Djembe Communications’ and Forbes Insights regional survey of 4,000 Sub-Saharan Africans reveals the growing confidence of the continent’s entrepreneurs in advancing the region’s economy while calling for enhanced government support
– 48% of 16-40 year olds cite job creation as the single most important national issue
– 72% would rather start a business than work for an organization
– Poor capital markets and lack of government support are seen as barriers to success
– Agriculture, natural resources and technology set to be major drivers of new jobs
A survey of 4,000 Africans aged 16 to 40 in Angola, Ghana, Mozambique and Nigeria during the second half of 2015 has revealed the prevalence of a strong entrepreneurship culture amongst young Africans, with almost half (43%) agreeing that entrepreneurs will create more jobs than the public sector over the next five years.
The research report, entitled “Job Creation in Sub-Saharan Africa: Entrepreneurs. Governments. Innovation.” was commissioned by Djembe Communications, the pan-African communications consultancy and conducted by Forbes Insights. The results reflect the full extent to which attitudes are turning away from traditional sources of employment. In particular, there is widespread agreement that being employed by the public sector or an established company is not as desirable as it has been in the past. The majority of respondents agree that the industries that will create the most entrepreneurs in the next five years are technology (43%), natural resources (36%) and agriculture (33%).
The study garnered the opinions of Africa’s future business leaders; in particular what they considered to be the most important issues facing their country and what they felt to be the biggest barriers to success. Djembe Communications’ Managing Director, Mitchell Prather stated, “The findings reveal a widespread belief that job creation is the single most important issue in each of the four countries we surveyed. Moreover, it is clear that advancements in education, technology and innovation will serve as a catalyst for development. This is exciting news in that it reflects a key demographic in Africa that is becoming increasingly entrepreneurial minded and will play an important role in creating new and sustainable employment opportunities in local markets.”
“There is great value in committing both efforts and resources to such an initiative because what is at stake is job creation for our youth, potential reduction in poverty, and, ultimately, the sustainable development of our continent,” said Mr. Felix Bikpo, Chief Executive Officer, African Guaranteed Fund.
In a region that is progressively looking to overcome challenges typical of emerging markets such as issues of transparency, income inequality and corruption, the survey found that young Africans are also looking towards entrepreneurs to advance their countries’ economies. Apart from creating jobs, there is a steady consensus that entrepreneurs are the key drivers of innovation, not just in terms of innovative products and services but also in terms of new management styles and working culture.
“This report clearly illustrates the vibrant entrepreneurial mind-set that has taken hold in Sub-Saharan Africa, and the hopes that governments will nurture an environment that helps entrepreneurs flourish,” said Bruce Rogers, Forbes Insights’ Chief Insights Officer.
The report also reveals that young Africans in these countries have high expectations of their governments in fueling the African entrepreneurship landscape by fostering a regulatory environment that is conducive to a self-sustaining domestic economy. The right leadership is required to create policies that encourage entrepreneurial ecosystems to thrive.
To download the full report, visit www.djembeinsights.com
About Djembe Communications
Named after the West African drum, Djembe Communications is an independently owned, pioneering pan-African consultancy with a mission to become the communications partner of choice in Sub-Saharan Africa by combining global expertise, local market capabilities and customized solutions to deliver best-in-class services to clients.
Djembe comprises an organically grown international network with local market presence in Angola, Mozambique, Nigeria, Switzerland, United Arab Emirates, United Kingdom and the United States. The consultancy’s continued expansion builds on its remarkable success achieved in just one year and half by providing leading industry recognized capabilities. In the first half of 2015, Djembe received a PRSA Silver Anvil Award of Excellence for the Consultancy’s Reputation Management Program for the Fundo Soberano de Angola (FSDEA), Angola’s sovereign wealth fund. Djembe was also a finalist for the Holmes Report EMEA New Agency of the Year, SABRE Awards EMEA Gold, and IPRA Golden World Awards, making 2015 a break out year for the young pan-African consultancy.
About Djembe Insights
Djembe Insights is a newly launched research capability that will enable Djembe to deliver impact-oriented solutions, backed by rigorous market insights, for clients and stakeholders across Sub-Saharan Africa and beyond.
With the breadth of Djembe’s work focused on supporting clients’ communications needs in Africa’s key growth sectors, it is vital for Djembe to keep abreast of key developments across the continent. Working in tandem with leading global research authorities, Djembe Insights will commission high quality research reports on the most pressing trends and developments impacting socio-economic growth in Africa.
About Forbes Insights
Forbes Insights is the strategic research and thought leadership practice of Forbes Media, publisher of Forbes magazine and Forbes.com, whose combined media properties reach nearly 75 million business decision makers worldwide on a monthly basis. Taking advantage of a proprietary database of senior-level executives in the Forbes community, Forbes Insights conducts research on a host of topics of interest to C-level executives, senior marketing professionals, small business owners and those who aspire to positions of leadership, as well as providing deep insights into issues and trends surrounding wealth creation and wealth management.
Source: Djembe Insights