The Minister of Budget and National Planning, Atiku Bagudu, has emphasized the critical role of accurate and comparable employment data in shaping Nigeria’s economic policies.
The minister who noted this in Abuja during the African Youth Employment Clock launch, also stressed the importance of adopting methodologies that are internationally comparable, noting that Nigeria and other African countries often face challenges with global ratings and assessments.
He underscored the need to avoid “data imperialism”, where countries are penalized due to incompatible data or measurement standards.
Bagudu noted that data-driven insights could help address the challenges facing Nigeria’s youth, many of whom feel socially excluded.
He said accurate data would allow the government to create inclusive policies that support all segments of society, including those in informal or unconventional employment.
Bagudu expressed optimism that ongoing efforts to refine data collection and analysis would not only improve Nigeria’s employment statistics but also enhance the nation’s ability to participate in the global economy on equal terms.
“We want our youth to be part of global prosperity, contributing as responsible citizens. And to do that, we need the right data to guide our policies,” he added.
On her part, the country director of the MasterCard foundation, Rosy Fynn, explained that the significance of the newly launched African Youth Employment Clock, developed by the World Data Lab in partnership with the foundation.
Fynn stated that the tool is more than just a data resource and it is a real-time monitor that provides valuable insights into job growth and employment trends for African youth, with a focus on six key countries, including Nigeria.
“The African Youth Employment Clock helps us understand where we are, where we need to go, and how we can achieve our ambitious goals. It provides essential data that enables us to understand employment trends, identify opportunities, and make informed decisions to address youth unemployment effectively,” she said.
She further explained that the partnership between the MasterCard Foundation and the World Data Lab to produce the employment clock reflects the foundation’s commitment to empowering youth by addressing their employment needs.
“As many of you know, our overarching goal is to enable 30 million young people across Africa to secure employment by 2030. To achieve this, we must invest in and focus on actionable insights,” she added.
“In Nigeria, the foundation is working to create 10 million dignified and fulfilling job opportunities by 2030. We have already employed almost 3 million Nigerian youth—a good start, but we still have a long way to go,” she said.
Also, Vice President of Strategic Engagements at World Data Lab, Dr. Reshma Sheoraj pointed out that Africa is projected to experience its highest youth population growth this decade, with an estimated increase of 100 million young people by 2030.
This surge, according to Sheoraj, underscores the urgent need for sustainable job opportunities. The Africa Youth Employment Clock, which disaggregates data by age, gender, and sector, is designed to help policymakers and stakeholders make informed decisions regarding youth employment initiatives.
The initiative supports the Mastercard Foundation’s goal of securing dignified work for 30 million young Africans by 2030, recognizing the potential of Africa’s youth as catalysts for economic growth.
