Published: July 23, 2025
MONROVIA — Liberia on Tuesday launched Africa’s first Youth Entrepreneurship Investment Bank, a $16 million initiative backed by the African Development Bank to combat youth unemployment and jumpstart inclusive economic growth.
By Lennart Dodoo and Nynatee S. Togba
The high-level launch at the Ellen Johnson Sirleaf Ministerial Complex was attended by President Joseph Nyuma Boakai and AfDB President Dr. Akinwumi Adesina, who jointly hailed the bank as a transformative tool to unlock Liberia’s economic potential and empower its youth.
“Our youth are not just the future—they are the now,” President Boakai declared. “This Bank is a message of hope. It tells our young people that they are seen, they are needed, and they are finally being invested in.”
YEIB is the first institution of its kind on the continent and will finance, mentor, and incubate youth-led businesses in Liberia. The initiative is a pillar of Boakai’s ARREST Agenda, targeting Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism as strategic sectors for national revival.
The bank’s launch comes at a time when over 60 percent of Liberia’s population is under the age of 35, many of them unemployed or underemployed.
AfDB President Dr. Akinwumi Adesina, delivering a keynote titled “Liberia: Arise and Shine,” described the initiative as a new era in development finance. “The export of raw materials is the door to poverty,” he warned. “The export of value-added products is the highway to wealth. And it is young people, with access to finance and innovation, who will drive that transformation.”
Since 1967, the AfDB has invested more than $1.02 billion in Liberia, with 18 active projects currently valued at $408 million. These span transport, energy, agriculture, finance, and public sector reform.
President Boakai praised Adesina’s tenure at the Bank, noting that under his leadership, AfDB’s capital base grew from $93 billion to $318 billion in just ten years.
“That is not just growth; it is a revolution in development thinking,” Boakai said. “You have shown the world that bold ideas, when combined with clear vision and determination, can produce extraordinary results.”
Boakai also appealed for AfDB’s support to the proposed Liberty Corridor Project, a regional transport and trade infrastructure linking Liberia to Guinea, Mali, and Burkina Faso. “We would love to be the gateway to the Atlantic for our landlocked neighbors,” he said.
Dr. Adesina’s speech focused heavily on performance, efficiency, and accountability. Drawing from his own experience as Nigeria’s agriculture minister, he urged Liberian cabinet officials to embrace bold goals and measurable outcomes.
“Ministers are not small presidents,” he stated. “They are appointed to help elected presidents succeed. If you set your targets low, you’re too comfortable.”
He shared that during his own ministerial tenure, he set a target to produce 20 million tons of food in four years, a target so ambitious it shocked even Nigeria’s planning minister. “But we met it and exceeded it,” he said. “Because we worked like our political capital depended on it.”
Adesina encouraged Liberia to introduce performance contracts for ministers and establish a presidential award system for inter-agency collaboration. “Use your budget system to incentivize teamwork,” he said. “You get what you reward.”
The AfDB president emphasized the need to reengineer Liberia’s civil service and ensure judicial independence, both key pillars of national development.
“The civil service is the engine of government, but it must be aligned with the national vision,” he said. “And the rule of law is not optional. It is the foundation for everything from human rights to investor confidence.”
President Joseph Boakai
“We must restore dignity and integrity to the civil service,” said President Boakai. “And we must invest in our judiciary to uphold transparency and accountability.”
Beyond finance and policy, the day also celebrated education. Boakai dedicated a new model school building, symbolizing his administration’s commitment to foundational learning.
“May all who walk through here dedicate themselves to learning and return to serve their country and community,” Boakai prayed during the dedication ceremony.
Dr. Adesina’s address also detailed the AfDB’s broader legacy under his leadership. Since 2015, the Bank has impacted 565 million Africans through its High 5s strategy, delivered 128 million people access to healthcare, improved transportation for 121 million, ensured food security for 104 million, connected 28 million to electricity, and mobilized $225 billion in private capital through the African Investment Forum. It also launched the $25 billion Africa Adaptation Acceleration Program (AAA-P), the largest climate adaptation initiative globally.
“We are not here for projects; we are here for transformation,” Adesina said. “And Liberia is part of that journey.”
In a deeply personal closing, Adesina quoted Isaiah 60: “Arise and shine; for thy light has come. And kings shall come to the brightness of thy rising.”
“Your legacy in Liberia is secure,” President Boakai responded. “You are not just a friend of this nation—you are part of our national story.”
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