Professor Benedict Okey Oramah, the president of the Bank, stated this at the 5th edition of youth summit organised by Grand Africa Initiative (GAIN), a pan-african non-governmental organization, in Abuja on the theme “Connecting Africa through Youth Entrepreneurship and Digital Innovation”.

Over the years, youth representatives from 91 countries, officials of Federal and State governments, development partners, notably, Development Bank of Africa (DBN), Afreximbank, and several others participated in the Summit.

The Afreximbank President in his submissions, said Africa is home to the youngest and fastest-growing population in the world, with more than 60 per cent of the continent’s population under the age of 25.

“This vibrant and dynamic youth population represents not only a challenge but also an immense opportunity for growth, innovation, and transformation across the continent.

“The youths of Africa are increasingly becoming the driving force of economic and social change. Their energy, creativity, and resilience are leading the charge in reimagining what is possible for the future of our nations.

“Yet, while this youth population holds immense potential, they often face significant challenges which include limited access to education and skills training, a lack of job opportunities, and barriers to entrepreneurship.

“With our youth population projected to double by 2050, young people are the driving force behind what we see today as Africa’s economic transformation. Our youths are creative, resourceful, energetic, innovative and resilient.

“A recent empirical survey of 4,507 young Africans from 15 countries shows that 78 per cent of young Africans between the ages of 18 and 24 plan to start businesses within the next five years. They need the necessary knowledge, mentorship, and support, particularly digital infrastructure to enable them succeed.”

Ambassador Isaac Parashina, Kenyan High Commissioner to Nigeria, In his presentation, also highlighted the fact that Africa is home to approximately 1.4 billion people, and It’s regarded the youngest continent in the world.

He said:

“The theme of this year’s Summit provides us with the opportunity to critically examine the nexus between youth entrepreneurship and digital transformation for a prosperous Africa, which is more recognized as the continent of the future because of its vast natural resources, vibrant youthful population, and rapidly expanding markets.

“With a rich abundance of resources and untapped potential, Africa stands at a critical juncture where strategic investments and innovations could propel it to become a global leader in various sectors.

“The continent’s demographic profile, particularly its youth, offers a unique advantage that can drive the next wave of economic growth and development. But to unlock Africa’s full potential for growth and prosperity, a focused and concerted approach is required.

“Undisputedly, the youths of Africa represent a tremendous resource that is currently underutilized. With over 70 per cent of the population under the age of 30, the continent has an energetic and innovative workforce, but the major hindrance to harnessing the full potential is the lack access to the necessary resources, education, and support systems to turn their ideas into viable businesses or impactful ventures.”

He insisted that deliberate policy actions must be undertaken by governments and other interlocutors to empower the youth to engage in entrepreneurship in order to create jobs, foster innovation, and diversify African economies.

The Kenyan Diplomat further stated that entrepreneurship is a critical component of Africa’s economic future and by creating an environment where young people can thrive as entrepreneurs, Africa will be able to harness the full power of its youthful population.

“This can be achieved by providing access to finance, mentorship, and networks that encourage innovation and risk-taking. Promoting a culture of entrepreneurship across the continent will not only address the issue of youth unemployment but also stimulate economic growth, creating new industries and business opportunities in both urban and rural areas.

“Equally important is the need to invest in robust digital infrastructure across the continent. The digital revolution has transformed economies worldwide, and Africa must not be left behind. It enables connectivity, which is crucial for the success of businesses, particularly start-ups. Reliable internet, mobile technology, and digital payment systems can help young entrepreneurs access global markets, collaborate with international partners, and create scalable solutions to local problems.

“With the right tools and support, the youths can drive entrepreneurship that fuels economic growth, while digital infrastructure would enhance efficiency and connectivity across the continent.”

Meanwhile, Ms. Chinwe Okoli, the founder of the organisation, in her remarks, said that for many years, the organization has engaged in developing and harnessing unique ideas, talents and abilities of young ones in Africa, helping them to succeed in education, entrepreneurship, innovation and employment.

She said:

“We have trained, mentored, and empowered African youths with digital, leadership, employability, and entrepreneurial skills for self-sustenance and professional growth using the limited resources available to us.”

A participant, Abdullahi Musa, described the Summit as an eye opener for him, considering the knowledge that was made available to him.

He said:

“I participated in previous Summits and other Masterclasses organised by GAIN. Those opportunities have helped me develop and sharpen my entrepreneurship skills, and I can see impact in my engagements afterwards.”

This pan-African summit had Prof Benedict  O. Oramah, The President and Chairman, Board of Directors, African Export-Import Bank, Egypt  as the keynote Speaker who was ably represented by The Afreximbank’s Regional Chief Operating Officer-Anglophone West Africa, Mr. Eric Monchu Intong. Guest Speakers at the summit include the High Commissioner of Namibia to Nigeria, H.E Mr Humphrey Geiseb; Ambassador of Cote D’ivoire to Nigeria Mr Kalilou TRAORE; Dr Tony Elumelu, Ag. Director of Private Sector Development at the ECOWAS Commission, Nigeria; Caroline Njuki, Officer in Charge and Chief Technical Advisor Inclusive Jobs and Education, International Labour Organisation, Kenya; Mr Eric Nges, Vice President, J.P Morgan, Germany; Mr Obinna Iyiegbu (Obi Cubana), the Chairman and CEO, Cubana Group; Mr Sam Itodo, Executive Director, YIAGA Africa, Nigeria; Mr Ehia Erhaboh, Executive Vice President, Operations and Technology, Interswitch Group, Nigeria; Mr Emmanuel Asika; Country Manager- HP Nigeria; Omni Channel Manager-HP ACE, Princess Adeyinka, Founder Happy Coffee, Nigeria; Rapitso Motsebesi, CEO Iconics Pty, Lesotho. Key partners for this year’s summit include the ECOWAS Commission and Embassy of the Republic of Guinea in Nigeria.

The summit attracted over 3000 participants from 62 countries across the world.

The theme of the summit was “The Africa We Want: Nexus Between the Youth, Peace and Entrepreneurship II”

In his Keynote Address, Prof Benedict Oramah, the President and Chairman, Board of Directors, African Export-Import Bank, Egypt congratulates GAIN on the excellent work it is doing, especially with regards to entrepreneurship development and youth employment in Africa.

The Afreximbank Boss called for the prioritization of developmental programmes that facilitates youth integration into trade value chains by both public and private sector players as the solution to the problem of youth unemployment on the continent.

He made this call while delivering the keynote speech at the summit. Prof. Oramah emphasized that youth entrepreneurship and innovation are pivotal to the continent’s economic transformation and so young people should be fully empowered and equipped with the tools to provide solutions to the challenges on the continent.

Oramah stated that “To maximize the AfCFTA’s benefits, and to exploit other opportunities in global value chains, Africa’s youth must be fully empowered to participate in cross border trade. It is especially important that young people are given the tools they need to express themselves as entrepreneurs and equipped to innovate solutions to the continent’s raft of socio-economic issues. We must also ensure that youth perspectives are represented at all levels of the policy formulation process”

“It is therefore necessary for both public and private sector players to prioritize the development of targeted programmes that facilitate youth integration into trade value chains. Afreximbank, in playing its part, is committed to addressing the financing, technical capacity and market access limitations that currently impede the expansion of youth-led trade in Africa”

“Harnessing African youth and positioning this demographic as an engine for economic growth is the collective effort of all, therefore, we must rise to the challenge and ensure that Africa actualizes the potential that this constituency holds with regards to the development of our beloved continent”.

In her opening speech, Chinwe Okoli, the Executive Director of GAIN, stated that there is a need to understand the current situation of Africa as it provides the baseline for creating the Africa we truly want. Speaking on the impact of the summit so far, she stated that “over the past three years, the GAIN Youth Summit has deepened the discourse and contributed to shaping policies around strategies to unleash the economic potentials of young Africans to build sustainable prosperity on the continent.

“Learning from the previous summit resulted in the launch of GAIN Entrepreneurship Masterclass in 2021”.

She emphasized that GAIN believes strongly that the pace of development of Africa depends on the rate of youth development and how GAIN in strong partnership with her partners have trained and empowered young African Entrepreneurs and continues to do so.

“In partnership with the Development Bank of Nigeria for instance, we have trained young women entrepreneurs selected from the six geographical regions of Nigeria. And in partnership with Afreximbank, we have also trained young Africans from 29 African countries within 2022 alone and GAIN will continue to design and implement interventions in response to critical issues that impact the youth in Africa”.

Delivering His goodwill message, the High Commissioner of Namibia to Nigeria, His Excellency Mr Humphrey Geiseb, commended Grand Africa Initiative(GAIN) for its work in bringing opportunities for business to African Youth.

In his words “Youth represent a rapidly growing segment of our population. It is important to provide an enabling environment particularly peace and political stability to position the youth to

play a meaningful role. Africa needs to mainstream the presence of young peoples’ voices and recognize their engagement and contributions”.

“Adequate development that involves the youth is needed to ensure that young people utilize their knowledge, youthful energy and resourcefulness to transform Africa’s raw material into

value added products. Youth innovation through entrepreneurship can indeed play a vital role to develop our continent”.

He highlighted the need for African youths to continue to deepen unity and cooperation across the continent on youth matters and that GAIN Youth Summit is an important platform  to emphasize the potentials of  youths as partners in economic development and as key players in finding solutions to enable the youth to overcome the devastating impact of the pandemic”

His Excellency Ambassador Kalilou TRAORE, Ambassador of Cote d’Ivoire to Nigeria and ECOWAS while responding to the question on how leadership can steer the continent and countries therein in the right direction as a panelist on the day 1 of the summit said “Governance and leadership in Africa is about a clear vision and challenges we have to overcome to achieve our aspirations, So, we need leaders with transformational  capacities to make it happen”.

Mr Eric Nges in his response to a question on the kinds of leadership needed to propel Africa’s development, said “Africa is rich in natural resources and a resilient population. He identified three(3) types of leaders which includes: Visionary/Imaginative leaders, Inspirational leaders and  Aspirational leaders” emphasizing the need for good leadership in Africa to drive the transformation on the continent.

Speaking on the panel topic Unlocking the potentials in Africa: The Leadership Question, the Executive Director, YIAGA Africa, Nigeria, Sam Itodo says leadership questions cannot be overlooked if Africa is going to achieve the 2063 goals; leadership is about taking responsibility and Africa needs leaders who will be proactive in taking responsibilities, leaders that care about generational equity, care about the future, care about the youths and also leaders who know when to leave the stage”.

He emphasized that young people are not asking the right questions and are not prepared enough to take over leadership roles in the continent. He enjoined Africa youths to widen their horizon and build alliances across nations and ages.

Dr Tony Elumelu, Ag. Director of Private Sector Development at the ECOWAS Commission, speaking on migration and peace said In Africa , migration is our way of life and it is not necessarily a bad thing but rather it depends on how it is handled and the purpose. He implored African governments to create a good environment for people to stay and also strong institutions to regulate mobility to ensure safety thereby giving Africans a ray of hope and reasons to stay rather than leave the continent.

Caroline Njuki, Officer in Charge and Chief Technical Advisor Inclusive Jobs and Education, International Labour Organisation, Kenya, speaking on the same topic stated that “research has shown that people will migrate to where they find resources to sustain their livelihood. Africa is blessed with talents and supporting people with brilliant ideas to birth those ideas will undoubtedly transform the continent for the better”. It is high time African governments tackled the challenges in retaining talent in Africa as she  identified access to capital for MSMEs as the biggest challenge.

Ehia Erhaboh, Executive Vice President, Operations and Technology, Interswitch Group, Nigeria speaking on the topic: The Imperative of Youth Entrepreneurship in Building Africa, said that “A lot is dependent on African youths to make sure to leave a better version of this present Africa. Youths should be problem solvers: constantly looking for opportunities to solve problems in their environment, Africa Youths should not wait to see things happen but they should make things happen.  The Africa we want is in the hands of the youth especially youth entrepreneurs and as such youth entrepreneurship should be highly promoted by government and leaders in the continent”.

In his contribution, the Chairman, Cubana Group, Obinna Tochukwu Iyiegbu stated that nobody can develop Africa apart from Africans and Entrepreneurship needs to be at the core of the efforts to transform Africa at various levels. He admonished Africa youths to focus less on the negatives rather focus more on what can be done right.

“Building the Africa we want involves leveraging technology and innovation. African Government and leaders need to factor in youth participation and promote their involvement in the technology sector”. These were the words of Emmanuel Asika; Country Manager- HP Nigeria; Omni Channel Manager-HP ACE while speaking at the panel session on day 2 of the summit. He emphasized that successful entrepreneurs  need to understand the importance of technology and innovation. He proposed that youth entrepreneurs should be educated on digital literacy and its importance to establishing a successful business and government and leaders should develop schemes and also promote digital inclusion in the continent.

Sharing their inspiring bold action as young African Entrepreneurs, Princess Adeyinka Tenekah, founder of one of Nigeria’s premier indigenous coffee franchises, Happy Coffee, shared her drive for building her business and creating a niche for herself in the agricultural sector.

Rapitso Mosebetsi, a Lesotho born entrepreneur and social business innovator, Co-Founder & CEO Iconics Pty Ltd, also shared his experience in building a business in the fashion sector. His business was hailed ‘Most Innovative & Versatile Exporter in 2022’ by the Lesotho National Development Corporation, USAID Trade Hub Southern Africa, and Lesotho Post Bank.

They both enjoined Africa youths to back up their dreams with actions and to see every problem as an opportunity to contribute to the development of Africa.

Grand Africa Initiative (GAIN) is a youth-focused pan-African non-governmental organization championing youth empowerment for development across Africa.  GAIN is set up to help young Africans between 15 and 35 years old drawn from within and outside the continent, who are passionate about promoting entrepreneurship as a means to reduce conflict, promote peace and economic revival of the continent. GAIN programs include training, advocacy, mentorship, and youth events, designed to help achieve sustainable development by igniting the positive energy of the greater segment of Africa’s population – the youth.