‘You Can't Rely On Anything Or Anyone'

Entrepreneurs born or made? Make your own money or find a job? These are questions that Africa needs to find the answer to – and quick.

- Peace Hyde

Unemployment is one of Africa’s biggest headaches. According to the World Bank, in the next 10 years, 600 million new jobs, that’s about half the population of Africa, are needed to keep the planet working and happy. 

The International Labour Organization estimates that the number of unemployed youths in sub-Saharan Africa stands at 11.6 million. Another study, by the African Centre for Economic Transformation, claims that almost half of the 10 million graduates churned out every year from more than 668 universities in Africa do not get jobs. That means millions of young, restive and discontent Africans are educated well enough to know what they are missing out on. The unintended consequence of this is many of the youngest and brightest are looking for more than just jobs.

“With the rise in graduate unemployment, more and more graduates are reassessing their career options and looking for more entrepreneurial career paths,” says Franklin Cudjoe, President and Founder of the IMANI Center for Policy and Education.

The dynamics of the employment game are changing fast, according to Cudjoe.

“We have several things that young people are looking for when they graduate from university these days. For example, Generation Y graduates are generally less motivated by money, and more focused on making an impact as well as having greater independence in their work,” he says.

As a result, there has been an upsurge in the number of start-ups across Africa. According to FORBES, African tech start-ups raised $129 million in funding in 2016, resulting in a 16.8% increase in the number of successfully funded start-ups from 2015. A 2016 Disrupt African Tech Start-ups Funding report shows that South Africa, Nigeria and Kenya remain the three most popular investment destinations on the continent, with over 80% of secured funds.