Thursday, February 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

AfDB to establish investment banks for African young entrepreneurs

by e-Naira Online News
June 22, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


The President of African Development Bank (AfDB), Akinwumi Adesina, said on Wednesday the multilateral lender would soon establish investment banks for young entrepreneurs on the continent.

Adesina, who stated this at the Commonwealth Business Forum in Kigali, Rwanda, criticized the structure of the existing commercial banks on the continent.

He said the current financial institution model in Africa was not designed to favour the youth, adding that if 21-year-olds try to obtain loans from banks they would ask for 40 years’ tax receipts in a bid to discourage them from accessing financial support.

The AfDB chief stressed that the Youth Entrepreneurship Investment Banks would focus on the lifecycle of a business, including credit and equity backing.

Ripples Nigeria gathered that the youth-oriented bank, which is expected to create wealth for the continent’s young populations, is currently being designed and would be ready by the end of this month.

Adesina said: “Our financial institutions are not set up for young people, we have a missing market to serve them. We have a population of 455 million, it’s going to rise to 845 million by 2050. So we have to create a new financial ecosystem around young people.

READ ALSO: AfDB’s Adesina addresses criticism over mounting debt, bad governance structure

“And that’s why at the African Development Bank, we took the decision that we are going to now create what is to be called Youth Entrepreneurship Investment Banks. They will be new financial institutions that will create ecosystems of support around the businesses of young people.

“Today, you go to a bank, you try to get money, they ask you how old are you, you say 21 years old, they say go and bring your tax receipts for the last 40 years, what does that really mean?

“But this Youth Entrepreneurship Investment Banks will finance the businesses of young people in a lifecycle model, throughout as you use different instruments; from technical assistance, to debt (and) equity financing to grow their businesses.

“The point I’m trying to make is this, the future that we are talking about at the beginning of this panel, for it to happen, we have to create new financial institutions that can create youth-based wealth.

“That is what we are focusing on. And those institutions by the way, we are designing them now, and will be ready by the end of this month.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now





Source link

Tags: AfDBAfricanBanksentrepreneursestablishinvestmentYoung
Previous Post

Nigerian Exchange Attracts N1.506trn Transactions in 5 months

Next Post

Blockchain data platform Chainalysis introduces ‘Crypto Incident Response Program’ » CryptoNinjas

Related Posts

Business

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

by e-Naira Online News
February 2, 2023
Business

Moody’s downgrades Nigerian banks’ rating

by e-Naira Online News
February 1, 2023
Business

Despite deadline extension, crowds besiege banks amid scarcity of new notes

by e-Naira Online News
February 1, 2023
Business

Geregu Power reports 51% drop in annual profit, proposes N20 billion dividend

by e-Naira Online News
February 1, 2023
Business

Reps Reject N22.7tn Loan Request, Finalize N1tn Borrowing

by e-Naira Online News
February 1, 2023
Next Post

Blockchain data platform Chainalysis introduces 'Crypto Incident Response Program' » CryptoNinjas

NEDC moves to alleviate effects of insurgency on northerners

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

NGX CEO says to strengthen partnerships, digital transformation, sustainability

January 26, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

January 27, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Despite deadline extension, crowds besiege banks amid scarcity of new notes

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.