The World Bank has endorsed Nigeria’s National Youth Service Corps, or NYSC, program, calling it a treasure trove that might accelerate the country’s industrialisation. As a result, the Bank encouraged the Federal Government to use leverage on the plan.
This was said by Dr. Ndiame Diop, the World Bank’s Country Director for Nigeria, in an interview with Arise TV during the World Bank and IMF meetings in Washington, DC. Speaking about the need of skills for growth, Diop bemoaned the high number of youngsters who are not in school, estimating that there are between 15 and 17 million of them. Additionally, he emphasised the importance of proper nutrition for children under five, stating that 11 million of them suffer stunted growth.
His words: “The government must work to speed up the pace of job creation in order to address youth unemployment, which is a crucial area.” Investing in the supply of skills must begin with the foundation, i.e., before the children are enrolled in school. It is imperative that the quality of basic education be raised. Since there are between 15 and 17 million children in Nigeria who are not in school, getting them to school is the primary priority. Enrol children in school so that they can obtain skills that will help them in the job market.
Nigeria’s stunting rate is simply too high for the nation. You must eradicate the almost 11 million stunted youngsters under five. To ensure that they are ready to study when they arrive at school, you must ensure that they are no longer stunted. To get them ready for the workforce, you must raise the standard of education.Additionally, you need to consider how you might match abilities to organisations’ demands.
I recently discovered something that is truly a treasure trove for Nigeria: the NYSC. I think it’s fantastic. It will be really beneficial if you take advantage of that and assist that institution in giving these 300,000 or 400,000 graduates annually the proper skills. The World Bank is indeed investigating that.
We have businesses and projects in the aforementioned areas, and we are also assisting with reform. Helping to institutionalise things so that there is sustainability is equally as important as funding these ventures. Nigeria will be able to go on making those investments at the state and federal levels after the project is finished. Additionally, he alluded to the World Bank’s initiative to support girls’ technological success.
Since the number of girls enrolled in STEM disciplines is very low when compared to men, we have a project that is primarily focused on keeping girls in school while simultaneously teaching them digital and ICT skills and facilitating their entrance to these sectors. It’s a very low 13% for engineering programs and 20% for polytechnics. These preconceptions that encourage young females to pursue school and the arts must be addressed. That’s all well and good, but we also need women in those fields since they will be the ones driving future technological advancements and transformations.
Some signature measures, according to Dr. Ndiame, are “steering the economy in the right direction,” which gives him hope. With all of these trade constraints that Nigerian firms are encountering, he said, “Nigeria cannot grow fast without doing the hard work; we will have to fix power, fix trade, which is important.” Improving security is also necessary to facilitate the movement of products throughout Nigeria. This nation is the only one in Africa with the size and capacity for economies of scale. The private sector in the nation is the liveliest and most dynamic in Africa.
Nigerians are incredibly enterprising, so all we need is sound public policy to encourage them and a strong public-private sector cooperation—a kind of fruitful partnership for jobs and growth. However, he emphasised that “many Nigerians are feeling the pinch due to the high social cost of these reforms; inflation is high.”
Supporting those who are severely impacted by excessive inflation is vital. In order for Nigerians to benefit from these reforms, it is also crucial to make sure that the money saved by them is used for social protection, infrastructure, health care, and education.
