The African Export-Import Bank (Afreximbank) has reiterated the importance of empowering Africa’s youth, emphasizing their role in shaping the continent’s global relevance in socio-economic discussions.
Benedict Okey Oramah, President of Afreximbank, made this statement at the 5th edition of the youth summit organised by Grand Africa Initiative in Abuja. Themed “Connecting Africa through Youth Entrepreneurship and Digital Innovation,” the summit attracted youth representatives from 91 countries, along with government officials, development partners, and organisations like the Development Bank of Africa and Afreximbank.
Oramah highlighted Africa’s unique demographic advantage, noting that over 60% of its population is under the age of 25, making it the youngest and fastest-growing population globally. He described this youthful demographic as both a challenge and an opportunity, with the potential to drive innovation, growth, and transformation across the continent.
“Africa’s youth are becoming the driving force of economic and social change. Their energy, creativity, and resilience are reshaping the future of our nations,” Oramah said. However, he acknowledged the significant challenges young people face, including limited access to education, skills training, and entrepreneurship opportunities.
Oramah stressed that with Africa’s youth population projected to double by 2050, the continent stands at a critical juncture. A recent survey involving 4,507 young Africans across 15 countries revealed that 78% of respondents aged 18–24 plan to start businesses within the next five years. This entrepreneurial spirit, he argued, must be nurtured through knowledge, mentorship, and investment in digital infrastructure to ensure their success.
Kenyan High Commissioner to Nigeria, Ambassador Isaac Parashina, echoed Oramah’s sentiments, describing Africa as a continent of untapped potential. With its population of 1.4 billion people, abundant natural resources, and rapidly expanding markets, Africa has the capacity to emerge as a global economic leader.
“The theme of this year’s summit gives us an opportunity to examine how youth entrepreneurship and digital transformation can drive Africa’s prosperity,” Parashina said. He emphasized the need for strategic investments and innovative solutions to unlock the full potential of Africa’s youth and resources.
Both leaders underscored the urgency of a focused and collaborative approach to empowering young people. They advocated for investments in education, digital infrastructure, and entrepreneurship support systems to transform challenges into opportunities and position Africa as a global leader in innovation and economic development.
The summit concluded with a call for stakeholders across governments, private sectors, and development organizations to work together in creating a conducive environment for youth empowerment, recognizing it as essential to Africa’s sustainable future.
