$100 Million Youth Bank Set to Turn Nigerian Hustlers into Millionaires — AfDB Unveils Game-Changer for Africa’s Young Entrepreneurs

By Achimi Muktar

In what may be the biggest break yet for Nigeria’s ambitious youth population, the African Development Bank (AfDB) has approved a staggering $100 million investment to launch the Nigerian Youth Entrepreneurship Investment Bank — a first-of-its-kind financial institution dedicated solely to empowering young entrepreneurs.

The bombshell announcement was made by AfDB President, Dr. Akinwumi Adesina, during the 14th Convocation Lecture of the National Open University of Nigeria (NOUN) in Abuja. And if his words are anything to go by, Nigeria’s “hustle culture” may soon become a global business force.

“The key to solving unemployment is entrepreneurship,” Adesina declared, unveiling a bold vision for a youth-led economic transformation across Nigeria and Africa.

Unlike traditional banks that often ignore startups or drown them in red tape, the new youth bank will offer debt and equity financing, technical assistance, and business development services—all tailored to the unique needs of young innovators trying to build empires from scratch.

Africa, Adesina said, is already leading the world in entrepreneurship, with 22% of its working-age population involved in launching new businesses. Now, the AfDB wants to fuel that momentum with serious capital and world-class support.

The sectors targeted for youth investment include agriculture, retail, services, and technology, especially as Africa’s digital economy is expected to add $180 billion to GDP by 2025, and an eye-watering $712 billion by 2050.

Adesina also spotlighted the AfDB’s involvement in the iDICE programme (Investment in Digital and Creative Enterprises)—a $614 million initiative backed by global development giants, including the Agence Française de Développement (AFD), the Islamic Development Bank, and Nigeria’s Bank of Industry.

This initiative alone is projected to inject $6.4 billion into Nigeria’s economy and create over six million jobs across the booming creative and tech sectors.

Despite the excitement around funding and innovation, Adesina didn’t shy away from calling out Africa’s educational crisis—one that threatens to leave the continent behind in the race toward the Fourth Industrial Revolution.

Currently, only 43% of African youth complete secondary education, and just 10% pursue higher education, compared to 60% in countries like Japan. Even worse, fewer than 25% of African university students are in STEM (Science, Technology, Engineering, and Math) fields.

To bridge this gap, the AfDB, in collaboration with the African Union, is preparing to launch a $300 million African Education, Science, and Technology Innovation Fund, aimed at preparing youth for a future dominated by AI, robotics, cloud computing, and other emerging tech.

Dr. Adesina closed his address with a sharp message to African leaders: “Africa must build resilience” — by investing in energy, minerals, and modern infrastructure, and by charting a future that’s rooted in self-reliance and innovation.

Former INEC Chairman and convocation chairman Prof. Attahiru Jega hailed Adesina as a visionary, calling him “Africa’s global ambassador” and praising his relentless advocacy for youth empowerment.

With this $100 million youth bank ready to launch, the message is clear: Africa’s future is young, driven, and ready to build. And this time, the continent might just have the financial firepower to match its ambition.