BY FOLA AINA
NIGERIA boasts the world’s largest youth population, with a median age of just 18.1 years. Nearly 70% of Nigerians are under the age of 30, and 42% are below 15 years old, amounting to a staggering 151 million young people. This youthful demographic is juxtaposed against significant challenges: high poverty rates, widespread unemployment, and ongoing issues with food security, safety, and property protection. Youth unemployment saw a rise from 7.20% in the second quarter of 2023 to 8.60% in the third quarter. Historically, from 2014 to 2023, the youth unemployment rate has averaged 22.97%, peaking at 53.40% in late 2020 and dropping to a low of 6.90% in early 2023. Nigeria stands out as one of the eight countries driving global population growth and leads in Africa. With a population projected at 216 million, these figures represent 216 million potential opportunities for development and progress. However, Nigerian youth face numerous hurdles, including high unemployment, limited educational access, economic challenges, a significant HIV/AIDS prevalence, and pervasive poverty.
As the world rapidly embraces digitalization across all sectors, technology is fundamentally reshaping our lives and work. Nigeria must not lag behind in this transformation. The vast opportunities that artificial intelligence (AI) presents—in areas such as navigation, education, real estate, and project management—highlight the immense potential technology holds for elevating Nigeria to a global powerhouse. To propel the country forward, emphasis must be placed on new technologies, social media, digital marketing, agriculture, fintech, and other emerging industries. Harnessing the energy and creativity of Nigeria’s youth is crucial for achieving this vision.
Notable success stories underscore the burgeoning role of technology in Nigeria’s economic landscape. In March 2021, Flutterwave, a Nigerian fintech startup, garnered international attention by securing $170 million in funding, achieving a valuation of $1 billion, and entering the elite group of corporate unicorns. A few months earlier, in October 2020, another Nigerian fintech startup, Paystack, was acquired by the U.S. tech giant Stripe for $200 million. These landmark deals highlight the growing significance of Nigeria’s technology sector within the national economy. Flutterwave’s valuation now rivals that of some of Nigeria’s largest banks, contributing 0.22% to Nigeria’s GDP of $448 billion. For Nigeria to continue on this path of innovation and growth, it is imperative to invest robustly in science and technology education at all levels. This investment will arm the youth with the skills necessary to develop ground-breaking technologies that address the country’s challenges and drive economic prosperity. Nigeria’s Information and Communication Technology (ICT) vision is ambitious, incorporating computer education into the curriculum at all educational levels.
A key objective of this vision is to equip young Nigerians with ICT skills, preparing them to compete on a global stage. Effectively empowering the youth in this way serves as a potent catalyst for national development. Youth empowerment fosters a culture of innovation and creativity, driving economic progress. Technology is integral to the rapid advancement of STEM (Science, Technology, Engineering, and Mathematics) education in Nigeria.
To be continued
