Enabling wider education and vocational skill training for the bourgeoning youth population are some of the strategic levers required to grow the Nigerian economy. These tools will also help achieve a diversified economy which the Federal Government has impressively prioritised.
The Nigerian youth population currently ranks the largest in the world. Around 70% of the people living in the country are under 30. The active population serves as the foundation for human capital, driving productivity and fostering economic improvement. The World Bank has previously recommended implementing bold reforms that specifically target enhancing productivity among the active population, which could significantly raise the country’s economic outlook. The global institution recommended a reform in education amongst others as key to delivering robust productivity for the long term.
Precisely, education aids human development. It provides opportunities for young people to learn and gain valuable insights that would position them for competitiveness in the vastly interconnected marketplace, enabling the segment to reach their full potential. More importantly, it shapes the human capital landscape of a nation. Education is a critical determinant of progress and prosperity in an economy.
Next on the mix of human capital development is wider vocational skill training for young people. Equipping young people on a grand scale with vocational skills will prepare them for the demands of the workforce. It will raise the youth segment’s overall employability points, as well as sharpen their entrepreneurial skills. These will have an absolute impact on the GDP. This development approach has worked perfectly well in organised and developed countries.
A country that invests in educating its young people and providing opportunities for them to learn vocational skills is enabling its human capital for productivity. Meanwhile, a strong human capital productivity level which is evidenced by high levels of quality work output and innovation across sectors will help lift millions of citizens out of poverty and advance a nation’s position in the global marketplace.
As an investor in the economy, I am passionate about investing to drive growth in factors that will boost the overall human capital productivity level. Businessday newspaper through its special focus on topnotch professionals that powered Nigeria’s economic growth in 2023 recently recognised these strides. Both Guardian and Vanguard newspapers did the same in 2022. I feel honoured to receive recognition for my investment endeavours. It is a humbling experience for me.
Through my real estate company, ATCO Homes, I have been able to offer housing and investment opportunities to numerous Nigerians. Besides running the real estate business with great impact, I have been engaged in various social investments with a focus on educating young people to position them for competitive advantage in the marketplace in line with the Federal Government’s economic diversification and growth agenda.
For Instance, I ploughed investment into supporting the International Education Reforms Project (IERP), a collaborative effort targeted at actualizing Sustainable Development Goal 4 in Nigeria. The IERP recently organised a campus engagement to promote academic excellence at the University of Benin, in Edo Estate. I have also had the privilege of committing investment into the Rotary Youth Leadership Academy (RYLA) program an annual leadership development program that focuses on helping young people learn new skills, build confidence, and have fun. The organisation received an award for supporting good causes at the event. In addition to these, I extend support to the WeCare Club, an outreach empowering young people.
Every investment channeled into enhancing a young person’s skills, knowledge, and abilities through education, training, and experiences will make him or her a more productive and valuable member of society. This investment snowballs into robust national productivity – improving the efficiency and effectiveness of individuals and organizations to produce desired outputs sustainably and optimally. In general, these measures will foster a rise in overall profitability and economic growth.
I am thrilled about the chance to invest in youth empowerment. It is crucial and timely to prioritise widespread education for young individuals. Therefore, it is essential to mobilise businesses and individuals to actively contribute to the education of young people, aligning the Federal Government’s focus on economic growth. This will play a vital role in elevating the global standing of our beloved nation.
Bartholomew Egbochie is the Chief Executive Officer of ATCO Homes, a real estate firm with sprawling investments in Ibeju Lekki area of Lagos State.