AFDB to boost en­trepreneur­ship in Nige­ria, plans to em­power 75m youths in 10 yrs

Business a.m. - - NEWS - Ades­ola Afo­labi

THE AFRI CAN DEVELOP MENT BANK (AfDB), through its Jobs for Youth in Africa (JfYA) strat­egy to cre­ate 25 mil­lion jobs and em­power 50 mil­lion youths with de­mand-driven skills within 10 years (2016–2025) across Africa, has se­cured the col­lab­o­ra­tion of key Nige­rian sec­tor play­ers in­clud­ing the Fed­eral Min­istry of Labour and Em­ploy­ment, Siemens, GE, Master­Card Foun­da­tion, World Bank, and Nige­rian Eco­nomic Sum­mit Group (NESG).

To this end, the AfDB, in con­junc­tion with the Na­tional Uni­ver­si­ties Com­misAS sion (NUC), Fed­eral Min­istry of Labour and Em­ploy­ment, Siemens, GE, Master­Card Foun­da­tion, World Bank, and Nige­rian Eco­nomic Sum­mit Group (NESG) held a break­fast ses­sion at the on­go­ing 24th Nige­rian Eco­nomic Sum­mit themed, “Ed­u­ca­tion to Em­ploy­ment – Mind the Gap.”

The break­fast ses­sion specif­i­cally de­lib­er­ated on the need to re­vamp the cur­ricu­lum in ter­tiary in­sti­tu­tions, the need to equip po­ten­tial grad­u­ates and the need to up­skill grad­u­ates to meet cur­rent em­ploy­ment stan­dards.

The dis­cus­sions ended with an MoU–sign­ing cer­e­mony be­tween the NESG and NUC to for­mal­ize pri­vate sec­tor col­lab­o­ra­tion to re­vamp em­ploy­a­bil­ity and en­treprether skills ed­u­ca­tion, STEM and En­gi­neer­ing.

Chris Ngige, the Nige­rian min­is­ter of labour and em­ploy­ment in his re­marks at the ses­sion high­lighted the ur­gent need for col­lab­o­ra­tion to tackle the youth un­em­ploy­ment cri­sis in Nige­ria.

“In­se­cu­rity chal­lenges are symp­toms of the dire state of un­em­ploy­ment and frus­tra­tion of the Nige­rian youth.

The ur­gency to sup­port job creation in Nige­ria must be ac­com­pa­nied with the right syn­er­gies, as th­ese prob­lems can­not be solved in si­los. The Min­istry has com­mit­ted to work­ing with part­ners across the pri­vate, so­cial and pub­lic sec­tors to cre­ate jobs for young Nige­ri­ans,” Ngige said.

The un­em­ploy­ment rate in Nige­ria stands at 18.8 per­cent. Among the youth (15-35 years), the fig­ure is sig­nif­i­cantly higher as com­bined un­em­ploy­ment and un­der­em­ploy­ment rate gross 22.64 mil­lion in­di­vid­u­als, trans­lat­ing to 52.65 per­cent of the en­tire youth labour force i.e. peo­ple who are will­ing and able to work.

The rate of un­em­ploy­ment tends to be higher for peo­ple that have post-sec­ondary school ed­u­ca­tion - 31.8 per­cent un­em­ploy­ment rate and 50 per­cent com­bined un­em­ploy­ment and un­der­em­ploy­ment in Q3 2017. This is be­cause grad­u­ates tend to pre­fer fewer in sup­ply whitecol­lar jobs rather than of­ten ru­ral, sea­sonal and low skilled-lower pay­ing blueThe col­lar jobs that are more in sup­ply.

Ac­cord­ing to Ebrima Faal, the AFDB’s se­nior coun­try direc­tor-Nige­ria the bank un­der­stands that part­ner­ships and col­lab­o­ra­tions are the be­drock of suc­cess and the driv­ers of sus­tain­able im­pact.

“Part­ner­ships within and out­side the pri­vate sec­tor are al­ready be­gin­ning to ad­dress some of the chal­lenges within the un­em­ploy­ment space.

We will con­tinue to work to fa­cil­i­tate the part­ner­ships nec­es­sary to deepen this im­pact through our Jobs for Youth in Africa (JfYA) ini­tia­tive as we col­lab­o­rate to solve the youth un­em­ploy­ment prob­lem in Africa,” Faal said.

Speak­ing on be­half of NESG’s Laoye Jaiye­ola, the chief ex­ec­u­tive of­fi­cer, said, “the NESG has com­mit­ted to pool all ac­tors to­gether un­der a col­lab­o­ra­tive model, to en­sure that in­ter­ven­tions are holis­tic and are of scale to ad­dress our chal­lenges.

sign­ing of the MoU be­tween the NESG and the NUC – the first of its kind in Nige­ria sig­nals a new way for­ward, one that en­tails col­lab­o­ra­tion and ac­tion on the skills de­vel­op­ment agenda,” he said.

JFYA ini­tia­tive was launched at the Bank’s An­nual Meet­ings in May 2016 in Lusaka, Zam­bia with the aim of sup­port­ing African coun­tries in scal­ing up re­sponses to the youth un­em­ploy­ment and un­der­em­ploy­ment cri­sis.

The strat­egy re­sponds to the trans­for­ma­tional agenda laid out in the Bank’s Ten-Year Strat­egy (2013-2022), aligned with its High-5 pri­or­i­ties.

It is also in line with the vi­sion of the Bank’s Hu­man Cap­i­tal Strat­egy (2014-2018) to ‘har­ness the po­ten­tial of 1 bil­lion Africans by build­ing skills and pro­mot­ing tech­nolo­gies to pro­vide bet­ter jobs, en­sure equal op­por­tu­ni­ties and in­crease work­force com­pet­i­tive­ness.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.