AFDB President, Adesina Advocates Real Empowerment, Not Freebies, Token to Unleash Africa Youth Potentials
President of the African Development Bank (AfDB), Akiwunmi Adesina has advocated for a paradigm shift in the way support is provided to young people in Africa.
He believes that the traditional approach of offering superficial handouts or vague empowerment initiatives is inadequate and ineffective in addressing the needs of the continent’s youth. Instead, Adesina emphasizes the importance of providing substantial, tangible resources, specifically capital, to enable young people to transform their skills, knowledge, and entrepreneurial potential into sustainable businesses and economic opportunities.
He stated in an interview that Nigerian and African youths require investments rather than small-scale giveaways, such as ₦10,000 freebies. He argued that such minimal support fails to unlock the demographic and economic potential of Africa’s youth bulge, which comprises over 465 million people aged 15 to 35.
Adesina’s vision is to see these young individuals equipped with the financial backing and infrastructure necessary to drive economic growth, rather than being placated with temporary or symbolic gestures.
The AfDB President’s perspective is rooted in the understanding that Africa’s youth population is a significant asset that can be harnessed to drive economic growth and development.
However, this requires a more strategic and sustainable approach to supporting young people. Adesina believes that providing access to capital, mentorship, and markets can help young entrepreneurs to scale their businesses, create jobs, and contribute to the continent’s economic development.
To achieve this, the AfDB has launched several initiatives, including the Youth Entrepreneurship Investment Banks, which aim to provide robust financial ecosystems to support youth-led enterprises across the continent.
These banks will offer a range of financial products and services, including loans, equity investments, and business development support, to help young entrepreneurs to start, grow, and scale their businesses.
Adesina’s approach is not only focused on providing financial support but also on creating an enabling environment that allows young people to thrive.
This includes investing in education and skills development, improving access to markets and technology, and promoting policies that support entrepreneurship and job creation.
By taking a more comprehensive and sustainable approach to supporting young people, Adesina believes that Africa can unlock the potential of its youth and drive economic growth, reduce poverty, and create a more prosperous future for all.
The implications of Adesina’s vision are far-reaching. By providing young people with the resources and support they need to succeed, Africa can tap into the creativity, energy, and innovation of its youth population. This can lead to the creation of new industries, jobs, and opportunities, which can help to drive economic growth and reduce poverty.
Furthermore, by empowering young people to become entrepreneurs and job creators, Africa can reduce its dependence on foreign aid and create a more sustainable and self-reliant economy.
Adesina’s call for a shift in the way support is provided to young people in Africa is a timely and necessary one. By providing substantial, tangible resources, such as capital, and creating an enabling environment that allows young people to thrive, Africa can unlock the potential of its youth and drive economic growth, reduce poverty, and create a more prosperous future for all.
The AfDB’s initiatives, such as the Youth Entrepreneurship Investment Banks, are an important step in this direction, and it is essential that other stakeholders, including governments, private sector organizations, and civil society, join forces to support this vision and create a brighter future for Africa’s youth.
