KEY POINTS
- African youth represent a unique demographic dividend for global growth.
- Challenges include unemployment, education gaps, and limited access to finance.
- Education, entrepreneurship, and inclusive policies are essential for unlocking potential.
Africa is home to the world’s youngest population, with over 60 percent of its 1.4 billion people under the age of 25.
This demographic bonus is a great opportunity which if well managed enables Africa to boost its economy, smart development and innovation.
However, the youth of Africa face challenges like unemployment, inadequate education and resource constrains which are likely to slow down their potential.
To realise that potential, education, entrepreneurial capital and other policies that support youth have to be well directed.
The promise of Africa’s youth
A major strength of Africa is its flexibility arising from the youthful demography of its population in contrast to ageing workforces around the world.
Projected to the year 2050, the continent will produce close to quarter of the total global work force thus becoming a veritable source of labor for industries across the globe.
The sectors, which this young dynamic generation brings on board such as technology, agriculture, renewable energy among others, stand to be boosted to transform the economy and foster resilience.
The creative economy in the continent including the music , film and fashion industry also benefit from the youthful demography.
For example, Nollywood which is the film industry in Nigeria earns over a billion dollars every year and helps millions of young Africans get employed.
Youth in Africa are also great candidature in the realm of entrepreneurship. According to the African Development Bank, an analysis of working-age population being involved in entrepreneurial activity, Africa leads the world at 22 percent.
The social entrepreneurship age of youths across the continent continues to rise as they come up with innovations specific to whatever area of needs in such areas as fintech, agriculture, e-commerce, and the rest.
Challenges facing African youth
There are lots of opportunities for the young people in Africa, however, they are threatened with numerous issues which limit their engagement and contributions to economic or social growth.
Unemployment continues to be a major concern the world over and particularly the rate at which youths are unemployed is considered to be very high.
More than 40 percent of youths in Sub-Saharan Africa are either out of work, or in low-paying jobs, which leaves them both frustrated and a drag on the economy.
Education systems across the continent do not prepare the learners enough for jobs to meet current market needs.
A UNESCO report highlighted that nearly 60 percent of African youth lack basic literacy and numeracy skills, limiting their employability.
Another challenge young entrepreneurs face is in accessing finance. Current funds are limited among most young people from Africa, and the established financial organizations do not wish to invest funds in the identified businesses as this is considered high-risk.
Global census shows that over 331 billion dollars are required to fund entrepreneurial activity in African youths per annum, according to the International Finance Corporation.
Strategies to harness youth potential
Education and skills development is well acknowledged to be the key to leading Africa’s youthful population forward.
Education reforms must emphasize the education curricula adequacy concerning the demand in the labor market and the availability of technical and vocational education and training.
Projects like African Continental Free Trade Area (AfCFTA)’s Youth Program provide valuable cog in efforts to ensure that the lack of personnel trained across different borders is filled through cooperation and internships.
These programs prepare young people for the future roles as stakeholders in new economy sectors such as information technology and sustainable power.
Encouragement of youth entrepreneurship is another good approach, which can be used. It is crucial that governments and private organisations must increase their support to young people seeking to do business by providing funds, and pro-actively offering to provide the much needed expertise through training.
Programs like Tony Elumelu Foundation Entrepreneurship Program embark on supporting African start-ups with funds, business mentoring and business development support critical to turning around the economy of the country.
In addition, programs like the African Development Bank’s “Jobs for Youth in Africa” initiative aim to create 25 million jobs by 2025, focusing on industries that align with Africa’s economic strengths.
These endeavors not only offer employment opportunities for people but also trigger the upliftment of inclusiveness of the entire continent.
