Africa is one of the richest continents in the world in terms of natural resources, yet it remains one of the poorest when it comes to human development. According to the African Development Bank (AfDB), Africa is sitting on over $6.5 trillion worth of untapped minerals, oil, gas, and fertile land. But with nearly 500 million Africans still living in poverty, unable to meet basic needs like food, water, and shelter, experts and leaders are now calling for a shift in focus—from just extracting resources to developing the people.
For decades, African countries have largely depended on mining, oil drilling, and large-scale farming to drive growth. But that model has failed to translate into real prosperity for ordinary citizens. Now, a new way of thinking is gaining ground among African leaders and business executives. They believe that Africa’s real strength lies in its 1.4 billion people, especially the youth.
With over 60 per cent of its population under 25 years, Africa is the youngest continent in the world. The World Bank reports that every year, between 8 to 11 million young Africans enter the job market. Unfortunately, there are only around 3 million formal jobs available annually. This growing gap presents both a big opportunity and a serious threat. If this youthful population is educated and empowered, they can drive Africa’s development. But if neglected, it could lead to joblessness, insecurity, and a migration crisis.
At the Africa Human Capital Heads of State Summit in Dar es Salaam, Tanzania in 2023, Kenya’s President William Ruto said Africa must invest in its people to move forward. He called human capital the key to Africa’s transformation. Nigeria’s President Bola Ahmed Tinubu echoed similar views at the G20 Summit in Berlin, Germany. He said Nigeria’s most valuable resource is not oil or minerals, but its people—who he described as highly skilled, educated, and hardworking.
Djibouti’s Foreign Minister and African Union Commission Chairperson hopeful, Mr. Mahmoud Ali Youssouf, also stressed the importance of building up the skills and knowledge of African citizens. He said Africa must take control of its economic future by investing in its people.
It’s not only governments that are responding to this call. The private sector is also stepping in. The United Bank for Africa (UBA), under the leadership of Group Managing Director Mr. Oliver Alawuba, has committed $6 billion to support small and medium enterprises (SMEs) under the African Continental Free Trade Area (AfCFTA). UBA’s investments are focused on giving African entrepreneurs the tools, skills, and funding they need to grow and create jobs.
Mr. Alawuba said UBA is also working with Afreximbank to promote the Pan-African Payment and Settlement System (PAPSS), a digital payment platform designed to ease cross-border trade for businesses, especially small ones. He said PAPSS is removing old banking barriers and helping African businesses expand across borders with ease.
He also noted that true economic growth must be inclusive. That is why UBA is also supporting initiatives like the Read Africa programme, which distributes educational books and promotes literacy among African children. Education, he said, is at the centre of economic empowerment.
This aligns with other educational efforts across the continent. For instance, Zambia’s “End Learning Poverty” campaign, backed by the African Union and UNICEF, aims to make sure every child can read and do basic maths by age 10. The African Union has also declared 2024 as the “Year of Education”, signalling a united push to make quality education a priority.
Despite these efforts, the challenge is still huge. UNESCO warns that if the current situation continues, over 84 million African children will be out of school by 2030. This will hurt Africa’s future workforce, reduce productivity, and make it harder for the continent to compete globally.
As Africa Day is celebrated this year, experts are urging leaders to look beyond mineral wealth and see the value in Africa’s youth. The future of the continent depends on how it manages its population boom. If properly harnessed, Africa’s young people can become the engine of growth and innovation. But if left behind, they could become a source of instability and crisis.
The solution, many agree, lies in serious investments in human capital—education, skill-building, digital tools, and access to finance. This is the only way to ensure Africa becomes not just a resource-rich continent, but a truly prosperous one.
