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World Bank advocate job creation policy in African Countries

by Business News Report

 World bank PresidentA recent World Bank report has said that for African countries to boost economic growth, there is need for them to create productive and well-paying jobs for its youthful population. The report stated that over 11 million young people are expected to join the unemployment market every year for the next decade in the continent.

The World Bank added that manufacturing, services, and agriculture are traditionally labour-intensive sectors that can generate productive work for young people.
According to the report titled, ‘Youth Employment in Sub-Saharan Africa’ about 80 percent of the continent’s workforce will continue to work on small farms and in household businesses in the near future.

Despite registering many impressive economic growth in recent years, poverty levels across the region have not fallen as much as expected and young people looking for better-paying work have been at a great disadvantage. “This is partly because many African countries rely heavily on oil, gas, and mineral extraction which boosts economic growth but does little to create new jobs for the region’s fast-growing youth population or reduce overall rates of poverty,” the report noted.

The World Bank explained that while modern wage sector is growing very fast in some countries, it had not resulted in new jobs for Africa’s youth employment challenge.
“Attracting investment into large enterprises that create wage jobs in the mainstream ‘formal’ economy is critical, but it is only part of the solution to Africa’s youth employment challenge. For the millions of young people who are just surviving in the hidden ‘informal’ sector, they will need greater access to land, skills training, and credit to thrive. This will be a game-changer for small farmers and entrepreneurs who will prosper as African economies grow, in close cooperation with the private sector,” World Bank Vice President for Africa, Mr. Makhtar Diop said.
Mr. Diop added that making high-quality science and technology education more accessible to young people and shaping higher education courses to fit the skills needed for the modern jobs market has become a high priority for many African countries.
This is even as the World Bank said it was working with new devlopment partners such as China, India, and Brazil to help develop these science and technology skills for Africa’s youth.
Mr. Deon Filmer, Lead Economist for World Bank suggested “Governments can approach the youth employment challenge in two important ways-by helping to improve the business environment to spark more private investment, and also by investing more in young people’s education and other skills to create brighter life prospects for them,”
While former Lead Economist, World Bank, Louise Fox, noted “In addition to promoting investment and competitiveness, the quality of primary education, the right nutrition for young children, and basic healthcare for all are a must to improve the quality of life for Africa’s young people and their future productivity.”

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