News Highlights:
- Afreximbank’s Commitment to Youth Empowerment
- Strategic Focus on Youth Entrepreneurship and Digital Transformation
The African Export-Import Bank (Afreximbank) has strengthened efforts to create more empowerment opportunities for Africa’s youth, emphasizing that the continent’s future and global socio-economic relevance depend on its young generation.
Benedict Okey Oramah, President of the Bank, stated this at the 5th edition of youth summit organised by Grand Africa Initiative (GAIN), a pan-African non-governmental organization, in Abuja on the theme “Connecting Africa through Youth Entrepreneurship and Digital Innovation.”
Over the years, youth representatives from 91 countries, officials of Federal and State governments, development partners, notably, Development Bank of Africa (DBN), Afreximbank, and several others participated in the Summit.
The Afreximbank President in his submissions, said 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.
“A recent empirical survey of 4,507 young Africans from 15 countries shows that 78 per cent of young Africans between the ages of 18 and 24 plan to start businesses within the next five years. They need the necessary knowledge, mentorship, and support, particularly digital infrastructure to enable them succeed.”
Ambassador Isaac Parashina, Kenyan High Commissioner to Nigeria, in his presentation, also highlighted the fact that Africa is home to approximately 1.4 billion people, and it’s regarded the youngest continent in the world.
He said: “The theme of this year’s Summit provides us with the opportunity to critically examine the nexus between youth entrepreneurship and digital transformation for a prosperous Africa, which is more recognized as the continent of the future because of its vast natural resources, vibrant youthful population, and rapidly expanding markets.
“With a rich abundance of resources and untapped potential, Africa stands at a critical juncture where strategic investments and innovations could propel it to become a global leader in various sectors.
“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 Kenyan Diplomat further stated that entrepreneurship is a critical component of Africa’s economic future and by creating an environment where young people can thrive as entrepreneurs, Africa will be able to harness the full power of its youthful population.
“This can be achieved by providing access to finance, mentorship, and networks that encourage innovation and risk-taking. Promoting a culture of entrepreneurship across the continent will not only address the issue of youth unemployment but also stimulate economic growth, creating new industries and business opportunities in both urban and rural areas.
“Equally important is the need to invest in robust digital infrastructure across the continent. The digital revolution has transformed economies worldwide, and Africa must not be left behind. It enables connectivity, which is crucial for the success of businesses, particularly start-ups.
“Reliable internet, mobile technology, and digital payment systems can help young entrepreneurs access global markets, collaborate with international partners, and create scalable solutions to local problems.
“With the right tools and support, the youths can drive entrepreneurship that fuels economic growth, while digital infrastructure would enhance efficiency and connectivity across the continent.”
Meanwhile, Ms. Chinwe Okoli, the founder of the organisation, in her remarks, said that for many years, the organization has engaged in developing and harnessing unique ideas, talents and abilities of young ones in Africa, helping them to succeed in education, entrepreneurship, innovation and employment.
She said: “We have trained, mentored, and empowered African youths with digital, leadership, employability, and entrepreneurial skills for self-sustenance and professional growth using the limited resources available to us.”
A participant, Abdullahi Musa, described the Summit as an eye opener for him, considering the knowledge that was made available to him.
He said: “I participated in previous Summits and other Masterclasses organised by GAIN. Those opportunities have helped me develop and sharpen my entrepreneurship skills, and I can see impact in my engagements afterwards.”