…Announces $100 Million Youth Bank to Support Entrepreneurship in Nigeria
…Calls for Agricultural Revolution to Secure Nigeria’s Future
…Warns of Economic Risks Amid Low Education
The President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, has called on Nigeria to prioritize substantial investments in agriculture to secure its economic future and global standing.
Speaking during a public lecture in Abuja to celebrate the 90th birthday of former Head of State, General Yakubu Gowon, Adesina emphasized that agriculture remains critical to the nation’s development and food security.
“A more secured Nigeria would be a more food-secured Nigeria,” Adesina declared, pointing out that without significant investment in agriculture, the country risks continued economic instability and food shortages.
Adesina further highlighted Nigeria’s low enrollment rates in tertiary education, which he said currently stands at just 7%. He compared this figure to South Korea, where 70% of the population is enrolled in higher education, along with Canada (67%) and the United Kingdom (58%).
“It is obvious from this that Nigeria must step up and position itself in education to compete at the global stage,” he said, urging the government to reform its education sector to meet global standards and foster long-term development.
Expressing concern about the country’s escalating poverty levels, Adesina linked the issue to rising crime rates and food insecurity. “Poverty is not just an economic problem; it fuels crime and threatens food security,” he warned, calling for urgent actions to tackle these growing issues.
Adesina also raised alarm over the increasing trend of youth migration, famously referred to as the “japa syndrome,” where young Nigerians leave the country in search of better opportunities abroad.
He cautioned that this wave of migration could derail Nigeria’s economic recovery and future growth.
“The rate at which young Nigerians are leaving the country threatens to undermine our drive for economic rejuvenation,” Adesina said. “We need to create opportunities at home that will encourage them to stay and contribute to the development of the nation.”
In a significant move to support youth empowerment, Adesina announced the establishment of a Youth Entrepreneurship Investment Bank, which aims to promote entrepreneurship among Nigeria’s youth.
The bank, funded with $100 million, will provide technical support, business incubation, and financial investments to young entrepreneurs across the country.
“I am delighted to announce here today that the African Development Bank has approved $100 million to establish the Youth Entrepreneurship Investment Bank for Nigeria,” Adesina shared, stressing the AfDB’s commitment to supporting Nigerian youth.
According to him, this initiative will help young Nigerians create jobs and reduce the economic pressures driving them to leave the country. “This is a new day for Nigeria. Our young people are key to our economic success,” Adesina added.
General Gowon Celebrated for Exemplary Leadership
The event also saw tributes to General Yakubu Gowon for his leadership and service to Nigeria. Adesina described him as “an exemplary Nigerian and African leader,” whose tenure was marked by significant milestones.
Former President Olusegun Obasanjo also paid tribute to Gowon, stating that the former head of state deserves national recognition. “This is a national celebration, and you are worthy to be nationally celebrated while you are still alive,” Obasanjo remarked.
As Nigeria faces ongoing challenges, the words of AfDB President Adesina serve as a clear call to action for investing in key sectors such as agriculture, education, and youth development, all of which are vital for securing the country’s future.
