AfDB President Adesina Advocates for Investment in Africa’s Youth to Unlock Economic Potential

The President of the African Development Bank (AfDB), Akinwumi Adesina, has urged African nations to harness the continent’s growing youth population as an economic asset. Speaking on the need for greater human capital development, Adesina emphasised the importance of investing in young people by funding their ideas and turning them into sustainable wealth, rather than providing free handouts under the guise of empowerment schemes.

Adesina also addressed the growing migration crisis, known as ‘Japa’ in Nigeria, describing it as a significant loss for the country and the continent. He pointed out that, like India and China, Africa’s youthful demographic should not be viewed as a challenge, but as an opportunity, if properly skilled and employed. He stressed that investing in education, jobs, and social protection would lead to prosperity, as the continent’s youth have substantial purchasing power.

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Speaking on the AfDB’s initiative to address the financial challenges faced by young entrepreneurs, Mr. Adesina highlighted that the AfDB has approved $100m to establish the Nigerian Youth Entrepreneurship Investment Bank, which aims to mobilise $2bn in investments to support more than 38,000 businesses across Africa.

The AfDB President concluded by urging African governments to focus on building consumption as part of the continent’s GDP, noting that in a world of rising tariffs, Africa’s young people could play a pivotal role in driving economic growth.