The African continent currently has the largest youth population in the world. About 60% of the motherland’s population is under 25 years of age, while 70% is under the age of 30. Africa currently accounts for 19% of the world’s youth population, and this figure is projected to grow significantly in the coming decades.
This is very good news, and it should be seen as such.
While some parts of the world may be looking for people to fill available jobs due to aging populations, declining fertility rates, and labour shortages, Africa has an abundance of young people on the ground to champion innovation, entrepreneurship, and economic growth.
One of the reasons this is a blessing is that the youth are the main drivers of the economy. When their population grows within a well-structured and properly managed system, where young people have access to the necessary skills, education, and opportunities to thrive, the economy will experience long-term, sustainable growth due to a larger labour force, entrepreneurship, innovation, and technology adoption. Economists refer to this opportunity as the demographic dividend.
Innovation in Nigeria’s tech industry has largely been championed by young people. Flutterwave, Paystack, and several other successful startups demonstrate what African youths can achieve when given opportunities and an enabling environment.
However, as promising as this may seem, it could become a dangerous precedent if the teeming youth population is unable to secure meaningful employment and a better standard of living. This could increase youth unemployment, poverty, crime, social unrest, irregular migration, and brain drain.
I have never shared the opinion that the motherland is overpopulated. With the vast human, natural, and mineral resources available to us, once we fully commit to maximizing our potential, we may discover that we are, in fact, underpopulated relative to our opportunities.
FINAL THOUGHT
The motherland is not overpopulated; rather, her human and natural resources are underdeveloped. As soon as these resources are properly harnessed and put to productive use, the immense blessing of our large and vibrant youth population will become evident for all to see.
What Africa does with its youth population over the next few decades may well determine its economic destiny.
MACRO DIALOGUE
Africa’s youth population is not a burden waiting to happen; it is a demographic dividend waiting to be unlocked. The challenge before policymakers is not managing too many people, but creating the systems that allow millions of young Africans to become productive contributors to economic growth. When properly harnessed, Africa’s greatest resource will not be found beneath the ground, but in the minds & capabilities of its people.
Akinsulere’s Economic Notes
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