By 2050, Africa will have 362 million young people between the ages of 15 and 24 years old. Africa is the youngest and fastest growing continent in the world. By 2030, there will be 375 million young people in the job market in Africa. Within a few decades, this demographic boom will push Africa’s workforce to more than a billion people, the largest in the world.
In stark comparison as per Statista demographic the list of countries in 2021 with the largest aging population over the age of 65 are Japan, 29% , Italy 24%, Finland 23%, Germany 22%, Greece 22%, Portugal 21%, France 21%, etc. Which again just highlights the enormous opportunities that lie within Africa.
According to research by Mastercard, this generation is healthier and better educated than their parents. Through technology, they have easier access to information, and consumer goods and services. The world they live in is more democratic. While the circumstances of their lives are measurably better than they were in the past, a significant gap between the number of young people seeking work and the limited employment opportunities available to them means that they will face challenges finding formal employment and a pathway out of poverty. Moreover, for some time, we’ve observed a mismatch between the skills of young people entering the workforce and the needs of employers. The youth employment challenge is daunting, but it is not insurmountable.
During this discussion on the Better Future Stage, we want to explore the challenges and as well opportunities for young businesses on our continent – African startups are turning challenges into business opportunities and are creating innovative solutions. What do we need from our large conglomerates, governments, and funding institutions to encourage, support and assist our entrepreneurs to secure a better future?