In a keynote address at the American University of Nigeria’s convocation event in Yola, Adamawa State’s capital, the AfDB President, Akinwumi Adesina discussed what it will take to rebrand Nigeria and put it on a great path again, he used Singapore as an example of a country that has managed ethnic, linguistic and religious diversity successfully.
There is strength in diversity not weakness
Akinwumi Adesina
He said the future of Nigeria lies in how he manages the vibrant youth population.
In the keynote titled “Building a New Nigeria: Imperatives for Shared Prosperity,” he said: “For Nigeria to be all that it can be, the youth of Nigeria must be all that they can be.”
He stated that the future of Nigeria’s development and growth depends on transforming the country’s youth demographic advantage into a world-class and well-trained workforce for the country, region, and world.
He also urged stakeholders to make investment in the youth their top priority and also focus on youth investment, not youth empowerment. Adesina said it will go a long way in opening up social and political space for the youth to voice their views, it will be a positive force that will bring about youth wealth.
The bank president told the large gathering that from the four cardinal points in Nigeria, there must be a drastic change in the economy, finance and there must be business opportunities for Nigerians.
In Nigeria, new branches are sprouting. Lagos now has its own Silicon Valley. Yabacon Valley has risen to become one of Africa’s most important innovation centers, with between 400 and 700 active start-ups valued at more than $2 billion, second only to Cape Town.
Andela, a global technological start-up situated in Yabacon Valley, just attracted $24 million in capital from Facebook creator Mark Zuckerberg,” he said, citing examples of young Nigerians’ entrepreneurial success.
He said the ability of Nigeria to attract global Digital Commerce is shown in the $200 million investment by Stripe (a Silicon Valley firm) found in the local payments company Pay stack, and $400 million into three Fintech companies under one week in 2019.
The African Development Bank is currently embarking on a $500 million program dubbed Digital Nigeria, which aims to improve Nigeria’s digital competitiveness while also leveraging the country’s incredible youth entrepreneurship.
He told the audience that the Bank is also looking into creating Youth Entrepreneurship Investment Banks, which would be financial institutions for young people run by prestigious young bankers and financial specialists in other to trigger wealth creation.
He said Nigeria is blessed with an incredible variety of people, cultures, religions, mineral resources, oil, and gas, etc. that should make the world envy us. He also said we are blessed with a good bountiful harvest that can be able to feed Africa, he added that Nigerians deserve wealth and not poverty, diverse agro-ecologies.
In closing, Akinwumi Adesina prophesied that he has a dream that we will rise from our challenges and build a prosperous and united nation.
