Friday, October 18, 2024, while delivering a keynote address at a public lecture to celebrate Nigeria’s former Head of State, Yakubu Gowon's, 90th birthday.

According to Adesina, the bank approved the fund to support youth enterprises using technical skills.

“This new bank will support the youth businesses in Nigeria using technical assistance, business incubation, quasi-equity, and debt,” he stated.

Adesina continued that the initiative underscores the bank’s commitment to supporting youths, who he believes are essential to Nigeria’s development.

Adesina said that the future of Nigeria’s youth is not in Europe, the US or Asia.

He stated that the policy is one of the ways to reverse the Japa trend and ensure that the talents in Nigeria are harnessed and turn the country’s demographic asset into a talent pool.

Adesina stressed that Nigeria needs to boost Nigerian youths' talent and entrepreneurial capacity to drive growth and retain young talent.

The AfDB boss added that the bank will also deploy guarantee instruments to de-risk financial institutions' lending to businesses in Nigeria.

“It will be a new day and dawn for Nigeria, and I believe we can do it,” he said.