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AfDB Pledges $100m For Nigerian Youth Bank, Targets $2bn For Youth-Led Businesses

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1 year ago

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President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has announced a $100 million commitment towards the creation of the Nigerian Youth Entrepreneurship Investment Bank, aimed at catalysing $2 billion in investments to support over 38,000 youth-led businesses across Africa.

Adesina made the announcement during a televised interview on national television, noting that the initiative is part of the AfDB’s wider strategy to harness the continent’s youth population—over 465 million people aged 15 to 35—as a powerful economic engine.

He also expressed concern over the growing trend of youth emigration from Nigeria and other African nations, commonly referred to as the Japa phenomenon.

Adesina described it as a “big loss” for the continent and a sign of the failure to adequately invest in the potential of Africa’s young people.

“Young people don’t need freebies,” Adesina declared.

“They don’t need people saying: ‘I just want to give you an empowerment programme’. They have skills, they have knowledge, they have entrepreneurship capacity. They want to turn their ideas into great businesses.”

According to the former Nigerian agriculture minister, Africa’s youth crisis is not one of numbers, but of opportunity.

“We have over 465 million young people between the ages of 15 and 35,” he said.

“The problem is not their population, it is what you do with your population; how you skill them up.”

Adesina argued that the exodus of young Africans to Europe, North America, and Asia is the result of a financial system that neglects them.

“The whole of the (banking) system is not designed for young people,” he lamented.

“The commercial banking system and the financial system failed young people in Africa. Why is it suddenly a surprise to us that they are leaving? It’s because you are not putting anything down for them.”

In response, the AfDB, he revealed, has launched the Youth Entrepreneurship Development Bank, specifically designed to provide access to capital for young Africans with viable business plans. The newly approved Nigerian Youth Entrepreneurship Investment Bank, he noted, is the first such effort under this initiative.

“We just approved $100 million to set up the Nigerian Youth Entrepreneurship Investment Bank,” Adesina revealed.

“The goal is to mobilise $2 billion of investment for more than 38,000 businesses of young people in Africa.”

He criticised traditional empowerment schemes that hand out small stipends, arguing that such approaches are ineffective in unlocking long-term potential.

He said: “They don’t need N5,000 or N10,000. You want to create youth-based wealth. If you don’t, who are the people who will pay the taxes in the future? Where are you going to get the capital mobilisation in the future?”

For Adesina, the stakes are high. He warned that failing to convert Africa’s youth into economic contributors risks turning the continent’s greatest asset into a liability.

“You cannot turn your demographic asset into somebody else’s problem,” he cautioned. “We have to put our money behind our young people to create opportunities for them.”

He concluded with a passionate call for belief and investment in Africa’s future: “I do not believe that the future of our young people lies in Europe. It doesn’t lie in America. It doesn’t lie in Canada, Japan, or China. It should lie in Africa growing well, robustly, and able to create quality jobs for our young people.”

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Business

Nigeria Strengthens Maritime Leadership as Fadahunsi Emerges Vice Chairman of Eastern Atlantic Hydrographic Commission

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13 hours ago

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July 12, 2026

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The Hydrographer of the Federation and Chief Executive Officer of the National Hydrographic Agency (NHA), Rear Admiral OO Fadahunsi, has been elected Vice Chairman of the Eastern Atlantic Hydrographic Commission (EAtHC) for the 2026–2028 term, further reinforcing Nigeria’s growing influence in regional and global maritime governance.

Rear Admiral Fadahunsi’s election was confirmed on Friday, 3 July 2026, during the ongoing EAtHC Conference in Abidjan, Côte d’Ivoire, where member states endorsed his emergence to one of the commission’s most strategic leadership positions.

Established on 26 November 1984 under the auspices of the International Hydrographic Organization (IHO), the Eastern Atlantic Hydrographic Commission was founded by France, Nigeria, Portugal and Spain. Over the past four decades, the commission has expanded significantly, comprising 11 member states, 10 associate members and six observers committed to promoting hydrographic excellence across the Eastern Atlantic region.

The commission plays a pivotal role in advancing hydrography, nautical cartography and maritime safety through capacity-building initiatives, the development and implementation of International (INT) Charts and Electronic Navigational Chart (ENC) schemes, improved hydrographic surveys, enhanced charting standards, effective dissemination of nautical information and sustained advocacy on the importance of hydrography to regional maritime development.

Since its inaugural conference in Paris, France, in April 1986, the EAtHC has convened biennially to strengthen collaboration among member states and chart the future of hydrographic development.

In another significant endorsement of Nigeria’s expanding maritime profile, the country has been selected to host the next EAtHC Conference in June 2028. Nigeria will also host the 25th Meeting of the Capacity Building Sub-Committee (CBSC25) and the 19th Meeting of the Inter-Regional Coordination Committee (IRCC19) in June 2027, positioning the country at the centre of major international hydrographic engagements.

Rear Admiral Fadahunsi’s election is widely regarded as a testament to Nigeria’s sustained investment in hydrographic development, maritime safety and regional cooperation. It also reflects growing international confidence in the National Hydrographic Agency’s contributions to safer navigation, marine resource management and the blue economy.

As Nigeria prepares to welcome leading hydrographers, maritime regulators and technical experts from across the world over the next two years, the country is poised to consolidate its reputation as a key driver of hydrographic innovation and maritime security in the Eastern Atlantic region.
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Business

Canada Publishes 2 Official Websites to Find Jobs, Says Over 2,000 Vacancies Are Posted Daily 

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15 hours ago

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July 12, 2026

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Canada has made it easier for unemployed individuals and foreigners who wish to live and work in the country to find jobs that can help them live comfortably and meet their basic responsibilities.

On the official Canadian government website, two links are provided to websites where job seekers can find available jobs in Canada

According to the Canadian government website, applicants who apply for jobs through these platforms can get hired by different companies, as more than 2,000 jobs are posted every day.

Aside from these two websites, the Canadian government explains that individuals can also use employment agencies to help them find jobs that match their skills.

A job seeker can also ask friends or family members if there are job openings or vacancies, as not all positions are advertised on these websites.

1. Job Bank

The Canadian government explains that thousands of jobs are advertised on this platform every day by organisations and companies. The link to access the website can be found in the detailed post published on the Canadian government website.

2. Jobs GC

Another website where foreigners who wish to work in Canada or Canadian citizens can find government jobs is the Jobs GC website. Federal public service jobs are advertised on the website, alongside several other opportunities that may match an applicant’s skills.

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Business

BREAKING: Marketers Increase Fuel Prices Nationwide, as US-Iran War Escalates,  New Rates Emerge 

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21 hours ago

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July 12, 2026

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Fresh petrol prices have emerged across major depots in Nigeria as marketers adjusted rates upward in response to growing uncertainty in the global oil market following renewed hostilities in the Middle East.

The latest pricing released shows that several depot operators have increased the ex-depot cost of Premium Motor Spirit (PMS), popularly known as petrol, amid concerns that escalating tensions between the United States and Iran could disrupt global crude oil supplies.

Industry observers say the adjustments are largely precautionary, with marketers seeking to cushion the impact of any sharp rise in international crude prices should the crisis worsen.

The fresh increase comes after tensions flared in the Gulf region, with Iran announcing the closure of the strategic Strait of Hormuz following the expiration of its ceasefire arrangement with the United States.

According to reports, Tehran accused a commercial vessel of violating its maritime regulations and carrying out hostile activities, prompting the Islamic Revolutionary Guard Corps (IRGC) to intercept and strike the ship.

The IRGC said the vessel had travelled through an “unapproved route” and had switched off its tracking systems, adding that the Strait of Hormuz would remain closed “until further notice” and until what it described as the end of US interference in the region.

In response, the United States Central Command (CENTCOM) confirmed carrying out military strikes on more than 140 Iranian military targets, including missile launch sites, drone facilities, naval assets, ammunition depots and surveillance infrastructure. Washington said the operation was aimed at protecting civilian and commercial shipping through the strategic waterway.

The latest developments have heightened fears of disruptions to global oil exports, with the Strait of Hormuz serving as one of the world’s busiest energy transit routes.

Data from PetroleumPriceNG indicates that depot petrol prices increased by an average of 0.46 per cent compared to previous rates.

The fresh adjustments signal a departure from the previous benchmark of around N1,075 per litre at several depots.

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