23rd May, 2024
By Oluwagbenga Oyebbanji
The population growth of Nigeria is 2.4% with strong fertility rate and economic growth projection of 3.5% according to the World Bank statistics FY2024. Nigeria has the highest youthful population in the world with an average age of 18-19years. 70% of the population is under 30 years which makes the country a youthful population. Population growth without the right policy outlook results to problems and Nigeria’s case is a vivid example. The economic reforms embarked on would have been a blessing but policy somersault is pulling it to unexpected chaos.
The economic indices are frightening according to NBS on inflation for the month of March 2024. The costs of transport have risen to an unprecedented level due to ill prepared subsidy removal which stands at 50% in urban Nigeria. The food inflation for staple foods has increased astronomically, the price of rice by 152.93%, beans by 106%, garri by 141.25% and bread 75%. All indications points to double digits increase on all consumables. The threat of insecurity to the economy is like a sword of Damocles on the farmers because they are the bedrock of the nation’s emerging economy. Policy dosage prescribes by the policy makers since 1999 has not been working as it should; the economy is almost treatment resistant. In all these economic chaos the hope of this great nation is the resilience of the youths which our leaders are not tapping into for economic prosperity.
The fast money syndrome is a disorder that has been perpetrated in the society by the elites and the political class which has made many youths seeking society validation. The internet explosion that should be a gift is rapidly turning into a curse. The social interface of the fast money syndrome is materialism which is fueled by a social disorder called “Yahoo Yahoo”. The array of youths that should be adding immensely to the economy are been brainwashed into the cultism of materialism. The population of Nigeria has 70% as youths. This should be a competitive advantage to inspiring a new generation to dominate the fourth industrial revolution.
Presently, mobile connectivity, digital platforms and technology literacy is the language of the Gen Z which is a huge window for government to invest in innovation and technology for entrepreneurship and job creation. The government should take a cue from India with population of 1.4 billion and 50% of the youths are under the age of 25. The India government has been able to use technology has a tool for youth empowerment through projects such as Digital India, National Urban Digital Mission, National Urban Learning Platform. Digital presence enables quick access to large amount of data with just clicks the youths could traverse different topics and projects of their abilities. As technology becomes ubiquitous in our everyday living smart phones and internet connectivity has changed the way we relate and think about issues. Numerous activities could be carried out with the help of technology and the result would be beyond our imaginations. PBAT must use technology as the cornerstone of his policy to tap into the passion of the youths.
Financial inclusion in Nigeria has increased to 74% and the Fintech has contributed immensely to the success. Technology could be the tool to position the economy better for foreign direct investment and increased the inclusion desired for all to contribute their quota to the growth of the economy. Technology has transformed the traditional banking experience in Nigeria by increasing the reach and penetrating the rural areas. A Mckinsey report projected that Africa’s financial services could grow to $230billion in revenues by 2025 with technology playing a vital role in the financial markets. Technology has created more billionaire entrepreneurs in the 21st century. The market capitalization of Apple, Alphabet, and Tesla are $2.93triilon, $2.21trillion, and $545.65billion. The three technology companies are worth more than the Africa’s economy.
70% of the population are under the age of 30 years, using technology as a spring board to position them for the future is the best tactics to make Nigeria the investors joy in the 21st century. Nigeria has the greatest asset which is the youthful population and the policy makers are taking that for granted. The curiosity of the youthful population about technology and content creation should be an opportunity for the government in creating upward mobility and policy engagement. A palliative approach is fickle and subliminal to reducing poverty but the secret is using technology to creating sustainable jobs in the 21st century. There must be an intending desire to invest in infrastructural development, human capital development and purposefully promoting ease of doing business.
We must salute the courage of Flutterwave, Paystack, and many start-ups that has shown resilience and tenacity by positioning Nigeria in the technology race in the global cyber space. PBAT must give the same priority given to petroleum to technology because it’s the right to do considering the challenges the economy is facing. The federal government and the 36 states must invoke the doctrine of necessity and make technology the cornerstone of our democracy and economic growth. The vision of $1trillion economy by 2030 would only materialize if technology is the embraced vigorously. There must be massive investment in internet connectivity, machine learning and artificial intelligence, big data, advanced manufacturing technology and STEM. The Nigerian youths are very passionate about technology. The right policy and proper investment is the turning point of building a great economy.
-Oluwagbenga Oyebbanji is a Public Analyst, siemmag@gmial.com