In Nigeria, a large and youthful population should signify economic potential, yet poverty dims this promise. A staggering 40.98 percent of Nigerians (90.161 million people) live in extreme poverty, according to the data from Statista in 2023.
This poverty burden is particularly heavy in northern Nigeria, where around 65 percent of the country’s poorest reside. Despite ongoing economic reforms, such as recent subsidy removals, Nigeria’s most vulnerable continue to face deepening economic pain.
“But for a country where over 60 percent of the population is under the age of 25, Nigeria’s youth may hold the key to a prosperous future—if given the right opportunities.”
The echoes of past policies, like the 1986 Structural Adjustment Programme (SAP), that pushed millions deeper into poverty, still linger. But for a country where over 60 percent of the population is under the age of 25, Nigeria’s youth may hold the key to a prosperous future—if given the right opportunities.
“Not everyone will graduate, so creating vocational skills programs is essential to reduce poverty, though it won’t happen overnight,” said Olugbenga Alawode, an economist.
“By fostering partnerships between industry and schools, Nigeria could equip youth with the skills needed in key sectors, reducing youth unemployment and aligning education with market needs.”
Countries like South Korea, India, and China harnessed their young populations to drive growth. South Korea prioritised education for a skilled workforce. India’s startup boom was fuelled by entrepreneurship. China focused on vocational training, equipping youth with practical skills. Here are seven ways to make that happen, inspired by Asia’s triumphs:
1. Education and skills training for a global workforce
South Korea’s story is one of growth powered by education. In the 1960s, South Korea’s GDP per capita was about $79. By focusing on education, especially in science, technology, engineering, and mathematics (STEM), South Korea now boasts a GDP per capita exceeding $36,132 in 2024.
In Nigeria, however, education remains out of reach for many. According to the World Bank, only 50 percent of children complete primary school, and less than 30 percent advance to secondary education. With youth unemployment at 8.4 percent in early 2024, targeted education policies that prioritise vocational and technical skills could set up Nigeria’s youth to become the drivers of economic growth.
2. Encouraging entrepreneurship through policy support
India’s “Startup India” initiative has seen the country become one of the top global hubs for startups, with over 100 unicorns (companies valued at over $1 billion) by 2023.
With a youth population constituting 27.2 percent of its total, India has leaned on its young entrepreneurs to drive economic activity. In 2023, India’s GDP reached $3.5 trillion, or 3.37 percent of the global economy.
Nigeria, where nearly 50 percent of the population is under 18, could replicate this model by creating a supportive ecosystem for startups, offering young Nigerians the means to start businesses, innovate, and create jobs.
3. Building digital skills for a technological edge
Singapore transformed from a small, resource-scarce island to one of the most competitive economies by focusing on technology. It now ranks as one of the world’s most innovative countries.
As of 2024, Singapore’s GDP stands at $525 billion with a growth rate of 2-3 percent. Young Singaporeans have benefitted from robust digital education and infrastructure, placing them at the forefront of tech innovation.
In Nigeria, however, digital literacy remains low, especially in rural areas. By investing in digital literacy programmes that reach rural and underserved youth, Nigeria could prepare millions to thrive in the digital economy.
Read also: 94% of Nigerian youths believe their country on wrong track – Report
4. Youth governance: Learning from the Philippines
In the Philippines, youth councils known as Sangguniang Kabataan empower young people to actively participate in local governance, giving them a platform in nearly 42,000 barangays.
This initiative allows Filipino youth to influence policies, learn leadership skills, and shape their local environments.
In Nigeria, where many young people feel sidelined from decision-making, similar programs could foster greater civic engagement and accountability, enabling youth to play a role in tackling local challenges and building a more responsive government.
5. Expanding financial access through microfinance
In Bangladesh, the microfinance movement led by Grameen Bank has changed millions of lives by empowering young people—especially women—with small, flexible loans. As of 2024, over 20 million Bangladeshis have accessed microloans, driving individual and community-level economic development.
With Nigeria’s youth unemployment and underemployment remaining high, expanding access to microfinance could encourage young Nigerians to start businesses, build assets, and generate employment. Microfinance could be particularly effective in reaching those in underserved, rural areas who lack traditional banking services.
6. Creating internship and mentorship programmes to build skills
China’s industrial growth has been supported by hands-on training programmes that connect educational institutions and industries. This collaboration ensures that students are workplace-ready and helps meet the nation’s industrial demands.
With a population of over 1.4 billion, China boasts a youth workforce of approximately 200 million, contributing significantly to its $17.8 trillion economy.
In Nigeria, however, many young people struggle to gain work experience due to a lack of structured internship opportunities. By fostering partnerships between industry and schools, Nigeria could equip youth with the skills needed in key sectors, reducing youth unemployment and aligning education with market needs.
7. Closing the digital divide: India’s digital literacy mission
India’s National Digital Literacy Mission has trained over 5.25 million people, prioritising rural communities and bridging the digital divide. This mission empowered youth, who make up nearly 27 percent of India’s population, to participate fully in the digital economy.
In Nigeria, where internet access remains limited in rural areas, a similar program could equip youth with essential digital skills, giving them tools to participate in an increasingly tech-driven global economy and fostering local innovation.
According to the National Institute of Electronics & Information Technology (NIELIT), this scheme has been instrumental in making non-IT literate citizens IT literate, enabling them to actively participate in the democratic and developmental process and enhance their livelihood.
Alawode emphasises the importance of vocational training, noting, “Lagos has established workshops for hands-on skills, but gaps remain. The government should set up incubator centres to train youth in producing essential goods like bags, baskets, and shoes while also employing them to meet public demand.
By doing this, the ‘almajiri’ in the north and beggars in the south can become productive members of society. The government should actively seek out these individuals, enrol them in programs, and help them contribute meaningfully.
Furthermore, some youth should receive training in farming, as this investment will pay off. Providing accommodation during training is crucial to preventing dropouts. Serious consequences should be implemented for anyone who remains idle despite the program’s launch. Without these steps, economic reforms may only exacerbate poverty.
Oluwatobi Ojabello, senior economic analyst at BusinessDay, holds a BSc and an MSc in Economics as well as a PhD (in view) in Economics (Covenant, Ota).
Wasiu Alli is a business and finance journalist at BusinessDay who writes about the economy, business trends, and politics. He holds a BA. Ed. and M. Ed. in English Language and Education.
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