Last week, the President of the African Development Bank (AfDB) , Akinwumi Adesina announced that the pan-African financial institution has approved a financing of 100 million of Nigeria dollars.

She BAD started a initiative to create banks specialized in supporting projects led by young people in several African countries. The financing granted to Nigeria will make it possible to create an investment bank for youth entrepreneurship (Youth Entrepreneurship Investment Bank/YEIB). According to the president of the AfDB, “this new bank will support businesses created by young people in Nigeria using technical assistance, business incubation, virtual equity and debt.” According to him, this institution dedicated to supporting projects led by young people will contribute to the retention of young talent and to strengthen the competitiveness of the Nigerian economy. Also, the YEIB will also offer guarantee instruments to reduce the risks of loans granted by local commercial banks to young entrepreneurs

It should be noted that the Yeib from Nigeria is the third to be approved by the AfDB after those launched in Liberia in July 2023 and in Ethiopia in July 2023 and in Ethiopia in May 2024.