Adewumi Adesina, President of the Africa Development Bank (AfDB) on Saturday advocated the establishment of the Youth investment bank to deepen economic empowerment programs for the teeming young population in the continent.
Speaking at the Tony Elumelu Foundation entrepreneurship forum in Abuja, Adesina said though Africa has arisen, considering high economic growth of between 3 – 5 percent, there is need for the Governments to increase investment in youth empowerment as a way of ensuring sustainable development for the continent.
Noting that GDP growth rate for the continent is important but does not create jobs, he said it is now time for the Africa Governments to shift from youth empowerment to youth investment. “Create bank for youth entrepreneurship, that way Africa will rise,” he noted during one of the panel discussions.
Adesina speaking further said that the poor market facilities as well as the inability of the governments to play their active role in ensuring capacity building has remained a missing institution that need to be fixed in Africa.
“The youth investment bank will improve youths access credit facilities and empower them to create wealth for themselves and the continent at large, this will correct the market failure as market facilities and government still remains the missing institution in africa”.
He said with bank, Africa could correct three fundamental failures: the missing institutions, the market failures and the government failure.
“I propose that its time that we begin to set up youth entrepreneurship and investment banks.
This is a bank where you walk into and they see assets instead of liabilities, as well as the confidence in young people, and be willing to help them grow their business.
Adesina lamented that of over 678 million youths, only 3 million can find jobs for themselves. “This not the growth we want to see, we want growth that can create quality jobs and promote decent living for the youths.
“We must begin to put our capital at risk for the young people”.
Vice President Yemi Osinbajo, in his remark said that it is time to change the narrative of Africa by providing the environment that support capacity building for the young entrepreneurs.
“Tony Elumelu Foundation has really compelled us to focus on what really matters, which is our youth and their dreams,” he said.
Osinbajo further explained that infrastructure remains a great pillar of the Nigeria economy adding that the government seeks private Investment to meet up with the infrastructural needs of the country.
Koen Doens, Deputy director, Directorate for international Corporation and development, European commission, stressed that the Africa governments must take advantage of the entreprenueral Spirit and skills of the African youths to develop it’s small and medium scale enterprises and the economy.
He said “Europeans are beginning to understand that what affects Africa also affects the future of the Europeans. 99 percent of companies in Europe are small and medium sized enterprise and there is no reason why Africa cannot do the same, so we want to support Africa to achieve this same”.
Speaking further, Doens said that the European government is out to partner and support the Africa entrepreneurs by investing sizable funds in education, skills acquisition and vocational training.
Doens further said that the young entrepreneurs should take advantage of the market that the Africa continental free trade area (AfCFTA) presents to trade their products among countries.
He said “It is time we partner with Africa to focus less on the problems and support its growth”.
Also speaking, Benedict Okey Oramah, President,African export-Import (Afrexim) Bank, said that the importance of investing in infrastructure for development cannot be overemphasized but investing in the people is of most importance, stressing that there is need for Africa to focus on developing it’s human capital.
” There are countries that have infrastructure but the problems is the lack of human capital, we need to re-orient the people to be daring to take risk”.
He further stressed that there is an intense global competition that requires the Africa governments to take advantage of the opportunities that existing within the continent to create wealth for its people.
“Empowering the youths is a step in the struggle to make Africa rise, we need to provide interventions that give the youths the mindset to take risk”.
” With the AfCFTA, the Africa market will be greater and we have to take advantage of the market”, he added.
Tedros Adhanom Ghebreyesus, Director General, World Health Organization, in his remark said that investments in the health sector is very crucial adding that since the inception of the AfCFTA, more countries are now working to ensure an improved business environment and create public policies that encourage private sector.
“The AfCFTA has made it easier for entrepreneurs to play their parts in intra- trade. However, giving attention and investing in the health sector is also very crucial”.
“Investing in the youths is a smart investment and it is a must, demographic dividend will not be seen if we do not invest in the youths”.
He further stressed that the health sector should be taken into consideration while investing adding that a lot of gaps still exist in health sector.
Tony Elumelu, President, Tony Elumelu Foundation (TEF) in his remark stressed that ensuring self-reliance is key to Africa development as Africa needs Africans for development.
” The young Africa entrepreneurs, the stage is yours to ensure development,” he urged the energetic youths who attended the forum from different parts of Africa.
Elumelu speaking further appreciated the partnership of the Africa development bank to sponsor additional1000 young entrepreneurs through the TEF platform, as well the African export-Import bank and the Africa Pacific commission for their support in scaling up the number of beneficiaries of the TEF programme. He said “The way to invest in Africa is to support Africa to become self-reliance in all sectors, we will work together to improve intra Africa movement”.
” We call on the governments of Africa to open up the system for the young people of Africa”.
