Did You Know that Akinwumi Adeshina, president of the African Development Bank (AfDB), has challenged the prevailing paradigm of youth empowerment in Nigeria, asserting that “freebies” are insufficient to unlock the nation’s vast potential. Instead, he advocates for capital-focused initiatives to transform Nigeria’s youthful population into economic powerhouses and stem the tide of brain drain.
Speaking on Channels TV, Adeshina expressed concern over the “Japa Syndrome,” the exodus of young Nigerians seeking opportunities abroad, which he termed a “big loss” for the country. “Young people don’t need freebies; they have skills, knowledge, and entrepreneurship capacity. They want to turn their ideas into great businesses,” he stated. “And so what the young people need, it’s not those so-called empowerment programs; they need capital. They need you to put your money at risk on their behalf.”
Nigeria’s demographic landscape is dominated by a youthful population, estimated at 160 million, representing 70 percent of the total population. These young individuals face significant challenges, including unemployment, poverty, and limited access to capital. Adeshina emphasized that these youths are the nation’s “biggest assets” and must be prioritized. Failure to do so has fueled the “Japa Syndrome,” resulting in a significant loss of human capital.
“We have to put our money behind our young people and create opportunities for them. They don’t need N5,000, N10,000,” Adeshina asserted. He criticized the traditional financial and commercial banking system for failing to support young African entrepreneurs.
To address this gap, the AfDB is championing the establishment of Youth Entrepreneurship Investment Banks across Africa. “At the African Development Bank, I led my team to develop what’s called the Youth Entrepreneurship Investment Banks. These are new financial institutions across Africa that do nothing but just support the businesses of young people,” Adeshina explained. “And they are not cash, they are not deposit-taking banks, they’re investment banks that will allow them to have business support facilities. They will be able to develop their business plans. They will have technical assistance, they will have debt and equity as their businesses grow.”
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The AfDB has recently approved $100 million to establish the Nigerian Youth Entrepreneurship Investment Bank, with the goal of mobilizing $2 billion in investment for over 38,000 youth-led businesses. Furthermore, the AfDB, in collaboration with the Unislami Development Bank and other partners, is implementing the $614 million IDICE program, which supports creative and digital enterprises in Nigeria. This initiative is projected to support nearly 300 small businesses, create approximately 6 million jobs, and contribute $6.4 billion to the Nigerian economy.
“It’s not just about looking for jobs. Most people want to start their own businesses. Africa has the highest level of entrepreneurship in the world, but they deserve and they need capital to turn those ideas into real viable and competitive businesses,” Adeshina concluded.
Adeshina’s call for capital-focused empowerment highlights the need for a strategic shift in how Nigeria supports its youth. By providing access to capital, mentorship, and business development resources, Nigeria can harness the entrepreneurial spirit of its young population, driving economic growth and reversing the brain drain.
