Akinwumi Adesina, the President of the African Development Bank (AfDB), has announced the institution’s readiness to establish an entrepreneurship investment bank in Nigeria. Adesina stated that the establishment of such a bank aligns with President Bola Tinubu’s plans and vision for the youth in Nigeria. The announcement came after Adesina’s visit to President Tinubu while attending the new global financial pact summit at France’s Palais Brongniart.
During the meeting, Adesina expressed his admiration for President Tinubu’s plans and vision for Nigeria and assured his support to the administration in achieving its goals. Adesina highlighted discussions on agriculture, with a focus on supporting the government’s vision and initiatives in the sector. He mentioned the special agro-industrial processing zone, for which the AfDB has already allocated about $520 million for Nigeria, and expressed the desire to expedite the project for quick results.
The power sector was also a topic of discussion, as President Tinubu aims to improve access to electricity in Nigeria. Adesina pledged significant support for the president’s efforts in the power sector. Additionally, Adesina commended Tinubu’s vision for the industrial sector and emphasized the importance of an export-oriented manufacturing approach to boost foreign exchange in Nigeria.
The discussion also touched on youth empowerment, with President Tinubu expressing his commitment to supporting young people. In response, Adesina offered the establishment of a youth entrepreneurship investment bank in Nigeria. This new financial institution would provide access to financing for young entrepreneurs, aligning with Tinubu’s vision of promoting wealth creation among the youth.
Adesina’s visit to President Tinubu underscores the AfDB’s commitment to supporting Nigeria’s development goals, particularly in agriculture, power, industrialization, and youth empowerment.
