Akinwumi Adesina, President of the African Development Bank (AfDB), has asserted that the future of Nigerian youths does not lie abroad but within Nigeria’s own borders.
Adesina said this at a public lecture commemorating the 90th birthday of former military head of state Yakubu Gowon.
He emphasized the urgent need for the nation to address the factors driving the significant outflow of its talented youth, particularly in the wake of the prevailing “Japa syndrome,” a term that captures the trend of young Nigerians seeking opportunities outside the country.
Speaking to an audience gathered on Friday, Adesina pointed out that a stable microeconomic environment is crucial for retaining Nigeria’s innovative talents.
He referenced a 2022 survey by TechCabal, which revealed that 47 percent of tech professionals in Nigeria intended to leave the country by 2024.
“This exodus risks unraveling Nigeria’s capacities, particularly in technology and innovation, jeopardizing our readiness for the fourth industrial revolution and hindering our progress into advanced sectors such as electronics, semi-conductors, and space exploration,” he warned.
To combat this trend, Adesina outlined a roadmap for transforming Nigeria into a globally competitive nation.
He called for the establishment of strong infrastructure, the provision of more attractive salaries, the creation of state-of-the-art facilities and technology hubs, and robust support for innovation and entrepreneurship.
“We must decisively harness Nigeria’s demographic asset and turn it into a talent dividend,” he urged, highlighting the potential for Nigeria to emerge as a leader not only in West Africa but globally.
Adesina also emphasized the importance of consistent and sustainable government policies to foster an environment conducive to growth and competitiveness.
“I’m not against immigration, but I firmly believe that the future of Nigeria’s youth, and indeed Africa, does not lie in Europe, America, or China,” he said. “The future lies in Nigeria, growing equitably and robustly.”
Meanwhile, the AfDB has announced the creation of a $100 million Youth Entrepreneurship Investment Bank for Nigeria, a groundbreaking initiative aimed at supporting the country’s young entrepreneurs.
speaking to a high-profile audience that included former President Olusegun Obasanjo, state governors, ministers, and dignitaries from various sectors, Adesina emphasized the critical role Nigerian youths play in the nation’s development.
The investment bank, which was recently approved by the AfDB board, aims to provide both financial and technical support to young business owners in Nigeria.
“This new bank will support the business ventures of Nigerian youths through technical assistance, business incubation, and investment in equity and quasi-equity,” Adesina said, underscoring the bank’s commitment to harnessing the potential of Nigeria’s youth for economic growth.
Adesina, a former Nigerian Minister of Agriculture, expressed his belief in the potential of Nigerian youths, stating, “I don’t believe Nigeria’s youth or Africa’s youth lies in Europe, America, or Asia.
It lies here in Nigeria, growing equitably and driving national development.”
He also highlighted the rising trend of migration among young Nigerians, known locally as the “japa” phenomenon, and warned that it could undermine Nigeria’s long-term economic prospects.
“The mass migration of Nigeria’s youth population poses a significant threat to the country’s efforts for economic rejuvenation and global positioning,” Adesina cautioned.
He attributed this wave of migration to the country’s challenging economic conditions but expressed optimism that Nigeria could reverse the trend by leveraging its strong digital and fintech sectors.
“Nigeria has five out of the top seven unicorn fintech companies in Africa,” Adesina said, pointing to the nation’s dominance in the fintech space as a testament to the untapped potential within the country.
“This is a clear indication of the capacity we have to lead on the global stage.”
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