African Export-Import Bank (Afreximbank) has called for strategic investments in empowering Africa’s youth to harness the continent’s economic potential.
Benedict Okey Oramah, President, Afreximbank made the call at the 5th edition of the youth summit organised by Grand Africa Initiative (GAIN), themed “Connecting Africa through Youth Entrepreneurship and Digital Innovation” in Abuja.
Oramah emphasized that the continent’s future and its standing in global socio-economic discussions depend on its youth.
He underscored the importance of Africa’s youthful population, noting that 60% of the continent’s population is under the age of 25. “Africa is home to the youngest and fastest-growing population globally. This vibrant demographic holds immense potential to drive economic and social change,” he said.
He stated that Africa is home to the youngest and fastest-growing population in the world, with more than 60 per cent of the continent’s population under the age of 25.
“This vibrant and dynamic youth population represents not only a challenge but also an immense opportunity for growth, innovation, and transformation across the continent.
“The youths of Africa are increasingly becoming the driving force of economic and social change. Their energy, creativity, and resilience are leading the charge in reimagining what is possible for the future of our nations.
“Yet, while this youth population holds immense potential, they often face significant challenges which include limited access to education and skills training, a lack of job opportunities, and barriers to entrepreneurship.
“With our youth population projected to double by 2050, young people are the driving force behind what we see today as Africa’s economic transformation. Our youths are creative, resourceful, energetic, innovative and resilient.”
According to him, a recent empirical survey of 4,507 young Africans across 15 countries revealed that 78% of individuals aged 18 to 24 plan to start businesses within the next five years. However, they require essential knowledge, mentorship, and access to digital infrastructure to succeed.
Isaac Parashina, Ambassador and Kenyan High Commissioner to Nigeria, described Africa as the youngest continent, with approximately 1.4 billion people and over 70% under the age of 30. He emphasized the untapped potential of the continent’s vibrant and innovative youth, which he called a “tremendous resource.”
He noted that Africa’s vast natural resources, youthful population, and expanding markets position it as the continent of the future. However, he warned that the lack of access to education, resources, and support systems hampers young people from transforming their ideas into impactful ventures.
The continent’s demographic profile, particularly its youth, offers a unique advantage that can drive the next wave of economic growth and development. But to unlock Africa’s full potential for growth and prosperity, a focused and concerted approach is required.
“Undisputedly, the youths of Africa represent a tremendous resource that is currently underutilized. With over 70 per cent of the population under the age of 30, the continent has an energetic and innovative workforce, but the major hindrance to harnessing the full potential is the lack of access to the necessary resources, education, and support systems to turn their ideas into viable businesses or impactful ventures.”
He insisted that deliberate policy actions must be undertaken by governments and other interlocutors to empower the youth to engage in entrepreneurship in order to create jobs, foster innovation, and diversify African economies.
The Ambassador also highlighted the importance of digital infrastructure, stating that reliable internet and digital payment systems are crucial for young entrepreneurs to access global markets and create scalable solutions. “With the right tools and support, the youths can drive entrepreneurship that fuels economic growth,” he added.
On her part, Chinwe Okoli, Gain’s founder, highlighted its longstanding commitment to nurturing the unique talents and ideas of African youth.
She noted that GAIN has focused on equipping young people with the skills needed for success in education, entrepreneurship, innovation, and employment.
“We have trained, mentored, and empowered African youths with digital, leadership, employability, and entrepreneurial skills to promote self-sustenance and professional growth, even with the limited resources available to us,” she said.
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