AfDB President Akinwumi Adesina urges African governments to invest in youth-driven businesses, rather than offering small empowerment grants. He criticizes the "Japa" migration phenomenon and calls for better financial systems to support entrepreneurship. Adesina believes Africa’s youth demographic can drive economic prosperity if given the right capital and resources.
Akinwumi Adesina, the President of the African Development Bank (AfDB), has highlighted the untapped potential of Africa's youth demographic, urging governments and financial institutions to invest in young people's businesses rather than offering small empowerment grants. Speaking in an exclusive interview, Adesina criticized the "Japa" phenomenon, where young Nigerians and Africans are migrating abroad in search of better opportunities. He emphasized that the continent’s youth bulge should be viewed as an economic asset, not a problem.
Adesina pointed out that young Africans have the skills and drive to turn their ideas into thriving businesses, but lack the capital needed to scale them. Instead of offering small handouts, which he believes do not address the root issue, he called for robust financial support that encourages entrepreneurship and job creation. The AfDB President also criticized Africa’s financial systems, which he claims fail to support youth-focused ventures.
According to Adesina, Africa’s 465 million youth, aged 15 to 35, should be viewed as a demographic goldmine, similar to how India and China have leveraged their large populations for economic growth. He stressed that Africa must build its industries and businesses to provide jobs and prosperity for its youth. Additionally, Adesina mentioned that the AfDB has launched several initiatives, including the Youth Entrepreneurship Development Bank, aimed at bridging the gap in financing for young entrepreneurs. The bank has also approved a significant fund for Nigeria’s Youth Entrepreneurship Investment Bank to support over 38,000 youth-led businesses.
In conclusion, Adesina urged African governments and financial systems to invest in the continent’s youth, viewing them as a critical part of the region's economic future. He stressed that Africa should not allow its youth to seek opportunities elsewhere, but instead create an environment that nurtures entrepreneurship and provides long-term prosperity.
