Minister Mbabazi on how the youth can drive Rwanda’s economic agenda

Rwanda's economy continues to show resilience, with a remarkable 7.5% growth in the second quarter of 2022, despite global shocks and inflation. The young population of Rwanda, making up 70% of the workforce, has been identified as a key driving force behind this growth. In an exclusive interview with CNBC Africa, Rosemary Mbabazi, the Minister of Youth and Culture in Rwanda, shed light on the pivotal role of the youth in the country's economic transformation agenda. Minister Mbabazi highlighted three key areas where young Rwandans are contributing significantly to the economic development of the nation. Firstly, she emphasized that the youth are the labor force of the economy, playing a crucial role in sectors such as construction, agriculture, ICT, and tourism. With 61% of young people involved in the value chain of the agricultural sector alone, their impact is undeniable. Secondly, Minister Mbabazi pointed out that young Rwandans are the powerhouse of innovation, driving progress across various sectors from agriculture to governance. Their creativity and drive for innovation are vital for the country's development. Lastly, she highlighted that the youth are key consumers in the economy, representing 70% of the labor market and driving demand for goods and services. Their significant contribution as consumers further fuels economic growth. Minister Mbabazi underscored the government's commitment to empowering young people through strategic policy formulations. She highlighted that Rwanda's 2020 vision placed youth at the center of transformation, recognizing them as the future of the nation. Vision 2035 and 2050 also continue to prioritize youth participation in all areas of governance, social welfare, and economic transformation. The National Strategy for Transformation focuses on creating an enabling environment for youth entrepreneurship, job creation, and skills development. By 2024, Rwanda aims to create 1.5 million new jobs, with a focus on youth inclusion in all sectors. Minister Mbabazi lauded initiatives like the Youth Connect Summit, a forum that connects young entrepreneurs with potential investors, fostering growth and sustainability in their businesses. Youth Connect serves as a platform for knowledge sharing, access to finance, markets, mentorship, and policy dialogue, empowering young Rwandans to play a more significant role in the country's economic development. The summit also facilitates networking opportunities with industry leaders and investors, enhancing the prospects for business growth and collaboration. Minister Mbabazi also discussed the potential of Rwanda's creative industry, emphasizing its role in job creation and export potential. With seven federations under the cultural creative industry, Rwanda aims to leverage the sector's talent and passion for commercial success. She highlighted ongoing dialogues with industry stakeholders to scale up the creative industry, turning talent into profitable ventures. The upcoming Youth Connect Summit will feature discussions on reimagining the culture and showbiz industry, exploring ways to expand opportunities and create linkages with continental players. Minister Mbabazi concluded by emphasizing the government's commitment to supporting the growth of the creative industry and sports economy, recognizing their potential to drive economic growth and generate revenue. With strategic investments and policy frameworks in place, Rwanda continues to harness the power of its youth to propel economic progress and transformation.