Launch of $100 Million Youth Investment Bank to Revolutionize Opportunities for Young Africans

Abraham Durosanwo, Vice President of the Nigeria Sovereign Investment Authority, led the discussion at BusinessDay Foundation's virtual dialogue to mark International Youth Day, emphasizing the importance of information, preparation, and a global mindset for young Africans to succeed. He highlighted the upcoming joint initiative between Nigeria and the African Development Bank, backed with $100 million in funding, to provide structured financing for young Africans.

Key Takeaways:

• The joint initiative, backed by $100 million in funding, aims to provide structured financing for young Africans.
• Abraham Durosanwo emphasized the importance of developing bankable ideas, understanding markets, pricing, and value propositions to attract investors.
• The Vice President highlighted the significance of awareness, citing the 5,000 applications received in a recent funding programme as proof that opportunities exist for those who actively seek them.
• Durosanwo encouraged young entrepreneurs to take responsibility for staying informed and positioning themselves for grants, loans, and investments.
• He underlined the importance of young people being present in decision-making spaces where financing and policies are structured.
• The Vice President believes that the future for young African entrepreneurs is bright, provided they embrace information, preparation, and a global mindset.

Statistics:

• $100 million in funding will be provided for the joint initiative between Nigeria and the African Development Bank.
• 5,000 applications were received in a recent funding programme for young entrepreneurs.
• Nigeria has a large economy, a vast population, and a strong diaspora network to help propel local solutions onto global platforms.

Sources:

• BusinessDay Foundation's virtual dialogue themed 'Beyond borders: young voices, global choices'