Nigeria’s Future Lies in Youths, Not Oil Wealth, says NSITF Boss

The Managing Director of the Nigeria Social Insurance Trust Fund, Oluwaseun Faleye, has said Nigeria’s greatest asset lies not in its oil wealth or infrastructure but in the vast potential of its youth population.

Faleye stated this while delivering a keynote address at the 2026 Students Mentorship Summit organised by the National Association of Nigerian Students in Abuja on Thursday.

His remarks come amid growing concerns over youth unemployment, skills gaps and increased migration, commonly described as brain drain, as many young professionals seek better opportunities abroad.

“In Nigeria, our greatest asset is neither oil nor infrastructure, nor even capital — it is our people, particularly our youths, who are energetic, innovative and full of potential,” Faleye said.

He noted that although Nigeria has one of the largest youth populations globally, with more than 60 per cent of its citizens under the age of 25, the country has yet to fully harness this demographic advantage for sustainable development.

Faleye stressed that potential alone is insufficient without deliberate investment in mentorship, protection and capacity building.

“To truly unlock this potential, we must go beyond rhetoric. We must guide, support and protect our young people so they can thrive and contribute meaningfully to national growth,” he added.

Represented at the event by his Technical Assistant, Dr Dayo Alao, the NSITF boss emphasised the need to reorient young Nigerians towards productivity and self-reliance in an economy challenged by inflation, unemployment and limited access to funding.

“We must shift from a culture of dependency to one of responsibility, from consumption to production. Our young people must become job creators, innovators and problem-solvers rather than passive job seekers,” he said.

Faleye also highlighted the connection between youth empowerment and social protection, describing social security systems as vital tools for economic stability and workforce resilience.

According to him, strengthening social protection frameworks is crucial in a country where a significant proportion of the workforce operates in the informal sector without access to insurance, workplace safety standards or income protection.

“Social security is not merely a safety net; it is a foundation for national development. A protected workforce is a productive workforce, and that productivity drives national prosperity,” he explained.

He added that the Nigeria Social Insurance Trust Fund plays a broader role beyond compensation, including promoting workplace safety, ensuring decent work standards and safeguarding workers’ welfare across sectors.

Faleye called for a coordinated, multi-sector approach to youth development that integrates education, technology, industry and governance, stressing that Nigeria’s future must be deliberately shaped through strategic investment in young people.

“The Nigeria we desire will not emerge by chance. It must be built intentionally through investment in our youth and strong institutional support systems,” he said.

In his welcome address, the National Publicity Secretary of the National Association of Nigerian Students, Samson Ajasa, said the summit was designed to bridge the widening gap between Nigerian youths and available opportunities both locally and internationally.

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He noted that the success of the maiden edition held at Olabisi Onabanjo University in 2025 informed the expansion of the initiative.

Ajasa said the 2026 edition, themed “Skybound Leadership: A Multi-Sector Approach to Youth Development in Technology, Aviation, Oil and Gas, Security, and Anti-Drug and Cybercrime Advocacy,” reflects the need for young Nigerians to embrace innovation-driven growth and leadership development.

“The theme underscores the boundless potential of Nigerian youths and the need to empower them through mentorship, knowledge and strategic exposure,” he said.

The highlight of the event was the presentation of the Social Protection Champion Award to Faleye in recognition of his contributions to strengthening Nigeria’s social security system.

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The summit, held at Merit House, attracted policymakers, industry leaders and youth advocates, underscoring increasing national attention on the role of young people in shaping Nigeria’s economic and social future.