Abraham Durosanwo, Vice President of the Nigeria Sovereign Investment Authority, has disclosed that a joint initiative between Nigeria and the African Development Bank (AfDB), backed with $100 million in funding, will soon be launched to provide structured financing for young Africans.
Speaking at 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.”
He urged youth to “put their heads on the ground” and actively seek information, warning that many opportunities go unnoticed because people are unaware of them. “A lot of times things are happening that people don’t know,” he said.
Durosanwo used the platform to challenge young Africans to think globally when building solutions. He argued that the continent is already contributing to global conversations in tech and innovation, but its voice needs amplification.
Read also: FG, AFDB to set up $100m youth investment bank to back young entrepreneurs
“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 said. “You’re creating it for Nigeria, for Africa, and for the world.”
He pointed to examples in fintech, agri-tech and health-tech where African ideas are making strides, insisting that scale and replicability should be a priority from the onset. Nigeria, he noted, has the advantages of a large economy, a vast population, and a strong diaspora network to help propel local solutions onto global platforms.
Durosanwo underlined that finance is only one part of the equation; youth must also develop bankable ideas. Investors, he said, are looking for returns, so young entrepreneurs must understand their markets, pricing, and value propositions.
He also stressed the importance of awareness, citing the 5,000 applications received in a recent funding programme as proof that opportunities exist for those who actively seek them. “If you didn’t hear about it, then I wonder whether you’re living under a rock,” he said bluntly.
With digital tools and AI making it easier than ever to find information, he encouraged youth to take responsibility for staying informed and positioning themselves for grants, loans, and investments.
More broadly, Durosanwo said young people must be present in decision-making spaces where financing and policies are structured. “Too often, young people are not in the rooms where conversations are had about how to make their lives easier,” he warned.
Still, with the $100 million youth investment bank set to launch, and ongoing grant programmes already in place, he believes the future for young African entrepreneurs is bright, provided they embrace information, preparation and a global mindset.
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