With great talent in Africa, there is a need to increase funds to promote the creation of sustainable jobs for young Africans by equipping youth and women-led startups as well as micro, small and medium enterprises with the skills, financial support, and enabling environments to run bankable businesses.
According to Africa Development Bank, approximately 62% of Africa’s population was below the age of 25 in 2019. Although this demographic is expected to slightly fall to 59% in 2030 and decline further to around 52% in 2050(link is external), this large, dynamic youth cohort could be an asset if unemployment, education, and rising inequality are addressed. The United Nations Population Fund estimates that GDP for the continent could grow by $500 billion per year for 30 years if Sub-Saharan Africa invests in its human capital.
The Bank projects that Africa will need to create 20 million jobs annually through 2030 just to keep the current unemployment levels constant. While economic growth has been strong in Africa, there is an urgent need to promote inclusive economic transformation.