This innovative program aims to boost economic growth and job creation.

It serves as a collaborative platform for financial and non-financial partners, including Nigeria’s Ministry of Finance, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).

In addition to the AfDB’s contribution, DBN and NSIA will provide $25 million and $5 million, respectively.

The initiative is divided into two key components.

The first involves setting up the YEIB Investment Management Company, which will oversee three special-purpose vehicles: the Equity Investment Fund (EIF), the Ecosystem Development Fund (EDF), and the Credit Guarantee Facility (CGF).

These vehicles will provide financial aid, grants, and risk management support for youth and women-led businesses.

The second component focuses on equipping young entrepreneurs with the services needed to turn their ideas into viable businesses, addressing challenges such as youth unemployment and gender inequality.

The project is expected to create more than 161,000 direct jobs, 40% of which will be allocated to women, and 1.4 million indirect jobs, 35% of which will benefit women.

Additionally, over 38,000 youth-led enterprises will receive both financial and non-financial support, with 40% of the beneficiaries being women.

Dr. Abdul Kamara, AfDB’s Director General for Nigeria, highlighted the initiative’s potential to bridge gender gaps and promote entrepreneurship.

This is the third YEIB initiative approved by AfDB, following similar programs in Liberia and Ethiopia.