By Edwin Naidu
Ahead of potentially defining presidential elections in the history of Africa’s premier development institution, one of the leading candidates has vowed to transform the lives of young people on the continent by tackling unemployment as a priority.
“Looking at the unemployment data, we currently have about 10 million graduates on the continent who are leaving high school.
“We create about 3 million jobs a year, which fell during COVID-19. It’s picking up on average. But you’re still talking about six million or seven million kids looking for jobs yearly, so those numbers don’t look good. We need to do much more,” said Dr Samuel Munzele Maimbo, a former World Bank senior executive.
The African Development Bank is the largest development finance institution on the continent, with a shareholder capital of approximately US318 billion.
Zambia’s Maimbo, the former vice president for budget, performance review and strategic planning at the World Bank in Washington, is locked in a five-way battle for the presidency against a highly fancied South African candidate and the only woman in the field, Sowetan-born Swazi Tshabalala.
“Young people are top priorities, and I intend to throw everything at the (unemployment) problem, including the kitchen sink, by doing three things,” he said.
“One must acknowledge that creating jobs is a lifelong experience, starting with how we treat our children when they are young and invest in their education. One area that I’m concerned about is the state of our vocational training schools and that we need to expand those programmes quickly, because if we are trying to add value, if you’re trying to industrialise, we cannot keep importing mechanics and plumbers, you’ve got to expand that programme, that’s one,” he told Inside Education.
Maimbo said it was also about being selective about which sectors to invest in aggressively.
“If I think about the film and creative industry, every single time you see a South African film on Mzansi, you know that there are 40 other jobs behind that. The film industry is quite generous regarding the academic background of people who enter it.
“I want to connect South African and Nigerian filmmakers and build studios where young entrepreneurs and filmmakers can expand. Ultimately, job creation will come if we double down on continental free trade and the trade volume on the continent.
“Hence, those are the three priorities that I want to focus on and make sure that we consistently pick sectors and support programmes that have the potential to create as many jobs as we possibly can,” he said.
Maimbo said the biggest challenge on the continent was unemployment, which he was committed to addressing through job creation and a strong education focus.
“The solution to that is growing our economies as quickly as we possibly can, how, when we do that, we invest in our people’s education and health and make sure that those are well financed and adequately supported, we invest in industries, we select those industries that have the potential to create jobs,” he said.
“My plan for Africa depends on institutional excellence and financial innovation at the AfDB and strategic partnerships with regional and global institutions. I have developed practical, realistic methods for achieving this.”
The African Development Bank in Abidjan was established in 1964 after 25 of the continent’s government leaders met in Khartoum, Sudan, to agree on the bank’s mission: to serve Africa’s development and shape the continent’s development and unity.
Six decades later, the bank is about to elect a new president. Nigerian Akinwumi Adesina has been at its helm since 2015.
The election for a new president takes place on Thursday. More than 6000 delegates, including African heads of state and government, finance ministers, central bank governors, development partners, private sector representatives, civil society leaders, academics, think tanks and opinion leaders, NGOs and other stakeholders, are expected to participate in the event under the theme “Making Africa’s Capital Work Better for Africa’s Development”.
The five contenders for the Presidency are Maimbo, Tshabalala, Hott Amadou from Senegal, Tah Sidi Ould from Mauritania and Tolli Abbas Mahamat from Chad.
Maimbo has been endorsed for the presidency by the Common Market for Eastern and Southern Africa and the Southern African Development Community. However, the South African government has backed Tshabalala, with President Cyril Ramaphosa saying it is time the bank has a woman at the helm.
Until October 2024, Tshabalala served as the bank’s senior vice president and CFO and was the second highest-ranking officer after the current president.
Tshabalala taking over the reins from Adesina will provide continuity in the bank’s leadership, thinking, and strategic direction.
With her pedigree and being an insider, she will expand on the work already carried out by the outgoing president.
A key priority will be pivoting the AfDB’s strategic focus towards the development needs of southern Africa, which has lagged relative to other regions in financing development projects by the bank.
In this context, South Africa’s candidature will significantly assist in changing this dynamic and ensuring that southern Africa receives adequate funding from the bank.
It will also present the opportunity for greater partnership between the AfDB, the Development Bank of Southern Africa and other regional institutions.
Edwin Naidu is the Editor for Inside Education.
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