AfDB Group President Adesina drums support for investment on future of Africa’s youth

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…Launches AfDB’s Youth advisory group to create 25 million Jobs

TUE, NOVEMBER 28 2017-theG&BJournal-The 6th EU-Africa Business Forum opened in Abidjan, Côte d’Ivoire, on Monday, with an emphasis on job creation and investment in young people. The central theme of the Forum is “Investing in Job Creation for Youth.”

Speaking at a high-level forum on the theme, African Development Bank Group President Akinwumi Adesina called for a change of mindset when dealing with youth on the continent.

“Young people aren’t looking for help, they are looking for the right environment to flourish,” he said.

Noting that 66 million young people are idling away in rural parts of the continent without jobs, he said there was a need to take a risk and invest in them.

Investing in the youth in agriculture as a business is the way to go, he said, especially given that the average age of African farmers is currently 65 years in a continent which spends US $35 billion annually on food imports despite having 600 million hectares of uncultivated arable land.

“Agriculture is sexy, agriculture is cool. The farmers of tomorrow are not going to be wearing overalls, but will be young people equipped with digital technology to ply their trade. We must equip them appropriately,” said Adesina, the 2017 World Food Prize Laureate.

The idea that Africa has the potential to become the world’s bread basket if it does the right things, is the logic behind the Bank’s High 5 priorities – Light up and power Africa, Feed Africa, Integrate Africa, Industrialize Africa, and Improve the quality of life for the people of Africa.

Energy is the first priority because energy is required for almost everything people do.

Earlier, Côte d’Ivoire’s Vice-President, Daniel Kablan Duncan, opened the forum noting that the partnership between African and Europe would be the preferred tool to support Africa’s exciting development dynamics.

The central thread of the forum was job creation, the projected focus of the EU-AU Summit taking place on November 29-30 in Abidjan, where the European External Investment Plan (EEIP) will be formally launched and endorsed by the African Union.

There was a consensus that Africa’s shared development objectives cannot be achieved without strong investment by African governments, private sector and development partners such as the EU.

Meanwhile, Akinwumi Adesina, today launched the Presidential Youth Advisory Group (PYAG) to provide insights and innovative solutions for job creation for Africa’s youth, as outlined in the Bank’s Jobs for Youth in Africa Strategy (JfYA) (http://APO.af/nRtVAs).

The Jobs for Youth in Africa initiative aims at creating 25 million jobs and impacting 50 million youth over the next ten years by equipping them with the right skills to get decent and meaningful jobs. It is currently the largest effort going on for youth employment in Africa today.

The advisory group, inaugurated on the sidelines of the 6th EU-Africa Business Forum in Abidjan on Monday, November 27, will work with the Bank to create jobs for Africa’s youth.

“This is a huge opportunity for Africa. If we fix the youth unemployment challenge, Africa will gain 10-20% annual growth. That means Africa’s GDP will grow by $500 million per year for the next thirty years. Africa’s per capita income will rise by 55% every year to the year 2050,” Akinwumi Adesina, President of the African Development Bank (AfDB) said at the inauguration of the Group.

Adesina, who identified Africa’s greatest asset as its youth, observed that out of the 13 million youths that enter the labour market each year, only 3 million (about 33% of African youth) are in wage employment, while the rest are underemployed or in vulnerable employment. The annual gap of more than 8 million jobs is going to worsen, with the number of youth expected to double to more than 800 million in the next decades.

“Africa has an unemployment crisis among its youth,” he stressed, noting that unless employment opportunities are created for them, Africa’s rapidly growing population of youths can give rise to serious social, economic, political and security challenges.

Africa’s youths, though strong and dynamic, cross the desert or the Mediterranean sea because they do not find decent jobs in Africa. Graduates are wandering in the streets, jobless. The low level of employment opportunities is also fueling violence and extremism in Africa. “40% of African youths engaged in armed violence join gangs or terrorist groups because of limited opportunities in their countries,” Adesina said.

“66 million African youths earn less than $2 a day, less than the price of a hamburger,” the AfDB President emphasized. “66 million is 8 times the size of Switzerland, 6 times the size of Belgium, the same size as UK, France or Italy, and 80% of Germany’s population,” he added.

The Presidential Youth Advisory Group (PYAG) comprises nine members under the age of 40 who have made significant contributions to the creation of employment opportunities for African youth.

The PYAG members are: Ashish Thakkar, CEO, Mara Group, Tanzania (Chair); Uzodinma Iweala, award-winning author, Nigeria; Mamadou Toure, Founder / CEO, Africa 2.0 / Ubuntu Capital, Cameroon; Vanessa Moungar, Human and Social Development Director, AfDB and member of President Macron’s Presidential Council for Africa, Chad; Francine Muyumba, President, Panafrican Youth Union, Democratic Republic of Congo; Jeremy Johnson, Co-founder, Andela, USA; Clarisse Iribagiza, CEO, Hehe, Rwanda; Ada Osakwe, CEO, Agrolay Ventures, Nigeria; and Monica Musonda, CEO of Java Foods, Zambia.

On the rationale behind the setting up of the advisory group, President Adesina explained: “We recognize the enormous amount of energy, creative and innovative thinking, and entrepreneurial excellence that many of our youth bring to the table. For this reason, the Bank must ensure that it is well advised by cutting-edge youth representatives on its policies, actions and programmes, for the benefit of Africa’s youth.”

“The members of the Presidential Youth Advisory Group are expected to actively engage private sector partners, government leaders, civil society, donor partners, and other stakeholders; and support the significant amount of work that the Bank is already doing and promoting across the continent through its Jobs for Youth in Africa strategy,” President Adesina added.

A youth-led economic transformation agenda

PYAG is an opportunity for leading young voices in Africa to develop new and fresh perspectives and recommend innovative solutions that will shape AfDB’s support to African countries, and reduce the scourge of Youth unemployment.

The AfDB is fully committed to working with the PYAG to scale up and expedite results that deliver decent and sustainable jobs for African youth, through formal employment and successful youth entrepreneurship that allows African youth to become their own drivers of economic prosperity, social stability and environmental sustainability.

Ashish Thakkar, CEO of the Mara Group and Chair of the PYAG, said: “It is a great honour to serve our continent in this function. We know that the stakes are high, but we are committed to the task of creating flourishing youth businesses that provide tremendous value. We are also focused on facilitating the achievement of AfDB’s High 5s and Sustainable Development Goals. We have just concluded our work program for the next year and have hit the ground running.”

He described how his family lost everything they had during the genocide in Rwanda in the 1990s.

“I have borrowed $5,000 to launch my business without any form of support. Today, Mara Group has 14,000 employees around the world. I was alone, but imagine what we can do together with the support of an institution like the AfDB.”

“I have never heard of an institution as important as the AfDB setting up and advisory group only made of youth. A Chinese proverb has it that if you want 1 year of prosperity, plant a grain. If you want 10 years of prosperity, plant a tree. If you want a century of prosperity, invest on people,” said Mamadou Touré, a member of the group.

Also speaking, Ada Osakwe said: “40% of entrepreneurs in Nigeria are women, but 73% operate in consumer retail systems. We need to address that and provide youth with more lucrative jobs.”

To make agriculture more attractive to young people, the AfDB last year invested $800 million in supporting young entrepreneurs in agriculture as a business in 8 countries. It will reach 15 countries this year. The Bank expects to invest 1.5 billion per year for the next 10 years to support young agripreneurs.

The AfDB is delivering on its youth strategy

The AfDB has made great progress toward implementing its strategy through three key pillars: innovation, integration and investment. In terms of integration, the Bank entered into partnership with the International Labour Organization to strengthen the capacity of African countries to harmonize Youth Employment into national policies.

The Youth Entrepreneurship and Innovation Multi-Donor Trust Fund which will serve as a financial and operational instrument, with initial support of USD 4.4 million by Denmark and Norway.

The African Development has also developed the Enabling Youth Employment (EYE) Index to measure youth employment outcomes and enabling policies at country levels.

“With this amazing group of very diverse young individuals, we even hope to exceed the Bank’s goal to create 25 million jobs and 50 million youth equipped with the right skills,” said Thakkar enthusiastically. “It is time to change the narrative about Africa’s youth!”

 

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