‘Japa’: Youths Need Capital, Not ₦10,000 Freebies, Says AfDB’s Adesina
Akinwumi Adesina, President of the African Development Bank (AfDB), believes Africa’s youth bulge is a demographic asset that must be transformed into an economic asset by aggressive investment in human capital development and financing.
According to the former Nigerian agricultural minister, youngsters in Nigeria and 51 other African countries do not need handouts disguised as empowerment projects but rather cash to fund their ideas and turn them into long-term prosperity.
“In the case of young people and the japa syndrome, it’s a big loss for us,” Adesina said in an exclusive interview broadcast on Channels Television’s Sunrise Daily on Thursday.
“Young people don’t need freebies; they don’t need adults claiming, ‘I just want to give you an empowerment program.
“They have talents, expertise, and entrepreneurial ability, and they want to transform their ideas into successful businesses.
“Young people need capital, not empowerment initiatives. “They need you to risk your money on their behalf,” he said. The economist decried the migration phenomenon known as ‘Japa’ in Nigeria, claiming that it is a significant loss for both Nigeria and the African continent.
“We have over 465 million young people between the ages of 15 and 35,” he added, warning that Africa should not transform its demographic advantage into “somebody else’s problem” by failing to believe in young people and invest in their ideas for continental growth. “I do not believe that the future of our young people lies in Europe; it doesn’t lie in America; it doesn’t lie in Canada, Japan, or China; it should lie in Africa, growing well, robustly, and being able to create quality jobs for our young people,” stated the leader.
Adesina stated that Africa’s youth population was not an issue for the continent, just as India and China’s population increase were not a concern for them. “It is what you do with your population— how you skill them up.”
The AfDB’s CEO stated that if young people in Africa are skilled and have profitable jobs and social protection, the continent will grow because the demographic has enormous purchasing power. He stated that in a world of rising tariffs, it is critical for Africa to increase consumption as a component of its GDP.
According to the AfDB’s CEO, Africa’s financial system is not geared to serve the continent’s youth.
“Young people are not the intended beneficiaries of the entire banking system.” The commercial banking and financial systems failed Africa’s young people.
“We have over 465 million young people aged 15 to 35. Where is the financial market for them? Why is it so surprising to us that they are leaving? It’s because you’re not setting anything down for them.
“We must recognise that the young are our biggest asset; the demographic asset has to become an economic asset, and to do that, you have to put down capital.” According to Adesina, the AfDB established the Youth Entrepreneurship Development Bank to promote young people in Africa’s business ideas and address institutional failures in funding.
He stated that the AfDB had just approved $100 million to establish the Nigerian Youth Entrepreneurship Investment Bank, which will “mobilise $2 billion in investments for more than 38,000 African youth businesses.”
“You can’t transform your demographic asset into someone else’s burden. To provide chances for our young people, we must invest in them financially.
“They don’t need N5000 or N10000. You want to create wealth among young people. If not, who will be liable for paying future taxes? Where will you get your capital mobilisation in the future? As a result, to gain future benefits, you must invest in the same population.