Renowned Nigerian economist and wealth creator, Grace Ofure Ibhakhomu, has said that financial and career literacy are essential ingredients for youth empowerment to drive Nigeria’s economic development.
In a presentation titled: ‘Power of Youth Empowerment in Nigeria: A Call for Financial and Career Literacy’, Grace Ofure Ibhakhomu said the future of the country lies in the hands of the youth who constitute more than 60 percent of the population.
The CEO of Lifecard International Investment Limited pointed out that empowerment is not just only about creating opportunities but also the need for direction and guidance for youth, many of whom according to her, are confused, even with a university degree. She suggested that budgeting and investment should be taught in elementary schools, to help youths imbibe necessary entrepreneurship skill.
“As we stand at a critical juncture in Nigeria’s development, reflecting on my journey, one thing is clear: the future of our country rests in the hands of our youth. With more than 60% of Nigeria’s population under the age of 30, the youth hold the potential to transform our nation. However, for this potential to be realized, we must take deliberate steps to empower them, especially in the areas of financial and career literacy,” she stated.
“Empowerment goes beyond just providing opportunities; it involves equipping the emerging generations with the knowledge and tools to navigate life effectively. The importance of empowering our youth cannot be overstated, especially in today’s Africa. We are facing a perfect storm of challenges: rising unemployment, economic instability, and a fast-paced global economy driven by technology”, said Grace Ofure Ibhakhomu
Continuing, she said, “Against this backdrop, many young people are struggling to find direction, and even those with university degrees find themselves underemployed or unemployed. At the same time, there is a growing entrepreneurial spirit among Nigerian youth. You see young people starting businesses, learning digital skills, and creating opportunities for themselves in tech, fashion, agriculture, and more.
“This drive is commendable, but without proper financial and career literacy, their efforts can easily be affected by poor planning, lack of access to capital, or an inability to scale their ventures. I believe that financial literacy is not just about understanding how to save or invest; it is about having the knowledge to make informed decisions that can lead to financial independence and sustainable generational wealth.
“Unfortunately, many young Africans lack this basic understanding, often falling into debt or struggling to manage their finances effectively. Teaching financial literacy from an early stage would ensure that young people know how to budget, invest, and even plan for their future.
“This is crucial, not only for personal financial stability but also for the economic development of the continent. When young people are financially empowered, they become less dependent on others and are better equipped to contribute positively to the economy.”
Speaking further, Ibhakhomu, who serves as founder of Lifecard University and the Grace Ofure Foundation, linked the pivotal role career literacy plays in the equation of youth empowerment. She outlined the essence of skill acquisition, in addition to academic qualification, in a 21st century global economy.
Ibhakhomu emphasized the need for appropriate policy formulation by public institutions, and also for mentorship by business leaders in the country for the youth. According to her, all stakeholders must see youth empowerment as a strategic investment in the future of Africa, considering the strategic role Nigeria occupies in the continent.
“Career literacy is another vital component of youth empowerment. It is no longer enough to simply have a degree, employers are looking for skills, both technical and soft, that many graduates are not prepared for. Understanding how to leverage strenght to profit, build networks, and continually upskill is essential for young Africans if they are to thrive. Youth empowerment also requires mentorship and investment,” Ibhakhomu stated.
Speaking further, she said, “We need leaders, business owners, and policymakers to step up and mentor the next generation. Recently I started a community called Kingdom Giantsa Global Tribe, the aim is to mentor and fund businesses that would ordinarily not attract investors for cerain sentimental reasons. Moreover, investment in youth education and entrepreneurial ventures is crucial. Financial institutions, government agencies, and private investors should see the empowerment of our youth as not just a social responsibility, but a strategic investment in the future of Africa.
“I believe that empowered youth have a ripple effect on society. When young people are equipped with financial and career literacy, they are more likely to start businesses, create jobs, and contribute to the nation’s development. They also become role models for others, inspiring a culture of innovation, resilience, and self-reliance”, added Grace Ofure Ibhakhomu.
