The Federal Government of Nigeria has resolved to collaborate with the World Bank to provide decent jobs directly or indirectly to no fewer than 10 million youths within the next five years.
Mr Ayodele Olawande, Minister of Youth Development, communicated this when he hosted the World Bank team lead by Mr Maheshwor Shrestha, World Bank Economist, on Thursday in Abuja.
Olawande said that forum would enable him to update the team on the various activities and engagements of the ministry in the past months.
“The focus of the ministry has been to achieve the establishment of a strong coordinated mechanism for all youth intervention focused on economic inclusion and we want data to inform all we do.
”Provide decent jobs directly or indirectly for at least, 10 million youths within the next five years and ensure that every youth is proficient in at least, two income generating skills.
“Expand our credit support funds by 50 million dollars to reach more young people, including businesses led by going women, people with disabilities and young people in rural areas.’’
The minister said that the current reality showed that 60 million youths were in the labour bracket and an additional 5.5 million would join the labour market every year.
He said that almost 58 per cent of Nigeria’s informal workforce was young people.
“Despite these data, we see these opportunities for the development of the country if harnessed effectively,” he said.
Olawande said that the challenges hinged on deficient skills for job market, relevant vocational training and lack of access to capital and funds safety with infrastructural deficit.
In his speech, Shrestha said that no fewer than 60 million youths in Nigeria were underage at the moment.
According to him, it means that Nigeria needs to create enough opportunities for a huge pool of youths that are already there and that will be joining the way.
He said that every year, 5 and a half million would reach paid working age.
Shrestha said that only seven per cent of the youths were engaged in paid jobs.
“And even those are not permanent jobs; there are still informal jobs.
“So, if we look at overall, 93 per cent of the youths are working in an informal sector.’’
According to him, the bank is figuring out how to improve safety net support towards such people.
“What we are doing now is to think about how the framework applies at the state level.
“So, I think we are starting to work with the Governors’ Board of Secretaries to see how this approach applies at the state levels,” he said.
