Osinbajo: Youth Entrepreneurship Can Solve Africa’s Job, Security Crises

Onyebuchi Ezigbo

The Vice President, Prof. Yemi Osinbajo has stressed the importance of entrepreneurship among youths in Africa, saying it would help address the challenge of unemployment in the continent.

The vice president made the call while delivering the keynote speech at the 2021 edition of the Grand Africa Initiative (GAIN) Youth Summit held virtually.

Osinbajo who was represented by the Nigeria’s Minister of Youth and Sports, Mr. Sunday Dare, said the strategy was a sure path to economic prosperity and conflict resolution on the African continent.

According to him, GAIN focus areas align with those of the Nigerian government as well as other African government.

“Your key focused areas resonate with us in Nigeria and resonate in other climes across Africa. The GAIN masterclass on Entrepreneurship is critical, The GAIN Youth Summit, a platform for engagement for conversation is critical; The GAIN Mentoring program is critical because we need to mentor our youths to prepare to take positions of leadership.

“It is clear from the experience of Asia, that no country, no continent can fight its way out of unemployment when it comes to the youth, without deliberately towing the part of entrepreneurship.

“Entrepreneurship is critical and you can draw the linkage between entrepreneurship and MSMEs. Access to credit has been the bane of MSMEs, but yet they remain a disincentive to innovation and entrepreneurship in Nigeria and other parts of Africa.

“The question of illegal immigration, the issue of drug abuse, the issue of conflicts that we see can easily be traceable to the problem of youth unemployment. Is there a silver bullet? There is none, but are there opportunities, are there models and are there things we need to do on a consistent basis to start to bring down these numbers and to start to engage our youth? Yes there are, and I think GAIN, organizations like Grand Africa Initiative- GAIN are on the right path with the right visions, right goals and objectives,” he said.

In her opening speech, the Executive Director of GAIN, Chinwe Okoli, described the dire unemployment and limited economic opportunities situation facing African youths as an existential challenge to the continent and potent threat to the global efforts to curb illegal migration.

Okoli said: “The issues overwhelm a young person trying to get a head start in life. This results in their taking several actions which may further fuel insecurity or result in a desperate search for greener pastures abroad through illegal migration. From what we see, it is no longer just Africa’s problem. The world has a problem.”

According to her, urgent attention was required to help reverse the trend and restore hope to the young people in Africa and solving this problem means advancing our collective interest-a prosperous and safer world.

“We are grateful to our partners Afreximbank and Development Bank of Nigeria for their support towards ensuring that African youths have this opportunity to interact with key political and business leaders from across the continent.”

Other key speakers at the pan African Summit included the British High Commissioner to Nigeria, Catriona Laing who was represented by the British Deputy High Commissioner, Mr. Ben Llewellyn-Jones; Angola Ambassador to Nigeria, Dr. Januario Quibato Eustaquio; South African High Commissioner to Nigeria, Mr Thami Mseleku; Mrs Ifeyinwa Ugochukwu, The CEO, Tony Elumelu Foundation; Babajide Sodipo, Senior Manager in the AU/AFCFTA Relations and Trade Policy, Afrexim Bank; Professor Joseph Nnanna, Chief Economist, Development Bank of Nigeria Plc; Professor Ndubuisi Ekekwe, Lead Faculty, Tekedia Institute, U.S.A; Oluwamuyemi Orimolade, Marketing and Communications Coordinator, Microsoft philanthropies, Middle East & Africa & Philanthropies Lead for Nigeria, Microsoft among others.

The event attracted over 4,000 participants from 63 countries across the world.

Grand Africa Initiative (GAIN) is a youth-focused pan-African non-governmental organization which comprises young Africans between 15 and 35 years drawn from within and outside the continent, who are passionate about promoting entrepreneurship as a means to reduce conflict, promote peace and economic revival of the continent.