The Role of Youth In Economic Development
Anyone within the 15-24 years age bracket is categorized as youth, according to the United Nations. Nearly half of all people in the world today are under the age of 25.
This means that the youth make up over one-sixth of the world’s population, but are seldom recognized. So, what role do youth play in the economic development of their countries?
There are five ways in which the youth of a country can help in its economic development, according to Uwem Uwemakpan. He is a Lagos-based startup coach and investor in early-stage startups.
Uwem helps entrepreneurs gain the clarity they need to turn their ideas and passions into profitable businesses. He is also the director of fund operations at Ingressive Capital in Lagos; a venture capital firm focused on funding the next generation of innovators across sub-Saharan Africa.
Labour Force
As soon as you reach the legal age of work, you start contributing as a member of the labour force, no matter what sector; the more the youth, the higher the working population.
Consumers
After working, you spend some of your income purchasing goods and services. You play an important role in keeping the butcher in business.
Small and Medium-sized enterprises (SMEs)
We cannot all work for others and as such, some of us will start their own businesses. This helps the country in producing goods and services, creating employment opportunities for others and paying taxes to the state.
Change Agents in Institutions
These are people who join the government and ensure that state institutions are run efficiently and effectively. Closer home, we have these people to thank, for having many government services offered online.
Advocates in Civil Societies
These are the people who launch awareness and advocacy campaigns for the eradication of social evils such as companies offering to pay creative with exposure. Mostly, they do this individually or by through Non-Governmental Organizations (NGOs). This indirectly acts as a catalyst to the process of economic development since there is a correlation between transparency and economic development.
Challenges
Even as the youth play this important role in economic development, they face various challenges. Some of the major hurdles, sadly, have a lot to do with the system, Uwem said during a virtual session hosted by the Rotaract Club of Nairobi Central on August 25, 2020.
Education, for example, is a major challenge, especially when it comes to technical skills such as carpentry and plumbing. We cannot overlook gender inequality as another challenge, when it comes to employment.
Unemployment is itself a gnawing issue. We all know a deserving person, who, perhaps, has pursued postgraduate education but are unemployed.
Another challenge that the youth are yet to overcome is access to credit for business. It is frustrating to be unable to implement a business idea due to lack of credit.
Political uncertainty and policies further compound the challenges facing the youth today. Many of us pay little attention to politics and policies, yet they either make our efforts easier or more difficult.
After reflecting on all these problems, you might be wondering what can be done to salvage the situation. As the youth in particular, we can play our part by creating networks with like-minded individuals who will support our businesses, recommend us for job opportunities and even provide us with seed capital for our startups.
Join us for the next insightful meeting on Tuesday September 8, 2020.
Article by: Susan K. Maina,Rotaract Club of Nairobi Central Vice Secretary.
Uwem Uwemakpan, Director of Funds Operations for Ingressive Capital, Nigeria.
