Former chief executive officer of the United Bank
for Africa (UBA), Mr Tony Elumelu, has tasked Africa entrepreneurs on tackling
of the threats of unemployment, reports DigitalSENSE Business News.
Elumelu, who is an entrepreneur,
philanthropist and chairman of Heirs
Holdings Limited, a pan-African investment company, insisted that Africa
must do more to tackle the threat of unemployment, which risks derailing
Africa’s economic growth.
In an article published on Reuters and made available to DigitalSENSE Business News,
Elumelu advocated the launch of a comprehensive, coordinated approach similar
to the ‘Marshall Plan’ implemented by the United States in Europe after World
War II.
Also, he suggested that this Marshall Plan be
built on the three interdependent ‘pillars’ of development: policy reform and a
commitment to the rule of law; investment in infrastructure; and commitment to
developing Africa’s manufacturing and processing industries.
Such
a plan is needed, Elumelu highlights in the article, because of the continent’s
demographic time bomb: 122 million Africans are forecast to enter the labour
market by 2020, yet economists expect just 54 million new jobs to be created
within the same period.
Nenye Dom/Ayo Omidele /GEE
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Pix: Tony Elumelu
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