Group calls for investment in key sectors to drive Nigeria's economic growth
An Osun State-based Founder and Executive Director of the Youth Enterprise Development and Innovation Society (YEDIS), Mr Rafiu Akinpelu Olaore, at the weekend affirmed that commitment to energy, infrastructure development, agribusiness, healthcare, digital technology, and manufacturing is the only solution to driving robust economic growth in the country.
The founder of the non-governmental organisation made the remark in a statement made available to our reporter in Osogbo after his participation in the 11th Session of the Africa Regional Forum on Sustainable Development (ARFSD), convened by the United Nations Economic Commission for Africa (UNECA), which took place in Kampala, Uganda, from 6 to 11 April 2025.
Mr Olaore underscored the importance of enhancing digital infrastructure and promoting e-commerce across the African continent, saying this would create meaningful employment opportunities and foster a conducive environment that could promote favourable business conditions for youths and encourage women-led small and medium-sized enterprises (SMEs) to drive robust economic growth.
Highlighting the alarming youth unemployment rate in developing countries across Africa, he expressed concern over its contribution to insecurity and various social challenges.
He emphasised that job creation is a pivotal strategy for fostering self-sufficient economies, meeting humanitarian needs, and stimulating demand for goods.
According to him, 'The vast entrepreneurial potential, talent, and resourcefulness of African youth are often underutilised. Many young individuals find themselves confined to unproductive employment opportunities, while others may migrate to developed countries where their skills are more recognised. This situation is largely attributed to inadequate institutional frameworks, a challenging business environment, and a shortage of enabling resources.'
To effectively address the unemployment crisis and foster inclusive growth, Olaore, however, harped on the necessity of collaboration among various stakeholders, including civil society organisations, academia, and the private sector, saying such collaboration has the potential to unlock productive, locally-driven trade opportunities within Africa.
He further highlighted the importance of engaging grassroots stakeholders in the policymaking process, noting that this engagement can lead to innovative and practical solutions to Africa's enduring challenges of poverty and insecurity.
Mr Olaore acknowledged the crucial role that nonprofit organisations and the private sector play as agents of change in facilitating skill development that aligns with local needs and charged governments to implement stable regulatory reforms and develop the essential infrastructure required for sustainable growth.
He also extended his appreciation to the contributions of the session's moderator, Zuzana Sch, Director of Microeconomic Policy at UNECA, and Waleed El-Zomor, International Trade Consultant with the U.S. Agency for International Development.
The group founder disclosed that the programme, Decent Jobs and Economic Growth High-Level Session, was chaired by Her Excellency Hon. Justice Lumumba, Minister for General Duties of Uganda, on 10 April 2025.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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