The African Development Bank (AfDB) has launched a global initiative project in Nigeria, Uganda, and the Democratic Republic of Congo to address the issue of unemployment among youths.
This was disclosed by the bank in a statement published on its website on Thursday.
Through this initiative known as “Creating Sustainable Youth MSMEs Through Urban Farming (SYMUF)”, the bank seeks to develop young agripreneurs in these African countries by providing them with the needed tools and resources to deploy their expertise in urban farming.
The bank is partnering with a consortium of incubation centers in the chosen African countries (Nigeria, Congo, Uganda) to implement the project. The three nations are said to be grappling with high youth unemployment and limited economic opportunities.
The SYMUF project has received $937,000 in grant funding from the Fund for African Private Sector Assistance, a multi-donor trust fund managed by the AfDB.
Speaking at the inauguration of the project in Abuja, the Director- General AfDB Nigeria Country Department Lamin Barrow who was represented by Orison Amu, the bank’s Country Operations Manager for Nigeria said, “The Bank is committed to creating jobs and providing incomes for African youth, who are attracted to urban agriculture but do not get jobs, capital, or credit to operate their agribusinesses.
“This project will address unemployed youth and those in the early start-up stage who have not gained traction due to limited skills and financial resources.”
Also speaking on the project is the Chief Executive Officer of the African Agribusiness Incubation Network in Uganda Alex Ariho, he said, “Working together with all the partners, we are committed to making the SYMUF Project one of the best projects sponsored by the African Development Bank.
The SYMUF project is expected to use business incubators and financial products to help transform start-up micro, small- and medium enterprises into bankable ventures.
It would also provide youths with agribusiness and technical skills, including climate-smart agriculture practices, technologies, market networks, and professional mentorship.
The African Development Bank forecasts that there will be 850 million African youths by 2050, and by 2063, young people in the region will constitute half of the 2 billion working-age population. Hence the need to create employment opportunities for them.
The bank noted that the high number of African youths is an asset that can deliver demographic dividends if the right policies are put in place to promote adequate investments in them.
