Africa: 78% of young Africans aged 18-24 plan to start their own business in the next five years

The entrepreneurial spirit is well anchored among African youth, according to a survey conducted by the Ichikowitz Family Foundation (IFF) among 4,507 young Africans from fifteen countries. 78% of young people surveyed aged 18 to 24 plan to start their own business in the next five years.

This rate is particularly high in Malawi (92%), Rwanda (89%) and Uganda (89%). However, it is relatively low in Gabon, where 47% of young people dream of becoming entrepreneurs, according to the survey made public on June 13.

The main obstacles to entrepreneurship cited are access to capital (61%), corruption (29%), uncertainties linked to the economic environment (24%) and very rigorous regulations (23%).

Of the 78% of young people who dream of starting their own business, 43% say they will rely on technology to create, promote and manage their business compared to 35% who intend to do so partially.

The survey entitled “African Youth Survey” also shows that young Africans are quite satisfied with the entrepreneurial environment in their country. 66% of young people surveyed believe that their country creates a culture of innovation, develops entrepreneurship and facilitates the development of the digital economy (67%). This optimism is particularly palpable in Rwanda, Ghana and Kenya, countries considered to be at the forefront of digital transformation.

Have fewer children than parents

In addition, 30% of young Africans describe their standard of living as good, 45% describe it as average and 25% describe it as mediocre.

However, these young people are very optimistic about improving their quality of life in the future. 77% of them say they expect their standard of living to improve over the next two years, while 5% expect it to deteriorate. In the longer term, young people are also showing optimism, since more than two thirds (67%) expect to have a better life than that of their parents.

Young Africans are also confident in the plans they have for the future. 77% are already assured of knowing what they will do with their lives. While most young people plan to start a family, the vast majority plan to marry at a later age than their parents (68%). They also plan to have children (69%), and especially less than their parents (72%).