, Akinwumi Adesina, emphasized that Africa’s youth bulge is a demographic asset that must be converted to economic asset){kind=link}
The President of the African Development Bank (AfDB), Akinwumi Adesina, emphasized that Africa’s youth bulge is a demographic asset that must be converted into an economic asset through substantial investment in human capital and financing.
The former Nigerian agriculture minister remarked that the youth in Nigeria and the other 51 countries in Africa require capital to fund their ideas and transform them into lasting wealth, rather than free giveaways disguised as empowerment schemes.
“In the case of young people and the japa syndrome, it’s a big loss for us,” Adesina stated during an interview on Television.
“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 entrepreneurial 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.
The economist expressed his disappointment over the migration trend known as ‘Japa’ in Nigeria, asserting that it represents a significant loss for Nigeria and the African continent.
“We have over 465 million young people between the ages of 15 and 35,” he noted, cautioning that Africa should not allow what should be its demographic asset to become “somebody else’s problem” due to a lack of confidence in young people and investments in their ideas for the continent’s prosperity.
“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, growing robustly and able to create quality jobs for our young people,” he stated.
“Japa syndrome” and the “freebies phenomenon” are two significant trends observed among Nigerian youth, particularly in the context of economic challenges and the pursuit of better opportunities.
Japa Syndrome
Definition: “Japa” is a Yoruba term that means “to run away” or “to flee.” In contemporary Nigerian discourse, it refers to the growing tendency among young Nigerians to leave the country in search of better opportunities, particularly in developed nations.
Causes:
- Economic Hardship: High unemployment rates, rising inflation, and a struggling economy drive many youths to seek greener pastures abroad.
- Education and Career Opportunities: Many young Nigerians pursue higher education or job prospects in countries with more robust job markets and educational systems.
- Political Instability: The political climate in Nigeria, including issues such as corruption and insecurity, has made many young individuals feel disillusioned about their future prospects at home.
- Social Media Influence: Social networks often highlight success stories of Nigerians who have relocated, creating a perception that leaving the country is a path to success.
Impacts:
- Brain Drain: The emigration of skilled youth can hinder Nigeria’s development and innovation capacity.
- Family Dynamics: Families may face emotional and financial strains due to the separation, although they may also benefit from remittances.
- Cultural Shifts: The desire to identify with foreign cultures can lead to a shift in values and priorities among the youth.
Adesina laments Freebies Phenomenon
Definition: The “freebies phenomenon” refers to the trend of young Nigerians actively seeking out free goods, services, and opportunities, often facilitated by social media and online platforms.
Causes:
- Economic Constraints: With many facing financial limitations, the attraction to freebies becomes a practical way to access goods and services without financial strain.
- Social Media Culture: Platforms like Instagram, Twitter, and TikTok have fostered a culture of giveaway contests and promotions, making freebies highly sought after.
- Youth Engagement Strategies: Brands, influencers, and organizations often utilize free offers as a marketing strategy to engage and attract young audiences.
Impacts:
- Consumer Behavior: The focus on seeking freebies can influence young people’s spending habits, leading to a culture where value is often judged based on promotional activities.
- Impact on Businesses: While brands can gain visibility and followers through giveaways, relying heavily on freebies may not always translate to long-term customer loyalty.
- Community Building: Sharing experiences related to freebies can create community bonds among youths, fostering a sense of togetherness and shared interests.
Adesina asserted that Africa’s youth population is not a liability, noting that the large populations of India and China have not posed problems for those countries. “It is what you do with your population; how you skill them up.”
The AfDB president Adesina argued that if young people in Africa are equipped with skills, quality jobs, and social protection, it could lead to prosperity for the continent, as this demographic holds high purchasing power. He highlighted the importance of building consumption as part of Africa’s gross domestic product (GDP) in a world of rising tariffs.
‘Banking System Failed Youths’
The AfDB president Adesina pointed out that Africa’s financial system is not structured to support the continent’s youth.
“The whole of the (banking) system is not designed for young people. The commercial banking system and the financial system have failed young people in Africa.
“We have over 465 million young people between the ages of 15 and 35. Where is the financial market for them? Why is it suddenly a surprise to us that they are leaving? It’s because you are not putting anything down for them.
“We must recognize that the young people are our biggest asset; the demographic asset has to become an economic asset, and to do that, you have to put down capital.”
Adesina explained that to bolster support for youth in Africa, the AfDB established the Youth Entrepreneurship Development Bank to assist with their business plans and address the institutional failures regarding financing.
Adesina noted that the AfDB recently approved $100 million to set up the Nigerian Youth Entrepreneurship Investment Bank to “mobilize $2 billion of investment for more than 38,000 businesses of young people in Africa.”
“You cannot turn your demographic asset into somebody else’s problem. We have to put our money behind our young people to create opportunities for them.
“They don’t need N5,000, N10,000. You want to create youth-based wealth. If you don’t, who are the people who will pay taxes in the future? Where are you going to get the capital mobilization in the future? You have to, therefore, invest in the same demographic so you can reap in the future,” he concluded.
Both the “Japa syndrome” and the “freebies phenomenon” illustrate the complexities and challenges faced by Nigerian youth today. While they reflect the quest for better opportunities and the impact of economic conditions, they also highlight the adaptability and resilience of this demographic in navigating their circumstances. Understanding these phenomena can provide valuable insights for policymakers, educators, and businesses aiming to engage with Nigeria’s youth effectively.
