Akinwumi Adesina, president of African Development Bank (AfDB) Group, says the bank will establish youth entrepreneurship investment banks to help Africa’s young population explore its potentials.

This was disclosed by the bank’s re-elected President, Akinwumi Adesina during his inaugural speech on Tuesday.

Dr Adesina maintained that with the bank’s focus on youth development, the shadows of youth unemployment and migration out of Africa will be a thing of the past.

The bank’s chief said that efforts are ongoing to deliver more for women on the continent, with the implementation of the Affirmative Finance Action for Women (AFAWA), to leverage the $3 billion for women and women businesses.

He said this would be done “in ways that are systemic, scalable and sustainable”.

“The shadows of youth unemployment and migration out of Africa must give way to a glowing light of successful youth-driven businesses across Africa.

“Africa’s youths must stay in Africa, develop Africa, and project Africa’s future.”

Adesina said that the bank would build on the great successes it has had in agriculture.

He said this would be done by scaling up technologies to reach tens of millions of farmers and supporting Africa to build competitive agricultural value chains.

He said that the bank would add value to what was produced agriculturally in Africa and provide creative and high-tech opportunities for massive youth engagement in agriculture and agribusiness.

He said that special attention would be given to regional industrial value chains and the strengthening of financial markets.

The AfDB president said this was to expand intra-regional trade and competitiveness and boost the Africa Continental Free Trade Area (AfCFTA).