Nigeria and the African Development Bank (AfDB) are set to launch a $100 million initiative to provide structured financing for young Africans.
The disclosure was made by Abraham Durosanwo, Vice President of the Nigeria Sovereign Investment Authority, during BusinessDay Foundation’s virtual dialogue themed “Beyond borders: young voices, global choices” to mark International Youth Day.
“In the last nine months, I have been involved working with the federal government in Nigeria across the Ministry of Finance and the Ministry of Youth Development to set up both an investment bank and a development bank that is targeted to the youth,” Durosanwo stated.
He explained that the project would focus on giving young Africans access to structured financing opportunities, particularly in areas such as fintech, agri-tech, and health-tech.
Durosanwo emphasized that finance alone is not enough and urged young people to develop bankable ideas that can attract investment. “Investors are looking for returns, so young entrepreneurs must understand their markets, pricing, and value propositions,” he said.
Encouraging African youth to think globally, he noted that the continent’s contributions to technology and innovation are increasing but require greater visibility. “When you’re building a business, when you’re solving a problem, you’re not only creating that solution for southwest Nigeria or northern Nigeria,” he explained. “You’re creating it for Nigeria, for Africa, and for the world.”
Durosanwo also stressed the importance of awareness, pointing to a recent funding programme that received 5,000 applications as proof that young people who seek opportunities can find them.
“If you didn’t hear about it, then I wonder whether you’re living under a rock,” he remarked. He advised youth to actively use digital tools and artificial intelligence to stay informed about grants, loans, and investment opportunities.
“A lot of times things are happening that people don’t know,” he warned, urging young people to “put their heads on the ground” and search for information that can open doors. He highlighted Nigeria’s large economy, vast population, and strong diaspora network as assets that can help scale local solutions to global platforms.
Durosanwo further urged that young people must participate in decision-making spaces where financing and policies are shaped. “Too often, young people are not in the rooms where conversations are had about how to make their lives easier,” he cautioned.
With the upcoming $100 million youth investment bank and several grant programmes already available, he said the future is promising for young African entrepreneurs.
According to him, success will depend on embracing information, preparation, and adopting a global outlook to compete effectively on international stages.