Nigeria is at the forefront of a key economic transformation with the approval of a $100 million loan by the African Development Bank (AfDB), aimed at strengthening access to financing for small and medium-sized enterprises led by youth and women. Through the Nigeria Youth Investment Bank (YEIB), the country seeks to accelerate job creation and economic growth, establishing itself as a model of inclusive innovation in Africa.
The YEIB, which brings together institutions such as the Development Bank of Nigeria (DBN) and the Nigeria Sovereign Investment Authority (NSIA), demonstrates Nigeria’s commitment to strengthening its entrepreneurial ecosystem. In addition to the AfDB’s $100 million, the project will receive an additional $25 million from the DBN and $5 million from the NSIA, underscoring the collaborative strategy between the government and its financial partners.
The project includes the creation of three key financial vehicles to boost emerging businesses and support SMEs, reducing risks and facilitating their access to credit. This positions Nigeria as a decisive player in developing structural solutions for the growth of its young entrepreneurial class, creating a more attractive environment for foreign investment.
With over 161,000 direct jobs and 1.4 million indirect jobs expected, the impact of the YEIB will be profound. It is estimated that more than 38,000 youth-led businesses will benefit from financial and non-financial services, with a special focus on empowering women, who will represent 40% of the beneficiaries.
This initiative highlights Nigeria as a driving force for change in Africa, a country that is not only creating opportunities for its young population but also building a sustainable and equitable economic future, with the potential to replicate this model in other African countries.
