President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has emphasized the need to shift away from token empowerment schemes and instead provide capital support to young people across Nigeria and the African continent.
Speaking during an exclusive interview on Channels Television’s Sunrise Daily on Thursday, Adesina stated that youths in Nigeria and 51 other African countries require access to funding to transform their ideas into wealth, not handouts disguised as empowerment.
The former Nigerian agriculture minister stated that Africa’s youth bulge is a demographic asset that must be transformed into an economic asset through rigorous investment in human capital development and financing.
“Young people don’t need freebies; they don’t need people saying, ‘I just want to give you an empowerment programme.’”
“They have skills, they have knowledge, they have entrepreneurship capacity, and they want to turn their ideas into great businesses.”
“What young people need is not those empowerment programmes; they need capital, they need you to put your money at risk on their behalf,” he added.
He decried the migration phenomenon known as “Japa” in Nigeria, saying it is a big loss for both Nigeria and the African continent.
The economist noted that Africa’s youth population is not a problem for the continent, much like the populations of India and China have not been a problem for them.
According to him, if young people in Africa are skilled, with good jobs and social protection, these factors will translate into prosperity for the continent, as the demographic has high purchasing power.
Adesina further emphasized that in a world of rising tariffs, it is crucial for Africa to build consumption as part of its Gross Domestic Product, GDP.