According to the UN, the burden of unemployment has greatly affected African youths. There are 420 million youths who are 20% of Africa’s population. They are aged 15 and 34 years old. Therefore, 10 to 20 million of them enter the job market yearly. Youths venturing into business in Africa is a sure path.
The United Nations Development Programme states that it’s unlikely that formal jobs will increase in Africa shortly. Nonetheless, there is notable progress in how youths venture into business in Africa. Here are some of the opportunities.
- The International Finance Corporation is on a 5-year plan to improve businesses. It will boost the agricultural sector in Africa by pumping in over $2 billion. This and other such initiatives like the World Bank Foundation continue to attract more youths into agribusiness. Youths venturing into business in Africa grows the economy.
A majority of youths are now able to borrow funds to grow crops using modern technology. The farm products are later sold locally or through exporting. Other young people venture into small scale livestock farming of chicken, rabbits, fish, etc. This has, in turn, created business avenues for other youths. Consequently, they add value and resell the foodstuff in towns.
Music and movie creation promotes excellent business shots for youths. For example, the Nollywood movie industry in Nigeria employs close to 1 million people. Research shows the majority are youths. For instance, drone operators, make-up artists, drivers, and props creators are some of the best avenues. Young people make big money from the entertainment industry.
There are lots of other youths who venture into providing public address equipment to weddings, political rallies, parties, roadshows, and concerts. These occasions have become so lucrative that you are unlikely to miss one of these events weekly.
Fashion and Design
Most African nations depend on second-hand clothes from the United States and Europe. Clothes, shoes, and jewelry are god sent business spots for young people. The second-hand clothes industry generates close to $3 trillion yearly and may double in the coming days. On top of that, the youths get opportunities to grow.
Khaki and African prints outfits continue to attract popularity in Africa and beyond. You are likely to find an apparel chain in almost every major city in Africa. Youths are also creating and selling bead artwork. Such include necklaces, bracelets, and earrings. All these supplement revenue streams. As a result, youth venturing into business in Africa has seen growth.
The ever-emerging issues result in a high level of unemployment in Africa. They include population, corruption, education gap, and poor infrastructure. However, the youths still invent ways to stand above these challenges. So, African youths continue to start businesses. Therefore, governments should provide them with cheaper tertiary education, vocational training, and funding. This will instill youths with essential skills to create jobs for themselves and stop over-relying on formal employment.