At a World Bank conference in Rome, President Tharman Shanmugaratnam urges urgent investment in education, infrastructure, and job-rich sectors to tackle Africa’s youth employment challenge.
President Tharman Shanmugaratnam delivered opening remarks at the World Bank Group Conference on “Laying the Groundwork for Jobs in Africa: Core Infrastructure and Business Environments” held at Banca d’Italia in Rome, Italy, on 4 March 2026. The event was attended by Banca d’Italia Governor Fabio Panetta, Italian Minister of Economy and Finance Giancarlo Giorgetti, World Bank President Ajay Banga, and European Central Bank President Christine Lagarde.
President Tharman highlighted the steep challenges facing large-scale job creation in Africa, citing shifts in global trade rules, disruptive technologies such as AI, and rapid demographic growth. He emphasized that 1.2 billion young people are expected to enter Africa’s workforce in the next decade, making employment a global priority.
To overcome these challenges, President Tharman outlined four critical steps:
- Strengthen Education: He stressed investing in schooling and skills-based training, keeping girls in school, and preparing youth for future employment.
- Expand Infrastructure: He called for urgent investment in broadband and electricity to close Africa’s largest infrastructure gaps.
- Boost Regional Trade: He urged acceleration of the African Continental Free Trade Area (AfCFTA) to create cross-border economic opportunities and scale regional markets.
- Focus on Job-Rich Sectors: He highlighted renewable energy and agri-food as sectors with high job-creation potential, noting that investment in these areas can generate more employment than traditional manufacturing or fossil fuel sectors.
President Tharman noted that Africa’s natural advantages—its solar and wind resources, hydro potential, and 70% of the world’s arable land—can drive sustainable employment growth. He called for mobilizing public policy, private finance, and international collaboration to realize this opportunity, describing job creation in Africa as a “global common good.”
He concluded by expressing optimism about the initiative launched by Italy’s Mattei Plan and the World Bank Group, with active support from Banca d’Italia, emphasizing that bold and timely action can overcome the steep odds against large-scale employment creation in Africa.
Source: Istana
