Here is the Most Significant Way Young Entrepreneurs Are Shaping Africa
- By Karim Hassan
- August 30, 2024
- Entrepreneurship
Young people in Africa are full of entrepreneurial spirit. Even though they face challenges, they are starting businesses and driving innovation across the continent.
In this article, we will look into youth entrepreneurship in Africa, exploring the rise of young entrepreneurs and the creative solutions they are using. We will share inspiring stories of young innovators who are making a difference.
Table Of Content
The Rise of Youth Entrepreneurship in Africa
Youth entrepreneurship in Africa is more than a popular term; it’s growing fast. Recent numbers show that Africa has the highest rate of young people starting businesses globally.
In countries like Ghana, Nigeria, Kenya, and South Africa, many young people are creating their businesses.
An article by Brookings says more than a fifth of working-age Africans start new businesses, and more than three-quarters of young people plan to start a business within five years.
Driving Factors: What is Fueling This Entrepreneurial Spirit?
What is fueling this surge in youth entrepreneurship in Africa? Several factors are at play:
| Driving Factors | Description |
|---|---|
| Demographic Dividend | Africa has the youngest population in the world, with over 60% of its population under the age of 25. This youthful demographic is eager to take risks and explore new opportunities. |
| Technological Advancements | The rise of mobile technology and internet access has opened up new avenues for young entrepreneurs. From e-commerce to fintech, technology is enabling young Africans to start and scale businesses like never before. |
| Educational Initiatives | There has been a significant push towards entrepreneurship education in many African countries. Programs and courses designed to equip young people with the skills and knowledge needed to start their businesses are becoming more common. |
| Government Support | Many African governments are recognizing the importance of youth entrepreneurship and are implementing policies and initiatives to support young entrepreneurs. This includes funding programs, tax incentives, and business development services. |
| Cultural Shifts | There is a growing cultural acceptance of entrepreneurship as a viable career path. Young people are increasingly seeing entrepreneurship as a way to achieve financial independence and make a positive impact on their communities. |
Inspiring Young African Entrepreneurs Making a Difference
Young entrepreneurs in Africa are boosting the economy and bringing positive changes to society with their creative ideas and businesses.
Here are some inspiring examples of young African entrepreneurs making a difference both locally and around the world:
Vanessa Zommi – Cameroon
At only 17 years old, Vanessa Zommi started Emerald Moringa Tea in Cameroon to help fight diabetes by lowering blood sugar levels.
After her mother was diagnosed with diabetes, Zommi learned about the health benefits of the Moringa tree and began making tea from its leaves. Her product aims to address Cameroon’s diabetes problem by keeping people healthy.
Kofi Amoa-Abban – Ghana
Kofi Amoa-Abban is an oil and gas entrepreneur who has made progress in the energy sector. His projects not only focus on growing his business but also aim to create jobs and boost economic development in Ghana.
Olatorera Oniru – Nigeria
Olatorera Oniru, a 29-year-old from Nigeria, is making a big impact in the country’s growing online shopping market with her fashion website Dressmeoutlet.com.
Even though she had a successful corporate job, Oniru chose to follow her dream of starting her own business. She has even received investment offers from well-known Nigerian billionaire Tony Elumelu.
Aisha Ayensu – Ghana
Aisha Ayensu is the founder and head designer of Christie Brown, a luxury women’s fashion brand that mixes modern designs with traditional African fabrics.
Her work has received international praise, showcasing Ghanaian culture and creating jobs in the fashion industry.
Youth entrepreneurship program in Africa
Youth entrepreneurship programs in Africa are seen as very important for solving the unemployment problem and boosting economic growth. Here are some key programs and how they are making a difference:
Tony Elumelu Foundation Entrepreneurship Programme
The Tony Elumelu Foundation has a program to help young African entrepreneurs. Started in 2015, the program gives training, mentorship, and $5,000 in seed money to chosen participants.
The foundation aims to support 10,000 entrepreneurs by 2024. So far, they have trained over 1.5 million young Africans and given out over $100 million in funding.
Anzisha Prize
The Anzisha Prize is a well-known program that finds and supports young African entrepreneurs aged 15 to 22. The program gives money, mentorship, and business training to help these young leaders grow their businesses.
By focusing on youth-led businesses, the Anzisha Prize aims to inspire a new generation of entrepreneurs and create jobs in Africa.
African Development Bank’s Youth Entrepreneurship
The African Development Bank has created the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund to help young entrepreneurs in Africa.
This fund provides money, technical help, and training to empower young entrepreneurs. The program focuses on promoting new ideas and creating job opportunities for young people in different sectors.
The Future of Youth Entrepreneurship in Africa
The future of youth entrepreneurship in Africa looks incredibly promising. Here are some key predictions and trends to watch out for:
| Prediction/Trend | Details |
|---|---|
| Increased Digital Adoption | More young entrepreneurs will leverage digital tools to start and grow their businesses. |
| Rise of Green Businesses | Surge in eco-friendly and sustainable businesses as young entrepreneurs address environmental issues. |
| Expansion of Fintech | Mobile banking, digital payments, and blockchain technology will provide new opportunities for innovation and reaching underserved markets. |
| Focus on Social Impact | Businesses prioritizing social impact alongside profit will become more common, addressing social and economic challenges. |
| Collaborative Ecosystems | Rise in co-working spaces, incubators, and accelerators that foster innovation, provide resources, and facilitate networking among young entrepreneurs. |
The future of Africa lies in the hands of its youth because their innovative ideas can drive economic growth and societal change.
Support young entrepreneurs by providing mentorship, funding, and resources. Encourage entrepreneurship education and advocate for policies that create a conducive environment for startups.
