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Boosting Youth Employment through Digital Jobs
The announcement by the Rockefeller Foundation of an initiative to create jobs in Africa focusing on the digital field has been lauded as an important strategy by Jack Leslie, chairperson of Weber Shandiwick, a leading public relations firm.
“Digital holds tremendous opportunity for Africa,” Leslie said, particularly for Africa which “holds great promise”.
Leslie believes that the economies of the region are going to have to be broad-based to meet the demands of young people going into the job market, saying that the digital field – despite it being the fastest growing arena – “will not absorb them all”.
Digital Jobs Africa (DJA), which will be led out of the foundation’s Nairobi office, will focus on South Africa, Kenya, Ghana, Nigeria, Egypt and Morocco where Rodin believes DJA will have the “greatest impact” because of growth in its urban population.
“For the first time, a majority of people live in cities. Some of the biggest increases in urban population have been seen right here in Africa, with 85% of the population expected to live in cities by 2025, ” Dr Judith Rodin, president of the Rockefeller Foundation, said at the launch of the project at the World Economic Forum in Cape Town.
In an era where the current pace of job creation doesn’t meet the increased demand for jobs among young people, economic growth initiatives like this will do much to improve the wellbeing of the continent’s youth.
“Africa’s youth population is expected to double to 400 million by 2045 and the working age population is set to exceed China and India by 2050. This combined with the growth in globalisation, urbanisation, digitization on the continent presents both challenges and opportunities on the continent,” Rodin said.
The goal of the DJA project is to change one million lives in seven years. The foundation, which celebrates 100 years of working to improve the wellbeing of humanity in 2013, will pump U.S.$97 million into the initiative.
“This investment seeks to change the lives of high-potential youth by recognising the enormous talent of young people who lack access to quality sustainable employment opportunities,” Rodin said.
In a move to support the creation of digital jobs, the foundation is partnering with governments, development organisations and the private sector to reach their goal.
“The DJA will have three components, namely jobs, training and co-ordination.
“We’ll work to create jobs in three ways. By catalysing the social responsibility arm of the business process to motivate industry to employ individuals who would otherwise not have an opportunity for sustainable employment. We are also leveraging the rising demand from African-based companies to train and identify young people of promise and it is an opportunity for governments who are thinking about using e-government platforms to employ these young people.
“This is a win-win for all – cutting costs in many cases by 40%, while increasing incomes for workers by 40% to 200%,” Rodin said.
culled from allafrica
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Banks Close 2m Accounts over BVN, NIN, Others
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
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234Finance Moves to Boost Economic Progress in South East
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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