The EU ended its meeting on economic recovery with a historic stimulus deal on Monday. In the long meeting between the 27 members of the Union in Brussels, which lasted for over 90 hours, they resolved to raise €750 billion ($857 billion) that will be used to rebuild the economy shattered by the coronavirus pandemic.

The talk has lasted that long due to existing issues needing to be resolved by the members, which borders on how to divide the amount between grants and loans, how to oversee its investment and how to link it with the EU’s democratic values.

Disagreement between members had stalled a recovery plan for the European Union back in April, when €540 billion was proposed as part of bailout for EU countries worst hit by the health crisis.

This time, they agreed to distribute €390 billion ($445 billion) as grants to the hardest hit member countries while the rest will be given as loans. As part of the agreement, €1.1 trillion ($1.2 trillion) will be provided for the 2021-2027 EU budget, a historic sum described as “classic” by the EU leadership.

“It is an ambitious and comprehensive package combining the classical budget with an extraordinary recovery effort destined to tackle the effects of an unprecedented crisis in the best interest of the EU,” the statement from EU leaders said.

Aside from the economic impact of the agreement, the deal signals a stronger European Union where members could overlook their differences and pursue a common goal.

The European Council president, Charles Michel told the press on Tuesday that the deal signifies a “strong” and “united” Europe.

“We did it! Europe is strong. Europe is united. This is a strong deal, and most importantly, this is the right deal for Europe right now,” he said, adding that it was the first time members of the European Union were “jointly enforcing our economies against the crisis.”

Considering the past records of the EU meetings, where discussions were clouded in emotions of disagreement, the members have leaped with the strength of compromise to scale the anti-progress hurdles which were usually based on getting the “frugal four,” Sweden, Denmark, Austria, Netherlands and Finland to agree with others.

In the past, the group had put the grant for hardly hit members at €375 billion, whereas some members such as Spain and Italy didn’t want to go below €400 billion while the “frugal four” didn’t want to go above the proposed €375 billion. The “frugal four” were cajoled to compromise through a promise of rebates on their EU contributions. Spain, Italy and others who were previously keen on €400 billion agreed to the newly suggested €390 billion as a compromise.

The frugal four had opposed the suggested €500 billion grant because the repayment plan means every member country will have to contribute, and they were not ready to pay for a loan they were not the beneficiaries.

However, the new deal means that the European Union will have to look for new ways to fund the package. The Commission said it’s proposing fresh ways to raise funds which includes introducing ‘digital levy’ for tech companies, and new tax on financial transactions. It added that it’s considering updating an emissions trading program, which limits the number of greenhouse gases companies are permitted to emit without paying a fine. It said the restrictions imposed on some companies could be extended to maritime and aviation industries.

But the deal also means the European Union will become a big debtor in the financial market for the first time, with a repayment plan stretched to 2058. However, it doesn’t seem to be a problem as all members expressed satisfaction with the deal, though there are still other matters that need to be addressed, including winning the trust of the European parliament.

European Commission president Ursula Von der Leyen tweeted at the end of the meeting that the Union has taken a historic step “we all can be proud of.”

“Today we’ve taken a historic step, we all can be proud of. But other important steps remain. First and most important: to gain the support of the European parliament. Nobody should take our European Union for granted,” he said.

While there is still a thwarted relationship between the EU member nations, the objective has been achieved based on a collective willingness to compromise.

“We showed collective responsibility and solidarity and we show also our belief in our common future,” Michel said.

Against the backdrop of deficiency in human capital development in state governments in Nigeria, the Enugu State Government is setting the pace.

The state government, under the leadership of Governor Ifeanyi Ugwuanyi, has set up a youth empowerment program to bridge the youth unemployment gap in the state. The technology-based scheme is designed to help youths in the state acquire digital skills that will prepare them for employment.

The scheme, tagged e-YES, is the initiative of Enugu SME Center, under the Enugu Human Capital Development Loan Program.

Ugwuanyi said it is part of his projects aimed at human development and ease of doing business. He said: “Our commitment in developing human capital and ensuring that businesses thrive is reflected in our World Bank ease of Doing Business ranking, which moved from 27th to 3rd.”

The scheme is designed to empower youths in digital skills that will make them employable in fields such as: digital marketing, SMS marketing, advertising, Search Engine Optimization (SEO), internet promotion and data analytics. There are also email marketing, content marketing and mobile advertising.

However, the cost of the training is given as loans to the beneficiaries who are expected to pay back when they secure a job based on their acquired skills.

The state government is partnering with the private sector to execute the program, offering beneficiaries jobs upon completion of the training to enable them pay back their loans. Enugu SME Center said the scheme is designed that way to enable the participants to give back to the Enugu State government.

“Upon completion of the training, participants will be placed into jobs, and within agreed number of months are obligated to pay back the cost of the training through their respective salaries. This way, they cannot only contribute to the economic development of Enugu State and Nigeria at large, but funds can be recycled to train other youths,” the SME center said.

Technology has been touted to replace the oil economy in Nigeria, but many states are yet to tap into it, especially through digital-based youth empowerment schemes that will uncover talents and help them develop economically profitable ideas in the technology sector.

Arinze Chilo Offiah, the Special Adviser, SME Development Head, Enugu SME Center said the program will equip the youths to thrive in the digital age and contribute to the growth of the state’s economy. He added that the skills they will acquire will help improve them personally, fulfilling the human development goal of the scheme.

“Human capital development is important in improving and enhancing the quality of life the people as well as the private sector ecosystem,” he said. Adding that, “technology will continue to drive change in the work place, and for one to be a game-changer, one must be able to use technology to solve everyday problems. With this initiative, the Enugu SME Center is giving the youth an edge, starting now.”

However, the success of the initiative lies partly on the effectiveness of the training. Aware of this, the Enugu State Government is partnering with reputable tech companies to deliver impactful lessons. Some of them are affiliated to the Digital Marketing Institute of Ireland, which is globally recognized for training people in profitable digital skills.

Nigerian tech companies such Utiva and Wild Fusion Digital Center are part of the trainers. The CEO of Wild Fusion, Abasiama Idaresit said the firm has a reputation to protect, given their past record in delivering excellence in training, adding that it has international certification and validation to deliver quality digital marketing training and job placement for enrollees.

“We have trained over 4,000 students since 2014, who are gainfully employed and delivering value to their employers. Participants will be provided jobs in the private sector and also to provide service for MSMEs, startups and other such businesses across Nigeria and the globe. Being that we live in a digital age, it is easy for someone to provide service for a company irrespective of geographical location and earn foreign exchange while still residing in Enugu State. This initiative will leverage this as well,” he said.

Utiva said the training, of which the first phase is expected to take up to 800 registrants, will last for the next four to five months. They will be trained on programming and product design.

The digital and business skills development firm said the enrollees will be trained to fill the missing talent gaps in the tech sector of Enugu State’s economy. It said the project will “help firms and organizations find tech talents they need from Enugu State.”

Enugu State has continued its push to add more numbers from its employment record of 2018, when its unemployment rate fell by 1.82%. Ugwuanyi has been investing in human capital development projects to alleviate the troubling rate of unemployment in the State.

Using the Enugu SME Center as a frontier, the state government has pioneered different programs aimed at job creation. There are: Enugu Fenix Power Champions, Enugu Wifi Project, Auto-revamp Training Program (AITP), Enugu SME Hackathon and Enugu Job Portal Development & Employment Training Program. The Enugu State Government is targeting 20,000 jobs in 2020 through these initiatives.