Unleashing Hope: How the Private Sector Can Turn the Tide on Youth Unemployment through an Enabling Ecosystem

 A Bright Future Ahead for Papua New Guinea’s Youth

According to the UNFPA, young people under 25 make up about 60 per cent of the population in Papua New Guinea (PNG), equating to about 7.3 million inhabitants. If current population trends continue, this group will continue to grow rapidly.  One in six women in PNG give birth to their first child before the age of 18 and the country’s population is projected to reach 13 million by 2032.

Papua New Guinea is a country with immense potential, especially when it comes to its young population. With school leavers, tertiary graduates, and women from single income families making up a significant portion of the target market, it is crucial to address youth unemployment and improve financial and digital literacy. By empowering the next generation and providing them with the necessary skills and support, Papua New Guinea can unlock a brighter future for its youth.

Empowering the Next Generation: The Importance of Youth Employment and Financial Literacy

Youth employment is crucial for any nation’s development, as it not only provides young people with financial stability, but it also allows them to gain valuable skills and experience. However, youth unemployment rates in Papua New Guinea have been alarmingly high in recent years. This calls for a concerted effort from both the government and the private sector to create opportunities for the young population.
Financial literacy is equally important, as it equips individuals with the knowledge and skills to make informed financial decisions. Many young people lack this knowledge, which can lead to poor financial management and limited economic opportunities. By improving financial literacy, Papua New Guinea can ensure that its young population has the necessary tools to navigate the complexities of the modern economy.

SR Curio through its sister brand, Xceller8 is piloting a series off off-line events scheduled to be held on the first Wednesday of each month at Rangeview Plaza, Port Moresby, Papua New Guinea targeting youth, school leavers and women from single income families.

Xceller8 is a social impact accelerator program aimed at accelerating 1000 brands by creating an enabling ecosystem of partners to reduce the financial literacy onboarding times for clients bringing together financial service providers, fintech, promote human capital and entrepreneurship culture, business development and support, incubators and acceleration trainers, promote policies that are youth-inclusive, and encourage the growth of tech-based start-ups.

Cultivating a Spirit of Entrepreneurship: Encouraging Business Creation in Papua New Guinea

Entrepreneurship can play a pivotal role in reducing youth unemployment and fostering economic growth. By encouraging young people to explore entrepreneurial ventures, Papua New Guinea can create a culture of innovation and self-reliance. The private sector has a crucial role to play in promoting entrepreneurship by providing mentorship, access to capital, and business development opportunities.

Partnerships for success: How the private sector can drive change

The private sector can be a driving force in turning the tide on youth unemployment and improving financial and digital literacy. By forging partnerships with government agencies, educational institutions, and non-profit organizations, private companies can leverage their resources and expertise to create sustainable change. This can be done through initiatives such as internship programs, vocational training, and mentorship schemes.

SR Curio’s inaugural intern, Ms. Elishebba Ramoi-Alloy, actively sought out an internship with SR Curio in 2019 and completed her first internship for 8 months prior to being engaged as the Lead Intern at the Business Council of Papua New Guinea. In 2022, she graduated with a Bachelor of Laws from the University of Papua New Guinea, admitted to the bar in 2023 and is now employed with Papua New Guinea’s largest employer, as the Employee Relations Officer at New Britain Palm Oil Limited. Photo Credit: Elishebba Ramoi-Alloy, LinkedIn.

Education as the Key: Equipping Youth with Essential Skills and Knowledge

Education plays a crucial role in equipping young people with the skills and knowledge they need to succeed in the workforce. However, traditional education systems often fail to prepare students adequately for the demands of the modern job market. To bridge this gap, the private sector can collaborate with educational institutions to develop curriculum and training programs that are aligned with industry needs. This will ensure that young people are equipped with the skills and knowledge necessary to thrive in the digital age.

SR Curio is a HubSpot Solutions Provider and onboard our clients and members of our social impact accelerator program to digitise their operations, marketing and sales using this. Sign up to our accelerator program here. Photo Credit: HubSpot.

Inspiring Innovators: Showcasing Success Stories in Youth Business Creation

One of the most effective ways to inspire young people is by showcasing success stories in youth business creation. By highlighting the achievements of young entrepreneurs, the private sector can demonstrate the tangible benefits of entrepreneurship and instill confidence in the next generation. This can be done through media campaigns, entrepreneurship awards, and networking events, which provide platforms for young entrepreneurs to share their stories and connect with potential investors.

SR Curio’s client GoFood PNG is an example of a tech-enabled start-up that has scaled its business operations during the COVID-19 Pandemic in Papua New Guinea and today employs a team of 30 Papua New Guineans, the majority of whom are youth. It launched its app in 2022 which is available on Google Play and the App Store. Photo Credit: GoFood LinkedIn.

Building Bridges to Success: Collaboration and Mentorship for Sustainable Development

Collaboration and mentorship are essential for sustainable development and the empowerment of youth. The private sector can collaborate with youth-focused organizations and community groups to provide mentorship opportunities and support young people in realizing their potential. By connecting young individuals with experienced professionals, the private sector can enhance their skills, knowledge, and confidence, ultimately enabling them to contribute positively to the nation’s development.

In 2021, SR Curio benefited from a 2 month online coaching program implemented by Centre for International Private Enterprise’s PNG Women Business Resource Centre. Valued at K5,000, the 2 month coaching sessions were funded by the Australian Department of Foreign Affairs and featured Anthea Smits, CEO of the Difference Incubator and a local coach, Marianna Ellingson of Aidan Limited. Photo Credit: PNWBRC Website.

Empowering Youth for a Prosperous Papua New Guinea

Youth unemployment and limited financial and digital literacy pose significant challenges to Papua New Guinea’s development. However, by harnessing the potential of the private sector and prioritizing initiatives that empower young people, the nation can turn the tide on these issues. Through a combination of entrepreneurship promotion, education reform, partnership building, and mentorship programs, Papua New Guinea can create a bright future for its youth and pave the way for a prosperous and sustainable future.

Interested in how you can become an implementing partner or sponsor for Xceller8’s Financial Literacy and MSME Day?

Want to learn more about how can make an impact to engage youth as part our social impact accelerator program? Contact us below.

Published by SR_Curio

Inspire. Motivate. Act.

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