President Bola Ahmed Tinubu, on Monday, launched the Nigerian Youth Academy (NiYA) as part of the federal government’s effort to address Nigeria’s low human capital index ranking, unemployment, and other barriers.
The President officially launched NiYA at the Council Chambers of the Presidential Villa, Abuja, according to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President).
This development comes even as the unemployment rate in Nigeria decreased to 4.3% in the second quarter of 2024, reflecting a 1 percentage point drop from the 5.3% recorded in Q1 2024.
However, on a year-on-year basis, the rate increased slightly by 0.1 percentage point compared to the same period in 2023, according to data from the National Bureau of Statistics (NBS), Q2 2024.
FG Resolves to Equip Nigerian Youths
Speaking at the launch, Tinubu, represented by Vice President Kashim Shettima, affirmed the administration’s resolve to equip Nigerian youths with the required skills to enable them to compete effectively as key players on the global stage.
- He listed areas where the government intends to train the young population, including “world-class training in digital literacy, technical skills, entrepreneurship, and the creative industries.”
- He noted that, as a peculiar nation with a median age of 17 years, Nigeria has one of the youngest populations in the world.
- He added that such a peculiarity is an invitation to rise to the challenge of Nigeria’s projection to be the third-largest country in the world by 2050, with an overwhelming majority of its citizens under the age of 21.
He added, “NiYA is a bold response to Nigeria’s low human capital index ranking, unemployment, and other barriers to the nation’s progress,” assuring that within the next two years, the academy “will train and empower millions of young Nigerians.”
- According to Shettima, NiYA’s focus will be on three critical areas: education and skills development, economic empowerment, and leadership and civic engagement.
“Through world-class training in digital literacy, technical skills, entrepreneurship, and the creative industries, we will ensure that our youth are equipped to compete on the global stage.”
“Initiatives like the Youth Investment Fund and the Presidential Initiative for Youth Enterprise Clusters will provide financial support, mentorship, and resources to young entrepreneurs, while the establishment of a National Youth Development Bank will ensure access to the capital needed to turn ideas into thriving businesses,” he declared.
“Yet, we must acknowledge the challenges that persist. Nigeria’s Human Capital Index ranking remains below its potential, with youth unemployment and learning poverty presenting critical barriers to progress.”
“These statistics are not just numbers; they reflect lives disrupted, dreams deferred, and futures left uncertain,” he stressed.
- He said the Nigerian Youth Academy is committed to changing the narrative.
On his part, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, congratulated beneficiaries of the N1 million presented to six members of NiYA representing the six geo-political zones of the country.
He said the start-up package is to help them implement their programs as self-employed and skilled youth.
