A July 2022 research conducted by Statista indicates that the African continent boasts over 220 million young Africans aged between 15 and 24 years. Expanded to include those aged between 25 and 49 years, this figure nearly doubles, to about 407 million Africans in the latter age bracket alone.

Other findings by Mastercard estimate that by 2100, half of the world’s population will be African, with about 375 million young people in the African job market by 2030.

The continent’s overall population which numbers over 1.4 billion inhabitants (second only to Asia), has, amid the decline in the last couple of years, been projected to reach 2.5 billion inhabitants by 2050.

With over 60% of the continent’s population under the age of 30, researchers and social development experts have found immense potential for growth, innovation, and transformation.

However, this demographic dividend can only be realised if the youth are empowered with the requisite skills, resources, and support needed to succeed in entrepreneurship.

Research has shown that entrepreneurship among African youth has the transformative power to ignite economic growth, unleash job creation, and propel the realisation of the United Nations’ Sustainable Development Goals 2030 and the African Union’s Agenda 2063.

By fostering a vibrant culture of entrepreneurship among African youth, governments, policymakers, and social development institutions can unlock the boundless potential of young people and empower them to become the drivers of sustainable development.

To bridge the gap and pave the way for a brighter Africa where youth in entrepreneurship thrive, here are five strategies to support young Africans in their entrepreneurial journey towards success.

  1. Youth Empowerment through Comprehensive Education and Training

Young Africans can benefit from quality education and training that equip them with essential skills and the right knowledge that cultivate mental resilience to help them succeed in entrepreneurship.

Integrating entrepreneurship into school curricula is a vital step in this direction. By incorporating specialised courses such as business management, marketing, finance, and innovation, an entrepreneurial mindset can be instilled in young people from an early age.

Beyond theoretical knowledge, practical experience is essential for the youth to learn and grow. Facilitating opportunities for African youth to gain hands-on experience in established businesses allows them to learn from seasoned entrepreneurs and gain valuable insights.

This real-world exposure helps them develop the skills and confidence needed to succeed in their own ventures.

In addition to business skills, hands-on training in practical skills like carpentry, welding, reimagined African cuisine, and cosmetology empowers youth with marketable expertise.

These skills not only enhance their employability but also enable them to create their own job opportunities, contributing to economic growth and development.

To reach a wider audience and ensure inclusivity, it’s essential to expand access to online courses, webinars, and e-learning platforms in indigenous languages.

This approach ensures that youth from diverse backgrounds can access quality education and training, bridging the digital divide and unlocking their full potential.

2. Turning Vision into Reality: The Power of Access to Funding

The age-old Nigerian Pidgin proverb, “Soup wey sweet na money de cook am” (to wit, ‘wealth is the spice that makes life’s soup savoury’) rings true for young African entrepreneurs seeking to bring their innovative ideas to life.

Quality education and training are merely the foundation; access to funding is the catalyst that transforms vision into reality. Without it, even the most brilliant ideas remain mere talk.

Fortunately, various avenues of funding can bridge this gap. Startup grants, offered to young entrepreneurs with ground-breaking business ideas, provide a platform for capital injection.

Youth-focused loan programmes, with flexible repayment terms and minimal collateral requirements, also offer a safety net for those taking their first steps, as well as crowdfunding platforms, which allow young entrepreneurs to raise funds from a diverse pool of investors.

Moreover, connecting young entrepreneurs with angel investors and venture capitalists can be a game-changer.

These seasoned investors not only provide vital funding but also offer guidance, mentorship, and valuable industry connections.

These avenues democratise access to capital, bringing help to the doorstep of young entrepreneurs as they turn their ideas into thriving businesses to create a ripple effect of economic growth and prosperity.

3. Unlocking Success: The Power of Mentorship and Networking

For many young entrepreneurs, navigating the complex terrain of business can be daunting. However, with the right guidance and support, they can unlock their full potential, thriving in their chosen fields.

Mentorship and networking are the keys to gaining valuable insights, expert advice, and life-transforming connections.

Structured mentorship programmes that pair young entrepreneurs with seasoned mentors who offer personalised guidance and support can provide an avenue where the older generation of entrepreneurs can hold the hands of young people in business, helping them avoid costly mistakes and accelerate their growth.

Industry events and conferences also offer a platform for young entrepreneurs to connect with investors, experts, and peers, fostering a spirit of collaboration and knowledge-sharing.

These gatherings facilitate meaningful exchanges, inspire innovative thinking, and help bridge the gap between ambition and achievement.

Additionally, peer-to-peer networking enables young entrepreneurs to form symbiotic relationships, sharing resources, expertise, and encouragement.

Through these connections, African youth in entrepreneurship can leverage collective strengths, address common challenges, and create a supportive ecosystem that propels them forward.

4. Fuelling Entrepreneurial Success: The Power of Incubators and Accelerators

Young entrepreneurs often face major hurdles when launching and growing their ventures. However, incubators and accelerators have emerged as important catalysts for success, providing the essential resources and support needed to thrive.

By offering shared office spaces, complete with amenities like high-speed internet, state-of-the-art printers, and professional meeting rooms, these hubs empower entrepreneurs to operate efficiently without the burden of a brick-and-mortar location.

Likewise, incubators and accelerators deliver comprehensive business support services, including access to expert legal counsel, specialised accounting guidance, and cutting-edge marketing strategies.

This holistic support ecosystem enables young entrepreneurs to navigate the complexities of business development, refine their ideas, and drive growth with confidence.

5. Empowering Youth Entrepreneurship: A Call to Action for Governments

Governments have a profound opportunity to foster a thriving entrepreneurial ecosystem by implementing youth-friendly policies and programmes.

By offering targeted support, governments and policymakers can help young African entrepreneurs unlock their potential and drive economic growth.

Tax incentives, for instance, can be a powerful tool to stimulate innovation in specific regions and industries, enabling young businesses to not merely survive, but flourish.

Drawing inspiration from successful initiatives in public universities, where governments have subsidised tuition fees and accommodation costs, a similar approach can be applied to support young entrepreneurs.

Government subsidies and grants can provide a huge relief, alleviating some of the financial burdens that often accompany starting or growing a business, especially in Africa.