YOUNG AT HEART
A POWERFUL CATALYST FOR GROWTH & DEVELOPMENT ENTREPREN Entrepreneurship is thriving across Africa. Women and youth in particular are emerging as forces for transformative change, reshaping economies and revitalizing communities By Julia Zacharenkova, OPEC Fund
A frican entrepreneurship is on the rise. The young demographic in particular is driving innovation and using its relentless determination to spur economic development by creating unique solutions that address local challenges. Over the past five years, the number of businesses and start-ups in Africa has increased by 20 percent. A record for tech start-ups was registered in 2021 with nearly US$2.15 billion in investment capital directed toward the sector, a staggering 206 percent increase over the previous year. The continent now boasts seven
“unicorns” – new businesses valued at over US$1 billion – mainly in fintech and e-commerce, up from zero in 2014. Fully-fledged start-up scenes are disrupting how we think about African agriculture, industry, IT and sustainability. In the majority of cases, these businesses are spearheaded by Africans under the age of 35. In Benin, between 2019 and 2022, the number of young people opening new businesses skyrocketed, more than tripling from 7,416 registrations
to 23,213 – equaling a growth of 212 percent and massively outperforming, for instance, neighboring Togo. Africa has the fastest growing and youngest population in the world, with 70 percent of sub-Saharan Africa under the age of 30. The median age on the African continent is 19. While birthrates are tumbling in richer
nations, Africa’s baby boom continues apace, fueling the youngest, fastest growing population on earth. Over the next three decades, the region will experience the fastest
26
Powered by FlippingBook