{"id":34924,"date":"2021-05-18T06:54:14","date_gmt":"2021-05-18T05:54:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=34924"},"modified":"2021-05-18T06:54:14","modified_gmt":"2021-05-18T05:54:14","slug":"afdb-president-african-youths-lack-funds-to-turn-ideas-into-viable-businesses","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/05\/18\/afdb-president-african-youths-lack-funds-to-turn-ideas-into-viable-businesses\/","title":{"rendered":"AfDB President: African youths lack funds to turn ideas into viable businesses"},"content":{"rendered":"<p>President of the African Development Bank (AfDB), Akinwumi Adesina has stated that African youths are faced with lack of funds to turn their ideas into viable businesses.<\/p>\n<p>Adesina also tasked governments and private sectors on the\u00a0continent to grow, finance and support large scale youth-led businesses.<\/p>\n<p>This statement was made by the AfDB president on Monday while\u00a0speaking at a virtual high-level roundtable on Scaling up Financing for Youth Entrepreneurship and Innovation in Africa.<\/p>\n<p>He said that the capacities and entrepreneurial drive of the youths in Africa needed to be unleashed to create jobs, noting that the youth must be supported to go beyond job seeking.<\/p>\n<p>\u201cWe must grow, finance and support large scale successes of youth-led businesses in Africa.<\/p>\n<p>\u201cExisting financial institutions have failed to meet the needs of this rapidly growing population of the continent.<\/p>\n<p>\u201cThis is due to lack of appropriate financing instruments; archaic credit risk assessments; focus on collaterals which the youth do not have; and lack of long-term financing horizon.<\/p>\n<p>\u201cThat can deploy different types of financing <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/05\/13\/states-should-legalise-open-grazing-ban-falana-tells-southern-governors\/\">instruments<\/a>, from debt, equity, quasi-equity and guarantees over the life cycle of the businesses of the youth.\u201d<\/p>\n<p>Adesina said the continent has several programmes directed at improving the skills of the youth by countries, supported by bilateral and multilateral finance institutions.<\/p>\n<p>He noted that though such programmes might have helped to impart some skills to support entrepreneurship, the youths are still faced with financing challenges to turn their ideas into viable businesses.<\/p>\n<p>\u201cIt is time to put the capital of Africa at risk on behalf of the youth.<\/p>\n<p>\u201cIt is time to create new financial ecosystems that are able to support the businesses of the youth, grow them, and unlock the latent demand for financing by millions of the youth.<\/p>\n<p>\u201cThis will help to turn Africa\u2019s demographic asset into an economic asset for Africa, and for that, we must nurture the businesses of young people.<\/p>\n<p>\u201cWe must tackle market failures and missing institutions that prevent the youth entrepreneurs from reaching their potential,\u201d NAN quoted him as saying.<\/p>\n<p>The former Nigerian minister believes that with a new financial ecosystem around the youth \u201cthat was systemic, scalable and sustainable, Africa would create youth-based wealth and jobs across the continent.\u201d<\/p>\n<p><span data-preserver-spaces=\"true\">In her address, Arancha Laya, minister of foreign affairs, European Union and Cooperation, Spain, noted that entrepreneurship was recognised as a driver for economic growth but pointed out that there were too many hurdles confronting intra-African trade.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn this endeavour, I believe it will be crucial to give youth access to appropriate financing mechanisms, capacity building and implementing legal and institutional reforms to address the barriers that young people face in accessing corporate financial markets,\u201d she said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In its Job for Youth in Africa Strategy, AfDB plans to create 25 million direct and indirect jobs and empower 50 million youth over ten years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nigeria is on the list of countries with the highest unemployment rate globally.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President of the African Development Bank (AfDB), Akinwumi Adesina has stated that African youths are faced with lack of funds to turn their ideas into viable businesses. Adesina also tasked governments and private sectors on the\u00a0continent to grow, finance and support large scale youth-led businesses. This statement was made by the AfDB president on Monday [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":4582,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[38],"tags":[2677,8529,780,2304],"class_list":["post-34924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa","tag-afdb","tag-african-youths","tag-akinwumi-adesina","tag-funds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AfDB President: African youths lack funds to turn ideas into viable businesses<\/title>\n<meta name=\"description\" content=\"President of the African Development Bank (AfDB), Akinwumi 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