The Deputy Speaker of Parliament, Thomas Tayebwa, has urged leaders in developing countries to prioritize young people by investing in quality education and providing decent work opportunities.
Tayebwa challenged the notion of referring to youth as “leaders of tomorrow,” emphasizing that in a world increasingly dominated by young individuals, such a designation is both self-defeating and unsustainable.
“If you don’t invest in young people, then I don’t know what you’re investing in. You are not investing in your business, in the future, and in sustainability. It can only be sustainable if you invest in a generation that is going to take over,” said Tayebwa during the 2023 Commonwealth Business Forum in London, United Kingdom.
The Deputy Speaker also expressed deep concern about income inequality on a global scale, referencing data from the 2022 Global Wealth Report by Credit Suisse. According to the report, a staggering 52.5% of the world’s population possesses less than 1.25% of the global wealth.
He highlighted the concentration of millionaires in specific regions, noting that only 5% of millionaires reside outside North America, Europe, China, and the Asia-Pacific region.
He urged leaders to invest in the youth or face potential consequences.
“Youth unemployment is a time bomb. You either invest in the young people, especially in the developing world or they are going to be a problem for you,” he said.
According to the United Nations (UN), youth unemployment is defined as the situation where young people (15–24 years old) who are looking for a job cannot find a job. According to the Uganda Bureau of Statistics (UBOS), youth unemployment in Uganda increased from 6.54% in 2021 to 6.58% in 2022.