The President of the African Development Bank (AfDB), Akinwumi Adesina, believes Africa’s youthful population is a powerful asset. But for it to drive economic prosperity, governments and financial institutions must invest in young people and provide funding for their ideas.
During an exclusive interview on Channels Television’s Sunrise Daily on Thursday, Adesina dismissed the idea that young people need handouts disguised as empowerment schemes.
“Young people don’t need freebies; they don’t need people saying: ‘I just want to give you an empowerment programme’,” he said. “They have skills, knowledge, and entrepreneurship capacity. They want to turn their ideas into great businesses.”
He argued that access to capital, not temporary schemes, is what will enable young entrepreneurs to create wealth. He urged stakeholders to take financial risks on behalf of young people rather than offer token amounts that do little to help.
The ‘Japa’ Challenge
Adesina lamented Nigeria’s ongoing ‘Japa’ syndrome—a term used to describe the increasing migration of skilled young Nigerians abroad in search of better opportunities.
“We have over 465 million young people between the ages of 15 and 35. We cannot turn our demographic asset into somebody else’s problem,” he warned.
The AfDB president called for urgent investment in African youth to ensure the continent retains its brightest minds instead of losing them to countries that recognize their potential.
“I do not believe that the future of our young people lies in Europe, America, Canada, Japan, or China. It should lie in Africa, growing well, growing robustly, and able to create quality jobs for our young people.”
He emphasized that Africa’s youth should be an economic asset, similar to how China and India have harnessed their large populations for economic growth.
Fixing The Financial System
Adesina criticized Africa’s financial system, saying it fails to support young people. He argued that banks do not cater to youth-led businesses, making it difficult for aspiring entrepreneurs to access funds.
“The whole banking system is not designed for young people. The commercial banking system and the financial system failed young people in Africa,” he stated.
To tackle this issue, the AfDB established the Youth Entrepreneurship Development Bank, an initiative that provides financial support for youth-driven enterprises.
He revealed that the bank had approved $100 million to set up the Nigerian Youth Entrepreneurship Investment Bank, aimed at mobilizing $2 billion in investments for over 38,000 youth-led businesses across Africa.
“We must put our money behind young people to create opportunities for them. They don’t need ₦5,000 or ₦10,000. You want to create youth-based wealth. If you don’t, who will pay taxes in the future? Where will the capital mobilisation come from?”
Adesina urged African leaders, financial institutions, and investors to back young people through strong funding initiatives, seeing them as the continent’s most valuable resource for economic growth.
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