Nigerians—and Africans by extension—have been described as a unique population of business-minded people. From where we stand, we can posit that Microsoft and the African Development Bank (AfDB) believe this too, as they have now partnered to create an Africa with more entrepreneurs.
Well, there’s no smoke without fire. There are simply not enough jobs for the many young and brilliant minds scattered across the continent. So, they are employing themselves. By solving problems and monetising their solutions, these young entrepreneurs are solving a surging employment crisis and boosting Africa’s GDP.
More entrepreneurs, more prosperity
Those were the words of Wael Elkabbany, the general manager of Microsoft Africa. He believes that if more Africans are trained to solve problems they believe in, Africa will findi its way to sustenance and increased prosperity. This is a truth the AfDB agrees to, so the pair are daring to prove it right.
Microsoft is doing this through its African Transformation Office (ATO), while AfDB is spearheading the execution through its Youth Entrepreneurship Investment Banks (YEIB) Initiative.
What’s in it for the entrepreneurs?
Money, training, technical assistance, and professional services. The entrepreneurs will get exposed to curated learning content, funding and credit services, and a host of other professional services that will enable their businesses to thrive and contribute to the continental boom.
Zoom Out: Africa’s young population is projected to double in size by 2050, reaching 830 million. Every year, 10 to 12 million youths join the continent’s workforce, but only about 3 million jobs are created, leading to the present unemployment crisis.
Youth entrepreneurship can check this, but affordable access to finance and quality business development services are not yet accessible to most. Initiatives like this can change the narrative, but African youths need more believers in them.