The President of the African Development Bank (AfDB), Mr. Akinwumi Adesina, has identified youth unemployment and poverty as the factors driving insecurity and migration on the continent.
In a statement issued by the bank on Friday, he said that the AfDB is tackling this issue through its Jobs for Youth in Africa strategy.
According to the AfDB President, youth unemployment and poverty are among the factors that drive insecurity as well as migration.
He emphasized that Africa's demographic asset, with 477 million youths under the age of 35, should not become a global externality.
The aim of the bank's Jobs for Youth in Africa strategy is to create 25 million jobs and provide skills for 50 million young people.
The bank is implementing several initiatives to expand economic opportunities and enhance skills for the youths.
This includes technical and vocational training, computer coding for employment, and an Enable Youth program in agriculture to develop entrepreneurs in food and agriculture.
The Enable Youth program, with financing of $490 million, has already developed 41,000 youth entrepreneurs in agriculture and created over 63,000 direct jobs.
The bank's coding for employment program now operates in four countries and is establishing 130 coding centers of excellence across the continent to expand digital skills for the youth.
Additionally, the bank's Affirmative Finance Action for Women, with the goal of mobilizing five billion dollars for women businesses, is showing huge success.
By the end of last year, $1.5 billion in loans had been approved to women entrepreneurs.
Addressing the health infrastructure deficits on the continent, the Board of Directors of the AfDB also approved the bank's strategy for quality health infrastructure.
The bank will provide three billion dollars to finance health infrastructure on the continent over the next 10 years.
The AfDB is actively working to tackle the challenges of youth unemployment and poverty in Africa through various initiatives, with the aim of creating more opportunities for the continent's young people and improving their future prospects.
