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AfDB Plans 25m Jobs for Youths

Dr Akinwumi

The President, African Development Bank Group (AfDB), Dr. Akinwumi Adesina, has launched the Presidential Youth Advisory Group (PYAG), an initiative that will create 25 million jobs.

PYAG, launched on the side-lines of the 6th EU-Africa Business Forum in Abidjan, would 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).

The jobs for Youth in Africa initiative aims to benefit 50 million youth over the next 10 years by equipping them with the right skills to get decent and meaningful jobs.

 “This is a huge opportunity and currently the largest efforts so far for Africa. If we fix the youth unemployment challenge, Africa will gain 10-20% annual growth with growing GDP of $500 billion yearly.

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.

 “Africa has an unemployment crisis among its youth,” he stressed.

He noted 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.

 “Graduates are wandering in the streets, jobless. The low level of employment opportunities is also fueling violence and extremism in Africa.

In another development, the bank had approved a 10 million dollar loan for African local Currency Board Fund (ALCBF) to boost its portfolio in Africa. This approval is to promote the development of domestic capital markets in Africa and had a tenor of seven years with a two-year grace period.

The principal communications officer in AFDB Mrs Olivia Ndong Obian, disclosed this in Abuja recently saying that the fund would improve access for non-sovereign issuers to long-term funding in local currency, reduce currency and maturity mismatches and increase local financial intermediation.

“the fund will catalyze investments in critical sectors such as renewable energy, housing, health, education, the financial sector and agriculture in line with the banks High five priorities”.

The bank’s High five priorities are light up and power Africa, feed Africa, industrialize Africa and improved the quality of life for the people of Africa.

This will ultimately help grow private sector financing through capital markets” Mrs Ndiong-Obiang said