The President of African Development Bank (AFDB), Dr. Akinwumi Adeshina says the Presidential Youth Advisory Group (PYAG) recently launched by the bank will create 25 million jobs for youths. PYAG according to NAN was launched on the side-lines of the 6th EU-Africa Business Forum in Abidjan. The initiative 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).
Speaking on the initiative, Dr. Adeshina stated that the Jobs for Youth in Africa initiative aims to benefit 50 million youths over the next 10 years by equipping them with the right skills to get decent and meaningful jobs.
According to him;
“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.’’
Adesina, who also identified Africa’s greatest asset as its youths, 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.
“Graduates are wandering in the streets, jobless. The low level of employment opportunities is also fueling violence and extremism in Africa.
“Forty per cent of African youths engaged in armed violence join gangs or terrorist groups because of limited opportunities in their countries. Sixty-six million African youths earn less than $2 a day, less than the price of a hamburger,” he added.
