Today, one in three Africans—422 million people—live below the global poverty line, and by 2050 it is estimated that more than half of the world’s population growth will be in Africa. 41% of Africans are currently under the age of 15 and 60% of the continent is below the age of 25. The youth population in Africa is expected to double, to over 830 million, by 2050. The question remains: which means can be used to end poverty in Africa?
Poverty alleviation in Africa will not be achieved via public aid, but through economic empowerment. According to the study carried out by I&P and the Foundation for International Development Study and Research (FERDI), investment in small and medium-sized enterprises (SMEs) will play a great role in achieving this objective; one of the key tools of empowerment will be entrepreneurship. Developing a mind-set that is driven by the perception of opportunity in spite of limited resources, and harnessing opportunities often in the midst of challenges is the gateway to building innovative businesses that tackles some of the socio economic problems faced in Africa, especially the problem of high unemployment and poverty. Successful innovative businesses, contribute to the creation of jobs, and development of communities, which will in turn lead to reduction in poverty levels. A reduction in poverty levels will raise the standard of living for Africans and pave the way for achieving a better and more sustainable future for all.
Entrepreneurship development is the process of enhancing entrepreneurial skills and knowledge through structured training and institutional building programmes. To lower the high level of poverty in Africa, adequate attention must be given to the growth of entrepreneurship by the government and educational institutions. Entrepreneurship development should be inculcated into schools’ curriculum to promote human empowerment and development through entrepreneurial education and training.
At Ignite Borders, our approach to improving the skills of African entrepreneurs towards building more innovative and sustainable businesses include: