The President, African Development Bank Group (AfDB), Dr Akinwumi Adesina, has launched the Presidential Youth Advisory Group (PYAG), which will likely create 25 million jobs for African youth.
Highlights: PYAG, launched on the sidelines 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 also aims to impact 50 million youth over the next decade.
“It is currently the largest effort going on for youth employment in Africa.
“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 billion per year for the next 30 years.’’
He said Africa’s per capita income would rise by 55 percent every year to the year 2050.
Adesina observed that out of the 13 million youth that enter the labour market each year, only 3 million (about 33% of African youth) are in wage employment. The rest, he said were underemployed or in vulnerable employment.
He noted that unless employment opportunities are created for them, Africa’s rapidly growing population of youth can give rise to serious social, economic, political and security challenges.
Africa’s youth, though strong and dynamic, cross the desert or the Mediterranean Sea because they do not find decent jobs in Africa.
“Forty percent of African youth engaged in armed violence join gangs or terrorist groups because of limited opportunities in their countries,” Adesina said.
“Sixty-six million African youth earn less than $2 a day, less than the price of a hamburger,” the Bank President emphasised.