The African Development Bank (AfDB) is planning a youth’s entrepreneurship investment banks on the continent to drive youth wealth creation.
The AfDB stated this through its president, Akinwunmi Adesina, who said the youths entrepreneurship investment banks would be managed by first-rate young bankers and financial experts
Speaking at the 2021 virtual Lagos Economic Summit, Adesina said the AfDB is in partnership with the Lagos State Government to actualize several of its projects.
He said, “The African Development Bank is implementing a programme in supporting African youths in computer coding for employment. Launched in 2018, the Bank in African coding for employment has already equipped over 80, 000 people in ICT skills to enhance their employability in this digital era.
I applaud the government in Lagos in launching its digital skills initiative in Lagos to equip 1 million students with digital skills in 2023.
“The youths do not need empowerment. Look around, often those who said they are empowering them are actually simply empowering themselves. The youths do not need handouts. The youths need investment. That is why the African Development Bank is developing the establishment of the youths entrepreneurship investment banks. They will be financial institutions for young people, run by first rate young bankers and financial experts to drive youth wealth creation in Africa. The African Development Bank will put its financial capital at risk for the benefit of the youths in Africa and I can tell you, that is the risk worth taking.
He noted that, “the wealth and prosperity of Lagos must be for all, a Lagos for all. Now, progress is being made, poverty rate in Lagos has declined in the last one decade. From 40. 3 per cent in 2009 to 4.5 per cent in 2019. That is a remarkable achievement, congratulations to Lagos.
Yet more than 50 per cent of Lagosians live in slums without water, sewage or electricity. Why some may advocate for slum upgrade, I do not believe in slum upgrades. There are no five-star slums. Significant investment is needed for decent and affordable housing in Lagos. In roads, water, electricity, sewage system and waste disposal for local government, especially those in poor areas. A prosperous Lagos must also be a healthier Lagos and a healthier Lagos will be a more productive Lagos and the future Lagos must be knowledge-based.
According to the AfDB President, “There is a need to improve the transport system, greening the pollution and making the transport system more efficient. The African Development Bank is looking to support the Lagos Metropolitan transport authority to introduce compressed natural gas into the public transportation system. And by using drones, satellites and CCTV cameras, Lagos should be turned into a smart city to enhance security which will further boost Lagos attractiveness for investors. This is all-important in the launch of the African Continental Free Trade Area, the world’s largest free trade zone worth a whopping $3.3 trillion combined GDP, Lagos is well-positioned. The African Development Bank will continue to support the transformative project in Lagos and the Nigerian economy.
“The African Development Bank is financing the development of the Abidjan– Lagos corridor. This project which is part of the trans-Continental highway will dramatically improve road connectivity between Lagos and other coastal cities in West Africa. The AfDB will also support the Lagos Sky train project which will help to decongest the city and provide safe, reliable and affordable public transport services.
“The African Development Bank is also supporting the Lagos State Police Commissioner on our first sub-national operation in the power sector. This will pile up the roll-out of electricity cooperatives as franchises that will provide reliable electricity services to 60, 000 households in unserved, underserved rural areas. To make faster progress, the private sector must be mobilized to assist in the new Lagos, the Lagos that we want.
“The public-private partnership should be prioritised and incentive should be provided for the private sector to boost infrastructure, agriculture, housing and digital financial services to promote financial inclusion especially for women after all women-run Lagos.
Adesina also called for proper utilisation of taxes through transparent tax collection and administration.
He urged Lagos to have a sovereign wealth fund to finance its future by using taxes which is key in Lagos, the highest in Nigeria, estimated at N400 billion in 2019.
“Now, to whom much is given, much is expected. Taxes required a social contract between the government and the citizens. The taxes of the people belong to the people not in the pocket of individuals. There must be accountability
For the taxes collected from citizens through transparent tax collection and administration.”
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