The President of the African Development Bank, Akinwumi Adesina, has urged the Nigerian Government to invest in the young people of the nation on a sustainable basis.
Adesina said this at the inaugural lecture for Nigeria’s President, Bola Tinubu, in Abuja.
He said, “Nigeria must create youth-based wealth. We must move away from the so-called youth empowerment programs
“Youths do not need handouts. They need investments. The current banking systems do not and will not lend to the youth. Special funds, while palliative in approach, are not systemic and are also not sustainable.
“What’s needed to unleash the entrepreneurship of the youth in Nigeria are brand new financial ecosystems that understand, value, promote and provide financial instruments and platforms for nurturing business ventures of the youth at scale.”
The AfDB boss also disclosed that the continental bank, in partnership with Agence Francaise de Developpement and the Islamic Development Bank had launched the $618 m I-DICE programme to develop digital and creative enterprises.
He said that the programme would create six million jobs and add $6.3bn to Nigeria’s economy.