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Corruption, inequality lack of economic opportunities most pressing issues facing youths globally ——WEF

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8 years ago

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A global survey of young people across 186 countries around the world has shown that it is not only in Nigeria that the younger generation are concerned by corruption, inequality, and lack of economic opportunities but world wide. A survey conducted by World Economic Forum released in Geneva titled Global Shapers Annual Survey 2017 report has shown how young people see the world; and what they want to do about it. Over 31,000 people aged between 18 and 35 responded, giving insights into their views on society, business, politics, the economy and technology as well as their workplace and career aspirations.

The report said “with over 50 per cent of the world’s population under the age of 30, it is of concern that young people perceive decision-makers as not listening to them before decisions are made. By its sheer size, the current youth generation is already influential. And that influence is set to grow as they come to occupy a larger proportion of the workforce and voter base, as they become employers and as their consumer spending grows. Decision-makers who read the Shapers Survey and act on it are already taking a step in the right direction. In addition to indicating that their views are not being considered sufficiently before important decisions are taken, young people also suggest concrete ways to listen to youths, both in society – especially for government – and at work”.

According to the report “Climate change and the environment remain the top global concerns revealed in this survey for the third year in a row. Young people weigh in on whether science has made the case for climate change and indicate their thoughts about the Sustainable Development Goals, also disclosing whether they know what the SDGs are. Of the challenges “closer to home”, corruption is not only a top national issue on its own, but according to young people it is the top driver of inequality. It is also a priority issue at the workplace, both with colleagues and managers – with young people valuing integrity and honesty above all other characteristics from the leaders in their country, including employers.

These results are particularly strong in some regions. Furthermore, young people provide action- oriented solutions for decision-makers to address this issue, including providing specific examples of the kinds of penalties that the public officials who are corrupt deserve. And for those who are curious, the annual trust barometer has some interesting insights, with three types of organisations standing out as “trusted” while, unfortunately, national governments continue to lead the list of the most distrusted organisations.

With over 50% of the world’s population under the age of 30, it is of concern that young people perceive decision-makers as not listening to them before decisions are made. The lowest agreement level is from the Sub-Saharan African region, with only 49.6% of respondents who “strongly agree”. The difference is also striking between different income-level economies. In the low-income category, only 37.8% “strongly agree”, while across other income-level groups this number is not less than 71%.
Corruption remains a major local issue in 2017. This year again, “government accountability and transparency/corruption” ranked 1st with 46.9% of votes globally. It is followed by “inequality” (38.1%) and “lack of economic opportunity/employment” (30.5%). Several interesting trends can be observed. The Oceania region is the only region where “climate change/destruction of nature” continues to be the top choice (63.3%) both globally and at the country level. For Australia and New Zealand (238 respondents), climate change is more than a global issue; it is something that affects young people in their everyday life and that is already affecting their future and immediate environment.

Corruption is not only a serious issue affecting countries, it is also identified as the overall major source of inequality, according to the answer to the question: “What are the most important factors contributing to inequality in your country?” It is ranked 1st with 48.6% of votes. “Income” is ranked 2nd (43.2%), followed by “access to good quality education” (38.8%) and “discrimination against race, religion, gender, etc.” (35.5%). The “ flow of migrants appears in 10th place with 9.5% of votes. These concerns reveal a desire for stability and security as well as a more equal society.

However, determinants of inequality by region varied greatly; “corruption” has the lowest scores in both Europe and North America. In fact, for Europe, “income” inequality ranks highest (55%), followed by “discrimination” (36.3%) and “government taxes and policies” (31.1%). For North America, “discrimination” is the number one source of inequality (64%), followed by “income” (46.4%) and “access to good quality education” (38.1%). These observations correlate well with the results by income level. That is, in all income-level categories except for high income, “corruption” is selected as the main source of inequality, followed by either “income” or “access to good quality education”.

In the high-income category, “income” is rated highest, followed by “discrimination” and “access to good quality education”. “Corruption” only comes in 4th place.
With these differences in mind, the question as to what type of discrimination causes the most harm is interesting. Overall, “income” ranks 1st with 29.8% of answer choices, a rather small number indicating an important diversity of responses. “Access to resources” comes 2nd with 19.7% of votes followed by “race” (15.8% of votes). The structure of this troika is best explained in terms of regional differences. “Income” is in the top three answer choices in all regions (from 17.5% in North America to 43.8% in Eurasia).

 

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Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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2 days ago

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December 5, 2025

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The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.

The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.

He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.

“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”

Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”

The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.

With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.

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Economy

FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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2 days ago

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December 4, 2025

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Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.

The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.

He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.

Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.

The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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2 days ago

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December 4, 2025

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The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%. 

The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.

Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.

The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.

Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.

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