By Emmanuel Kwada
In a candid and thought-provoking interview, Akinwumi Adesina, the President of the African Development Bank (AfDB), addressed the pressing issue of youth migration in Nigeria, popularly known as ‘Japa.’ Adesina emphasized that rather than relying on small cash handouts, African youths require substantial capital investments to unlock their entrepreneurial potential and drive economic growth across the continent.
During his appearance on Channels Television’s Sunrise Daily, Adesina voiced concerns over the mass migration of young Nigerians and their peers across 51 African nations, labeling it a significant detriment not only to Nigeria but to the entire continent.
“In the case of young people and the Japa syndrome, it’s a big loss for us,” he stated, highlighting the urgency for a paradigm shift in how African nations support their youth.
Young people don’t need freebies; they need capital
Adesina argued that African youths possess an abundance of skills, knowledge, and entrepreneurial spirit, yet they are often deprived of the necessary funding to transform their innovative ideas into viable businesses. “Young people don’t need freebies; they need capital,” he asserted, calling for a reevaluation of current empowerment schemes that offer minimal financial assistance.
With over 465 million young people aged between 15 and 35 in Africa, Adesina believes the continent holds a demographic advantage that can be turned into an economic asset. He warned against allowing this potential to become “somebody else’s problem” due to insufficient investment in youth-led initiatives.
“I do not believe that the future of our young people lies in Europe, America, or any other region; it should lie in Africa growing robustly,” he said.
I do not believe that the future of our young people lies in Europe, America, or any other region; it should lie in Africa growing robustly
Critiquing the existing financial systems in Africa, Adesina lamented that they are ill-equipped to support the youth demographic. He pointed out the absence of financial markets tailored to young entrepreneurs, questioning why their migration is a surprise when there is a lack of structural support for their ambitions. “The whole banking system failed young people in Africa,” he remarked.
To counter this trend, the AfDB has initiated the Youth Entrepreneurship Development Bank, aimed at providing essential support for young entrepreneurs’ business proposals. Recently, the bank approved $100 million to establish the Nigerian Youth Entrepreneurship Investment Bank, with the goal of mobilizing $2 billion to aid over 38,000 young businesses across Africa.
Adesina’s message is clear: to harness the continent’s youthful population as a driving force for economic prosperity, substantial investments must be made now. “You cannot turn your demographic asset into somebody else’s problem. We have to put our money behind our young people to create opportunities for them,” he concluded, urging stakeholders to rethink.
