“Africa is young, Europe is old“. That was one of the first conclusions I reached after a few weeks in Lagos. I wasn’t thinking just in terms of the age of the population, more in terms of the spirit and outlook I saw there. Africans are bursting with youth and energy which is why I delighted in the news I read a few days ago about a 92-year-old Kenyan lady who is going to elementary school. It is a clear sign of the youthful spirit of African people. In business, both demographic and mental youthfulness are highly valuable :
(1) Some interesting demographics for sub-Saharan Africa:*
-total population: 940 million in 2013, up from 270 million in 2000; and it is estimated to reach 1 billion in 2030, and 1.75 billion in 2040; (see related post on increasing urbanization).
-75% of the population is under 35, which is estimated to drop to 70% by 2030 (these figures include North Africa);
-life expectancy has increased from 49.5 in 2000 to 55 in 2013, and it is expected to reach 64 by 2030;
-the population growth rate is forecast at 2.6% until 2020 and 2.2% from 2030 onward;
(2) Some of the signs of a youthful mentality that I saw while visiting Nigeria, Kenya, and Ghana:
-Africans are eager to take their countries to the next level: with this purpose in mind, a number of initiatives (e.g., Africa 2.0; Africa Leadership Network) focus on developing the next generation of African leaders;
-Africans are extremely entrepreneurial – especially Nigerians, I would say: even drivers are constantly thinking of what business they might start up;
For a continent with a young population and a youthful mentality, where do you think the future might lie?
* This information is from the World Energy Outlook 2014 (a report on the energy industry which this year contains an in-depth analysis of SSA), and from a report on Africa’s demographic trends by the African Development Bank Group.
its high time africa turns this youthfulness into economic growth and prosperity for all
Definitely, Shela! To this point, some countries are more entrepreneurial than others. You may see examples of how this youthfulness turns into entrepreneurial activities in yesterday’s post https://blog.iese.edu/africa/2015/04/01/access-to-electricity-in-africa/ and in a previous one on indigenous entrepreneurship https://blog.iese.edu/africa/2015/01/14/a-new-era-of-indigenous-entrepreneurship/