West Africa’s youth unemployment rate has reached 24.95%, placing the region among the worst globally.
This is according to Senator Amara Konneh, a member of the Economic Community of West African States (ECOWAS) Parliament from Liberia.
He disclosed this while making a presentation at a delocalised meeting of the Parliament in Monrovia, Liberia, News Agency of Nigeria (NAN) reports.
The theme of the meeting is: “Assessing the Effectiveness of the ECOWAS Investment Policy as a Panacea for Addressing the Rising Levels of Unemployment in the Sub-region.”
According to him, the two figures contrast sharply with the prevailing global youth unemployment rate of 5.8 per cent.
The former Liberian Minister of Finance and Development Planning said the figures implied that the region was not providing a sufficiently conducive environment for sustainable investment.
“Youth unemployment in West Africa currently stands at 24.95 per cent, but overall, youth unemployment in Africa stands at 30.43 per cent, and globally at 5.8 per cent.
“In recognition of the challenges of attracting Foreign Direct Investment (FDI) to create jobs and promote sustainable development, member states have adopted the ECOWAS Investment Policy to establish harmonised regional investment climate policies.
“There is also the need to enhance financial infrastructure and access to capital, strengthen regional investment governance, as well as improve human capital and workforce development,” he said.
He solicited targeted investment in key economic sectors, adding that existing strategies had failed to adequately translate economic growth into jobs for the sub-region’s burgeoning youth population.
According to him, the bloc’s youth unemployment is among the highest worldwide, compelling many to resort to illegal migration due to a lack of local prospects.
He decried the persistence of the situation in spite of the staggering 400 million ECOWAS population, which also boasts abundant natural resources.
Konneh said the key goal of ECOWAS Investment Policy was to create a strategic framework to attract investment, stimulate growth, and create jobs.
He said the goal also included attracting domestic and foreign investments that would drive economic growth, enhance regional cooperation, facilitate cross-border investments, and reduce legal and regulatory barriers to investment.
The lawmaker further said most of the sectors that were affected included agriculture, manufacturing and industry, services, as well as Small and Medium Enterprises (SMEs).
“There is a need to leverage the ECOWAS investment policy and strengthen the regional investment climate by expanding investment promotion and facilitation.
“There is a need to leverage the ECOWAS investment policy and strengthen the regional investment climate by expanding investment promotion and facilitation.
“Investment is important because it plays a central role in job creation, as well as stimulates economic activity by expanding industries and fostering innovation.
“SMES are significant because they serve as the backbone of economic growth and job creation,” he stressed.
He, however, noted that regulatory fragmentation, infrastructure deficits, and limited investor confidence posed barriers to the full potential of the ECOWAS investment policy.
The parliamentarian suggested that accelerating the harmonisation of the investment law and aligning member states into a single economic space was essential for the policy to succeed.
Konneh, therefore, urged all member states to fully integrate the ECOWAS Common Investment Code into their national policies by 2030 and commit to fostering a conducive investment environment.
The Parliament’s Delocalised Joint Committee Meeting on Administration, Finance and Budget, Public Accounts, Macroeconomic Policy, Economic Research, Industry and Private Sector ends today.