Proffering solutions aimed at developing the Nigerian socio-economic space, the President of African Development Bank (AfDB), Dr. Akinwumi Adesina, has said that youth empowerment initiatives should be substituted with youth investment.
He said this while delivering a speech at the convocation programme of the American University of Nigeria (AUN), themed, ‘Building a New Nigeria: Imperatives for Shared Prosperity at
the America University of Nigeria’.
Adesina noted that Nigeria’s growth rested on the development of the country’s youth population.
He said, “The future of Nigeria depends on what it does today with its dynamic youth population. This demographic advantage must be turned into a first-rate and well-trained workforce, for Nigeria, for the region and the world.
“We should prioritise investments in the youth: in upskilling them for the jobs of the future, not the jobs of the past by moving away from so-called youth empowerment to youth investment; to opening up the social and political space to the youth to air their views and become a positive force for national development and for ensuring that that we create youth-based wealth.”
He argued that the country’s problem wasn’t in its diversity, as that was its strength.
Adesina cited Singapore as an example, noting that it was a mix of varying identities that consolidated its identity, using that as a growth propellant.
He said, “Our diversity is not our problem. Diversity is our strength.
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“Singapore is a very diverse, multi-ethnic, multicultural, multi-religious society, made up of Chinese, Malay, Indian and Eurasians.
“Singapore is a nation of diverse people and national origins. Yet, this nation was able to forge a unified identity that has powered its extraordinary economic progress and development.
“At its independence in 1965, Singapore’s per capita income was just $517 compared to $1,400 for Nigeria at its independence in 1960. Today, the story is different. The per capita income of Singapore is now $60,000. Today, the per capita income for Nigeria is $2,250.
“This highly diverse nation now ranks 4th in the world in terms of GDP per capita, with massive wealth and prosperity for its people. The evidence is clear. Singapore managed its diversity to create wealth – shared wealth.
“By better managing its diversity, Singapore has been able to forge an incredible economic growth, which benefits all in the country.
“They have 100% access to electricity and 98 percent access to water and sanitation.
“Their schools rank among the best in the world. Today, Singapore is an AAA-rated economy by the global credit rating agencies. But Singapore did not have it easy either.”
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