Tony O. Elumelu, CON, Chairman of United Bank for Africa, Heirs Holdings
and Founder of the Tony Elumelu Foundation speaks to 21,000 youth at the
Joshua Generation International Youth Conference at the University of
Nigeria, Nsukka.
The Chairman of the United Bank of Africa (UBA), Mr. Tony Elumelu, has
stressed the need to unlock the potential of youths in Africa, in order
to catalyse the socio-economic development of the continent.
According to Elumelu, youth restiveness remains a ticking time-bomb in
the continent, noting that countries in the region continue to face
issues around extremism, banditry, robbery, senseless killing,
kidnapping and political thuggery, among others.
The Founder of the Tony Elumelu Foundation said this in an address he
delivered to 21,000 youth at the Joshua Generation International Youth
Conference organised by the Anglican Church at the University of
Nigeria, Nsukka, Enugu State, yesterday.
He pointed out that Africa is the world’s youngest continent, saying
that almost 60 per cent of the country’s population is under the age of
25.
In Africa, youths of 35 years and under are estimated to constitute 70
per cent of the population of the country, he said.
“However, the jobless rate in Nigeria has now risen to about 30 per cent
in March 2021. Some states have as high as 56 per cent of all their
youth population as unemployed. In Africa, the situation is not much
different: We have 65 per cent of all Africans below the age of 35 and
many of these people are not gainfully employed.
“The Covid-19 pandemic and resulting lockdowns have exposed the
vulnerabilities in our population structure. We now have, as a
continent, the largest young generation in history – this youthful
population is Africa’s hope, it is our pride and it is our potential.
The urgency and need to unlock the potential of this generation is
imperative for the security of our collective future.”
To the Chairman of Heirs Holdings, to address this challenge, there is
need for a high sense of urgency, a dissatisfaction to what is happening
presently as well as a commitment to improving things.
“We must accept that we face a crucial period in our history where youth
issues must be the main and central issue of our time. Millions of our
young people are entering the job market every year; and 20 million jobs
are needed to be created annually to absorb new entrants in the labour
market. Only about three million formal jobs are being created annually
across Africa and this was even before the outbreak of Covid-19 pandemic
outbreak,” he added.
While speaking on the power of entrepreneurship, Elumelu said: “For me
and my colleagues at UBA, at TEF and the across the HH Group, we have
come to believe that entrepreneurship-the power of entrepreneurship- is
key to harnessing the potential of these young Africans
“By so doing, we secure our own future. This comes from our own
experience, first as entrepreneurs ourselves. And secondly as people
that have committed a lot of resources at TEF (capital, time, personnel)
tin helping create a new generation of African entrepreneurs. We are
helping to give economic hope and opportunities to young Africans. And
we speak as people that do this in Africa but in all 54 African
countries, the TEF intervention cuts across all sectors and gender
across the 54 African countries because we believe that prosperity
should be shared as much as possible across board and that poverty
anywhere is a threat to us all everywhere.’’
“The enormous potential of our youth, we must prioritise our support for
small-scale businesses. Corporate organisations do well in employing
people but there is a limit on how much corporates can do in employing
the huge numbers of our unemployed youths. Therefore, capacitising and
supporting small businesses, empowering our young ones and their
businesses, in our own view is the most powerful means to reduce
unemployment on the continent,” he said.
Elumelu in his remarks commended the Nigerian Government with regards
its approach to taxes for micro, small and medium sized enterprises
stating, ‘I must commend the Federal Government for the good work in the
area of tax waivers for Micro-businesses. Tax friendly policies that
encourage our entrepreneurs are necessary and much more is required, but
good work has been done and the government should be commended.’
Elumelu: Youth Restiveness Ticking Time
Bomb for Africa, Others
Tony O. Elumelu, CON, Chairman of United Bank for Africa, Heirs Holdings
and Founder of the Tony Elumelu Foundation speaks to 21,000 youth at the
Joshua Generation International Youth Conference at the University of
Nigeria, Nsukka.
The Chairman of the United Bank of Africa (UBA), Mr. Tony Elumelu, has
stressed the need to unlock the potential of youths in Africa, in order
to catalyse the socio-economic development of the continent.
According to Elumelu, youth restiveness remains a ticking time-bomb in
the continent, noting that countries in the region continue to face
issues around extremism, banditry, robbery, senseless killing,
kidnapping and political thuggery, among others.
The Founder of the Tony Elumelu Foundation said this in an address he
delivered to 21,000 youth at the Joshua Generation International Youth
Conference organised by the Anglican Church at the University of
Nigeria, Nsukka, Enugu State, yesterday.
He pointed out that Africa is the world’s youngest continent, saying
that almost 60 per cent of the country’s population is under the age of
25.
In Africa, youths of 35 years and under are estimated to constitute 70
per cent of the population of the country, he said.
“However, the jobless rate in Nigeria has now risen to about 30 per cent
in March 2021. Some states have as high as 56 per cent of all their
youth population as unemployed. In Africa, the situation is not much
different: We have 65 per cent of all Africans below the age of 35 and
many of these people are not gainfully employed.
“The Covid-19 pandemic and resulting lockdowns have exposed the
vulnerabilities in our population structure. We now have, as a
continent, the largest young generation in history – this youthful
population is Africa’s hope, it is our pride and it is our potential.
The urgency and need to unlock the potential of this generation is
imperative for the security of our collective future.”
To the Chairman of Heirs Holdings, to address this challenge, there is
need for a high sense of urgency, a dissatisfaction to what is happening
presently as well as a commitment to improving things.
“We must accept that we face a crucial period in our history where youth
issues must be the main and central issue of our time. Millions of our
young people are entering the job market every year; and 20 million jobs
are needed to be created annually to absorb new entrants in the labour
market. Only about three million formal jobs are being created annually
across Africa and this was even before the outbreak of Covid-19 pandemic
outbreak,” he added.
While speaking on the power of entrepreneurship, Elumelu said: “For me
and my colleagues at UBA, at TEF and the across the HH Group, we have
come to believe that entrepreneurship-the power of entrepreneurship- is
key to harnessing the potential of these young Africans
“By so doing, we secure our own future. This comes from our own
experience, first as entrepreneurs ourselves. And secondly as people
that have committed a lot of resources at TEF (capital, time, personnel)
tin helping create a new generation of African entrepreneurs. We are
helping to give economic hope and opportunities to young Africans. And
we speak as people that do this in Africa but in all 54 African
countries, the TEF intervention cuts across all sectors and gender
across the 54 African countries because we believe that prosperity
should be shared as much as possible across board and that poverty
anywhere is a threat to us all everywhere.’’
“The enormous potential of our youth, we must prioritise our support for
small-scale businesses. Corporate organisations do well in employing
people but there is a limit on how much corporates can do in employing
the huge numbers of our unemployed youths. Therefore, capacitising and
supporting small businesses, empowering our young ones and their
businesses, in our own view is the most powerful means to reduce
unemployment on the continent,” he said.
Elumelu in his remarks commended the Nigerian Government with regards
its approach to taxes for micro, small and medium sized enterprises
stating, ‘I must commend the Federal Government for the good work in the
area of tax waivers for Micro-businesses. Tax friendly policies that
encourage our entrepreneurs are necessary and much more is required, but
good work has been done and the government should be commended.’