Nigeria's MD Slams Oil Focus — Calls Youths Nigeria's True Wealth

The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Faleye, has called for a shift in national priorities, declaring that Nigeria’s youths are its greatest asset, not its oil reserves. Speaking at a recent economic forum in Lagos, Faleye urged policymakers to invest in youth development to drive sustainable growth and reduce reliance on fossil fuels. His remarks come as the country grapples with economic instability and a growing youth unemployment crisis.

Why Youths Matter for Nigeria’s Development

The Nigerian population is one of the youngest in the world, with over 60% under the age of 30. Faleye argued that harnessing this demographic dividend could transform the country’s economic landscape. “We cannot continue to base our economy on oil. We must invest in education, skills training, and entrepreneurship to empower the youth,” he said. This aligns with the African Union’s Agenda 2063, which prioritises youth empowerment as a key driver of continental development.

The NSITF, which focuses on social protection and insurance schemes, has launched initiatives to support youth employment. However, experts say the scale of the challenge is immense. Nigeria’s youth unemployment rate stands at over 30%, according to the World Bank, and many young people lack access to formal education or vocational training.

“Investing in the youth is not just a moral imperative, it is an economic one,” Faleye said. “If we neglect them, we risk a generation of discontent and instability.”

How This Affects South Africa and the Continent

Nigeria’s focus on youth development has broader implications for the continent, especially for South Africa, which faces similar challenges. South Africa’s youth unemployment rate is even higher, at over 40%, according to the National Development Plan. Faleye’s call for structural change could inspire similar efforts across the continent, where young people make up 60% of the population.

Analysts say Nigeria’s approach could serve as a model for other African nations. “If Nigeria can prioritise youth development, it could create a ripple effect across the continent,” said Dr. Noma Ntuli, a South African development expert. “This is not just about Nigeria — it’s about the future of Africa.”

The NSITF’s initiatives, including youth skill-building programmes and microfinance schemes, are being closely watched by regional partners. South Africa’s Department of Higher Education and Training has already expressed interest in collaborating on similar projects.

Challenges and the Road Ahead

Despite the rhetoric, implementation remains a hurdle. Nigeria’s economy is heavily dependent on oil, and political will to shift focus has been inconsistent. Corruption and mismanagement have also undermined social programmes, including those targeting the youth.

Faleye acknowledged these challenges but urged a more long-term perspective. “We need to move beyond short-term fixes and create sustainable systems that support the youth,” he said. “This requires political commitment, private sector involvement, and international partnerships.”

Experts suggest that the NSITF’s success will depend on how effectively it can partner with local governments and international organisations. A recent report by the African Development Bank highlighted the need for increased funding and better coordination in youth-focused policies.

What to Watch Next

As Nigeria continues to navigate its economic and social challenges, the role of its youth will be critical. Faleye’s call for a shift in focus has sparked debate among policymakers, economists, and civil society. The coming months will be key in determining whether the NSITF’s initiatives translate into real change.

For South Africa and other African nations, the lessons from Nigeria’s experience could be invaluable. With a shared goal of youth empowerment, the continent may find new pathways to inclusive and sustainable development.

As Faleye put it, “The future of Africa lies in its youth. We must invest in them today, or we will pay the price tomorrow.”