Aid Dependency: As of the early 2020s, several African countries relied on foreign aid for more than 10% of their GDP, highlighting a dependency that can hinder self-sufficient economic growth. (Source: World Bank)
Unemployment Rates: Youth unemployment rates in sub-Saharan Africa remained high, with figures around 20% in some countries, underlining the urgent need for job creation and economic diversification. (Source: African Development Bank)
Skills Gap: The African Development Bank (AfDB) reported that despite high unemployment rates, many African companies struggle to fill skilled positions. This paradox indicates a significant skills gap, where the skills of the workforce do not match the needs of employers. For instance, in some countries, over 50% of employers cite finding adequately skilled workers as a major challenge (AfDB)
Young Population: Africa is the youngest continent globally, with a median age of around 19 years. In contrast, the median age in North America is about 35 years, and in Europe, it's around 42 years (United Nations, Department of Economic and Social Affairs, Population Division)
Growth Projection: The population of young people (ages 15-24) in Africa is expected to double by 2050, reaching over 830 million. This growth presents an unprecedented potential labour force and consumer market (United Nations, World Population Prospects)
Entrepreneurial Spirit: African youth are increasingly entrepreneurial, with about 22% of the working-age population starting businesses, the highest rate of entrepreneurship globally. This highlights a vibrant potential for innovation and economic transformation driven by young entrepreneurs (Global Entrepreneurship Monitor)
.png){kind=icon}
.svg)
.svg)
.svg)
