He made this assertion during a keynote speech at a public lecture commemorating the 90th birthday of former head of state Yakubu Gowon on Friday.
Adesina remarked, “It is clear that this situation will significantly hinder Nigeria’s technological advancement and its preparedness for the fourth industrial revolution, as well as its capacity to engage in higher-end industries such as electronics, semiconductors, appliance and machinery development, and even space exploration.”
He stressed the need to address the factors contributing to the substantial outflow of Nigeria’s young and innovative talent. This, he noted, necessitates a stable microeconomic environment, robust infrastructure, competitive salaries, modern facilities and technology hubs, support for innovation and entrepreneurship, enhanced talent development, and fiscal incentives.
“We must focus on our potential,” he stated. “Not only in West Africa or Africa but on a global scale. We need to decisively harness Nigeria’s demographic advantage and transform it into a talent dividend.”
Adesina called for Nigeria to emerge as a global powerhouse, rich in talent, skills, and entrepreneurial capabilities, driven by clear, consistent, and sustainable government policies that enhance global competitiveness and retain young talent.
“I want to be clear: I do not believe that the future of Nigeria’s youth, or that of Africa, lies in Europe, America, China, or any other place,” he added.
Furthermore, the AfDB president highlighted the bank's commitment to fostering a brighter future for the youth in Nigeria. He proudly announced that just three days prior, the AfDB's board of directors approved $100 million for the creation of the Youth Entrepreneurship Investment Bank for Nigeria.
This new financial institution will assist young entrepreneurs in Nigeria by providing technical support, business incubation, and investment in equity and quasi-equity.