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Manufacturers, Entrepreneurs and Business Owners: Dealing with Inflation, Competitors and Substitute Goods

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Timi Olubiyi Substitute goods

By Timi Olubiyi, PhD

The Coronavirus (COVID-19) pandemic, as well as the economic turbulence, have had significant impacts on businesses, manufacturers and households, including individual lifestyles and well-being in recent times.

The direct consequence of these impacts has been a very large increase in inflation numbers in the country, and it is currently having serious implications.

Globally, no country is immune to inflation. Around the world, inflationary pressure has been experienced in the USA, the UK, and many other developed and developing nations. But in Nigeria, the peculiarity is that inflation has been getting higher steadily for the last two years.

Nigeria is one of the countries where inflation has grown the fastest, and it has been a concern for many businesses, and the government due to its severe impact post, COVID-19.

Lately, we have witnessed continued and unexplainable increases in the price of practically every known item and service across the country. The troubling trend is that most of these basic and essential necessities are increasingly out of reach for the majority of people, indicating that the country’s cost of living has risen at an alarming rate. That is, the rise in household spending required to maintain a consistent and decent quality of life has been a source of anxiety for many. The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 18.60 per cent on a year-on-year basis as of June 2022. The percentage change is the highest in the last five years, according to the records.

Though academic literature has pointed out that once inflation exceeds a certain level, on average above 15%, it starts to have a negative impact on the economy, principally on economic stability, growth, employment and investment attractiveness. Even so, the author thinks that the real inflation in an economy is shown by the rise in prices of food, groceries, and other goods and services that people use every day.

Without a doubt, the food inflation trend over the last two years has been overwhelming. The proportion of the majority’s income that is spent on food has remained ridiculously high. The persistent rise in inflation results in a decline in the buying power of Nigerians, who are therefore getting poorer. Because they will be forced to prioritise significant spending and the affordability of essentials will continue to decrease. The consequences of high inflation are a spike in unemployment numbers, a rise in poverty rates, declining savings, a high number of jobless youths, crimes, and unrest.

A report by Aljazeera titled Inflation rises in Nigeria amid fuel scarcity and insecurity indicated that four (4) out of ten (10) Nigerians are living below the poverty line. So, with this trend, the author has noticed a spike and sharp rise in the demand for substituted products and services by the majority of the citizenry in the country. The substitution effect usually happens when consumers replace very expensive items with cheaper ones due to price changes or when their financial conditions regress, and vice-versa. However, the point is about the decline in purchasing power due to inflation and its attendant consequences.

The cost of purchasing products and services required to maintain a given quality of life continues to be a major worry for many families and individuals in the country. According to the substitution effect, people switch from more expensive products and services to less expensive alternatives when prices rise or income declines.

For the majority of businesses, the persistent inflation in the country has made the high cost of running and maintaining independently generated power unbearable, particularly the cost of diesel. This has resulted in a high cost of running businesses. However, this cost is passed on to the consumers without notice. When this cost is passed and consumers find it intolerable, then a change in demand by switching to substitute products and services prevail. The propensity for this trend is high and it has been the order of the day. Substitute goods or products are alternative goods that could be used for the same purpose. Therefore, in the presence of inflation, substituting means that consumers seek out alternatives that are frequently low in price, most of the time low in quality, inferior, and largely unregulated.

The demand for substitutes continues to rise because the masses need to survive at all cost, so who has the blame? The consumers or the businesses? So long as the price of goods and products continues to increase, demand for their substitutes will continue to rise.

Consequently, business operators need to be aware of this. For instance, numerous salary earners have been forced to reduce the quality of the food they purchase and business owners continue to replace family food basket staples with any affordable alternative. Meanwhile, the expenses of transportation, school fees, electricity, cooking gas, and rent are equally on the rise, adding to the burden.

From a business perspective, substitute products create rivalry, loss of revenue, weak sales, loss of potential customers or consumers, low or no patronage, and threats to business survival. The main absurdity is that businesses cannot even identify the providers of these alternatives, because they remain largely in the dark. For instance, canned and jarred Sardine Titus is expensive, but Sardine Estus an alternative is available and affordable but the producers are faceless and unknown. Many of such competitors are available in the Nigerian market with a huge market share and competitive pressure. However, the quality of these readily available cheap alternatives is significantly compromised, and market-leading companies and products could even suffer business continuity issues if the lower-priced alternative continues to gain market share and interest of the masses.

As a response, it is a time for businesses to re-strategise, engage in high marketing and promotional campaigns, innovate in line with customer expectations and patronage-improving products, and lower prices.

Again, businesses can review their pricing model at this time to accommodate consumers and customers with waning purchasing power. It is also important for the government to play a bigger role in regulating substandard, inferior, and bad products, especially those that are dumped on the Nigerian market. Right now, it’s important to look at and understand how substitution can affect the economy, businesses, and environment in order to stop high death rates and illnesses.

Businesses can fail entirely as a result of substitute effects and substitution products outperforming the original. In a market where there are fewer substitute products, there is a higher probability of businesses earning greater profits, but the reverse is the case, with inflation and the current realities. So, entrepreneurs, business owners, and SME operators need to clearly understand that their businesses may just suffer from a substitution effect, which can weaken the sales of their products and may be attributed to consumers switching to cheaper alternatives just because they no longer have affordability or the price hike is unbearable.

In the view of the author, consumers largely make their choices based on their available spending power and make constant adjustments based on price changes, most of the time on impulse. So, in a time of high inflation and low consumer spending, cheaper substitutes and second-hand (used) items) are the alternatives that are available. Observation of the surroundings reveals every accessible space or place for micro businesses to operate, its an avenue to trade in second-hand items which the majority now prefer as alternatives owing to dwindling income and affordability at this time due to inflation. This can make it harder for well-known brands or established businesses to get patronage and remain in business if differentiation or other business strategies are ignored to stay cost competitive.

Many are unaware that the high inflation rate in the country is one of the major reasons why Naira is losing value. Therefore, the authors recommend that the government should make a deliberate effort to tackle the key issues in the country: insecurity, incessant power issues, continued exchange rate instability, and non-availability of forex to genuine business operators and exporting companies. Inflation could remain an issue unless these issues are given headlong attention. Good luck!

How may you obtain advice or further information on the article? 

Dr Timi Olubiyi, an Entrepreneurship & Business Management expert with a PhD in Business Administration from Babcock University Nigeria. A prolific investment coach, author, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: drtimiolubiyi@gmail.com, for any questions, reactions, and comments. The opinions expressed in this article are that of the author- Dr Timi Olubiyi and do not necessarily reflect the views of others.

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Nigeria at 62: A Critical Analysis

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Nigeria at 62

By Jerome-Mario Chijioke Utomi

Going by historical events and developments starting from 1914, it is evident that Nigeria is not a natural country, state or nation but an artificial creation via a marriage of two unwilling brides who had no say in their forced and ill-fated union- an amalgamation of the northern and the southern protectorates on the 14th February 1914, a day set aside to celebrate love all over the world, by Sir Lord Lugard.

The British colonial overlords probably intended the protectorates to operate symmetrically with no part of the amalgam claiming superiority over the other. This arrangement conferred on the fledgling country the form of the Biblical trinity.

At independence in 1960, Nigeria became a federation, resting firmly on a tripod of three federating regions-Northern, Eastern and Western Regions. Each region was economically and politically viable to steer its ship.

Shortly after the independence, but before the country became a republic, precisely in 1961, something that qualifies as a setback happened.

According to a report, Southern Cameroun, which was then part of Eastern Nigeria, agitated that it wanted to leave Nigeria to rejoin their French Cameroun brothers. The United Nations resolved the matter by conducting a plebiscite to determine whether it was the wish of the majority of the Southern Cameroon people, then part of the British Colony, to leave the independent nation of Nigeria.

An overwhelming majority, said to be around 90% of the people, agreed to leave Nigeria, and they did in 1961, thereby reducing the geographical size and population of the Eastern Region of Nigeria, a clear warning of a possible separation of Nigeria’s constituent ethnic nationalities from the Nigerian Federation.

That was not the only early warning signal that something was fundamentally wrong with the federation.

Take, as an illustration, the federating units were meant to enjoy some level of independence, yet mutual suspicion among them was rife as regional loyalty surpassed nationalistic fervour, with each of the three regions at a juncture threatening secession.

The late Premier of the Western Region once described Nigeria as a “mere geographical expression” and later threatened “we (Western Region) shall proclaim self-government and proceed to assert it”, a euphemism for secession.

In the same vein, the Northern Region under the Premiership of the late Ahmadu Bello never hid its desire for a separate identity. Just before independence, the region threatened to pull out of Nigeria if it was not allocated more parliamentary seats than the south. The departing British colonial masters, desirous of one big entity, quickly succumbed to the threat.

In fact, the north at that time pretended it never wanted anything to do with Nigeria. For example, the motto of the ruling party in that region at that time was “One North, One People, One Destiny.” And the name of the party itself, “Northern People’s Congress (NPC),” was suggestive of separatist fervour and distinct identity.

It has also been said in several publications, which no one from the north has refuted till today, that the primary reason for July 29, 1966, bloody revenge coup carried out by young soldiers of Northern Nigerian extraction which led to the massacre of thousands of Igbo soldiers and civilians, including Nigeria’s first Military Head of State, General Thomas Johnson Umunakwe Aguiyi-Ironsi, was primarily to pull that region out of Nigeria.

But of all the secession threats since independence, it was the one issued by the Eastern Region in 1966-67 following the bloody counter-coup of July 1966 and subsequent genocide by northern soldiers and civilians in which thousands of easterners living in the north lost their lives or were maimed, and the failure of Gowon to implement the Aburi Accord which was aimed at settling the crisis, that was much more potent.

This also explained the massive ARABA (secession) protests that rocked the region shortly after the coup. The result was the declaration of the Eastern Region independent country with the name “Biafra” on May 30, 1967, by the then Military Governor of the Region, the late General Chukwuemeka Odumegwu Ojukwu, in compliance with the Eastern Nigeria Consultative Assembly resolution and mandate of May 26, 1967.

The proclamation ended with the emotional ‘Biafra Anthem,” The Land of the Rising Sun rendered in the beautiful tune of ‘Finlanda” by Sibelius, symbolising the end of the struggle to assert the self-determination of a new nation.

The scene was set for a confrontation between the new state of Biafra and the balance of the ethnic nationalities that made up the Federal Republic of Nigeria and to resolve the question of the unity of the Nigerian states by use of force (see the report titled Scientific and Technological Innovations in Biafra).

Without a doubt, today, the war ended over 50 years ago, but its effects and fears remain and stare on our faces.

More dangerously, after 62 years of independence, a wave of secessionist sentiments is still sweeping across the country, with restive youths in the north and southeast as the main gladiators. Some groups in the southwest and south-south have also joined the fray to demand the marriage of 1914 be ended as the basis for its continued existence has severely been weakened.

For example, at the return of democracy in 1999, Ralph Uwazurike, an Indian-trained lawyer from Imo State, ignited a passion for Biafra among southeast youths via his separatist platform Movement for the Sovereign State of Biafra (MASSOB).

MASSOB and its founder enjoyed tremendous following and respect among mostly youths of the region and it almost became an alternative government in the southeast. The group’s sit-at-home orders were religiously obeyed, just as the one declared by IPOB on May 30th was a monster success.

Uwazuruike’s support base has since drastically waned following dissent in MASSOB. But from the ashes of MASSOB’s bye-gone years of strident pro-Biafra agitation came Kanu and IPOB, a much more vitriolic but charming personality and organisation.

Kanu happened in the national and international limelight through a pirate radio called Biafra, which he used as a vehicle to promote the agitation to actualise the Indigenous People of Biafra (IPOB) quest for independence. Two factors have so far worked for Kanu in his separatist agenda: his long incarceration by the Buhari government over Biafra and the recent quit notice given to the Igbo residing in the north by Arewa youths. Both factors, apparently unknown to President Buhari’s handlers, have helped and still helping IPOB and Kanu’s cause. One, his incarceration for almost two years helped to project him to his supporters, a mass of Igbo youths, and the international community as a prisoner of conscience and freedom fighter.

Secondly, the thoughtless quit notice by northern youths to the Igbo resident in the north has not only made Biafra more attractive to most south easterners and portrayed Kanu as a messiah of the Igbo but has triggered off a chain of secessionist sentiments in the southwest and south-south.

While those of us who believe in the unity of Nigeria may not agree with the campaign by any group or ethnic nationality to dismember Nigeria, the truth must be told to the effect that the whole gamut of restiveness of youths, whether in the south-east, south-south, north or south-west, and resurgent demand for the dissolution of Nigeria stems from mindless exclusion, injustice and economic deprivation.

Evidently, Nigeria has not fared well as a nation in all sectors of national endeavours. Let’s look at the particulars of this claim.

Fundamentally, there is no denying anymore that presently, life in today’s Nigeria, quoting Thomas Hobbs, has become nasty, brutish, and short as Nigerians diminish socially and economically, and the privileged political class on their part continues to flourish in obscene splendour as they pillage and ravage the resources of our country at will.

Again, even as we celebrate, it remains a painful commentary that presently,   no nation on the surface of the earth best typifies a country in dire need of peace and social cohesion among her various sociopolitical groups than Nigeria as myriads of sociopolitical contradictions have conspired directly and indirectly to give the unenviable tag of a country in constant search of social harmony, justice, equity, equality, and peace. As a nation, Nigerians have never had it so bad.

Nigeria is a nation soaked with captivating development visions, policies and plans, but impoverished leadership and corruption-induced failure of implementation of development projects on the part of the political leaders is responsible for the under-development in the country. Today,  mountains of evidence support how seriously off track the present administration in the country was taking the nation with their deformed policies, ill-conceived reforms and strategies,

Lately, the greatest and immediate danger to the survival of the Nigerian state today is the unwarranted, senseless, premeditated, well-organized and orchestrated killings across the country.

The country’s economy, on its part, has shown its inability to sustain any kind of meaningful growth that promotes the social welfare of the people. The result can be seen in the grinding poverty in the land (eighty per cent of Nigerians are living on less than two dollars per day – according) to the African Development Bank (AFDB) 2018 Nigeria Economic Outlook. Nigeria is ranked among the poorest countries in the world.

Sadly, according to a report from Brookings Institute, Nigeria has already overtaken India as the country with the world’s largest number of extremely poor in early 2018. At the end of May 2018, Brookings institute’s trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute.

In Education, 10.5 million children are out of school in Nigeria, the highest in the world. Our industries continue to bear the brunt of a negative economic environment. As a result, job losses and unemployment continue to skyrocket, creating a serious case of social dislocation for most of our people. The University students have been at home for nearly seven months or more. No thanks to the incessant industrial action which currently characterizes the nation’s university system.

The running of our country’s economy continues to go against the provisions of our constitution, which stipulates forcefully that the economy’s commanding heights must not be concentrated in the hands of a few people.

The continuous takeover of national assets through dubious (privatization) programs by politicians and their collaborators are deplorable and clearly against the people of Nigeria. The attempt to disengage governance from public sector control of the economy has only played into the hands of private profiteers of goods and services to the detriment of the Nigerian people.

This malfeasance at all levels of governance has led to the destruction of social infrastructure relevant to a meaningful and acceptable level of social existence for our people. It has been shown that adequate investment in this area is clearly not the priority of those in power.

As a result, our hospitals, whether state-owned or federal-owned, have become veritable death centres where people go to die rather than to be healed. The absence of basic items such as hand gloves and masks indicates decadence and rot in the country’s health National Budget recommended by the United Nations.

With regard to the criminal justice system, our people, especially the poor and vulnerable, continue to suffer unprecedented acts of intimidation and violation of rights at the hands of security agencies across the country. Extra judicial killings, lack of scientific-based investigation of crimes and corruption in the judiciary contribute to acts of injustice against the innocent. Our prisons have become places where prisoners are hardened rather than places of reformation of prisoners for reintegration back into society.

As to the solution to these challenges, this piece and, of course, Nigerians with critical minds believe that leadership not only holds the key to unlocking the transformation question in Nigeria but to sustain this drive, leaders must carry certain genes and attributes that are representative of this order.

Thus, as the nation celebrates, one point Nigerians must not fail to remember is that only a sincere and selfless leader and a politically and economically restructured polity brought about by national consensus can unleash the social and economic forces that can ensure the total transformation of the country and propel her to true greatness.

This, as argued elsewhere, will help ensure adequate social infrastructures such as genuine poverty alleviation programmes and policies, healthcare, education, job provision, massive industrialization, and electricity provision, to mention a few. It is critical to jettison this present socio-economic system that has bred corruption, inefficiency, primitive capital accumulation and socially excluded the vast majority of our people.

The only way this can be done is to work to build a new social and political order that can mobilize the people around common interests, with visionary leadership to drive this venture. Only then can we truly resolve some of the socio-economic contradictions afflicting the nation.

Utomi is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), Lagos. He can be reached via jeromeutomi@yahoo.com/08032725374

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How Standard of Living in Africa is Making Start-Ups Innovate Around Disposable Income

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disposable income

By Otori Emmanuel

An organisation in its early phase of existence is referred to as a start-up. Entrepreneurs that desire to create a product or service think there is a market for launching start-ups. Because start-ups often have high startup costs and low revenue, founders frequently look for money from a variety of internal and external sources, including personal savings, loans from family and friends, business venture capitalists, and crowdsourcing. There are start-ups in different industries like Information Technology, agriculture, communication, health and other sectors.

Start-ups and Innovation

Establishing a start-up takes careful planning, including consideration of factors like business location, cost of goods or services, product packaging, and supply efficiency. Start-ups frequently run the risk of failing because of unfavourable environmental and industry conditions. Embracing new opportunities and focusing on innovation, among other methods, are accelerators for a business’ survival and growth.

Although, it is true that established businesses also frequently collapse. Technology has advanced throughout time, and many start-ups are combining the cutting-edge idea of tech into their respective fields.

For example, tech is now being used to improve education as in edtech, finance as in fintech, and more use cases are being introduced to daily activities. Statistics show that start-ups are expanding most quickly globally in the technology sector. Over the past few decades, Africa has seen an exceptional number of start-up generations.

The State of Start-ups in Africa

The phrase “start-up” became more common in the 1990s as the number of enterprises centred on technology and the internet rapidly increased.

According to an analysis, African start-up marketplaces hit historic heights in 2021 at over $4 billion, representing a nearly 20x rise since 2015. Start-ups have been increasingly popular in Africa due to various factors, including drawing on previous success stories from the west, attempting to address grassroots challenges, adapting global content to local quirks, and adhering to supportive policies. In terms of current economic events and cultural developments, numerous different facts are at play here.

In terms of living standards, the rate of extreme poverty in rural areas in Africa was close to 50%, which was far higher than the rate in urban areas, which was about 11%. According to the conference board’s Global Economic Outlook, the pace of global GDP growth will reach a recessionary level in 2023 after starting to decline from 3.1% in 2018 to 2.7% in 2022.

Africa has clearly also been impacted by the global economic downturn, which has resulted in a sharp decline in living standards, lower-quality goods, higher costs, and inflation. When prices increase generally, yet fewer goods are available for the same amount of money in an economy, this is called inflation.

When there is inflation, sources and forms of income are affected, from passive income to investment income to disposable income. Our focus here is the disposable income which is the money left to take home after tax and other deductions. Most households depend on disposable income for survival, and the trending inflation gradually steals from this income of an individual in the form of increased grocery prices and the cost of feeding. This has led to the term “sachetization”.

Startup business owners use this approach to satisfy declining demand and maintain operations. Sachetization is the idea of distributing products, which are typically sold in greater amounts, in smaller quantities using sachets in an effort to increase sales. Sachetization helps consumers purchase what they can afford. When only a small amount is required, consumers do not need to buy big quantities of the commodity. So far, this has appeared to be sustainable, with the exception of its drawbacks, where it has been observed that sachet items are of low quality, contain fewer items than is indicated, and even defraud the consumer into purchasing smaller packages when, in reality, a larger package would have been more appropriate.

Reduced disposable income has also affected start-ups in maintaining production costs, purchasing raw materials, increased interest rates on loans, market instability and declined demand.

Therefore, to get through the process of inflation, individuals, households, and businesses seek sustainable measures to meet their needs. A few include:

  • Cost efficient purchases
  • Budgeting
  • Opportunity cost methods
  • Valuable investments etc.
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Upskilling Young People to be Entrepreneurial in Digital Age is Critical

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Didi Onwu entrepreneurial digital age

Africa’s young people are undoubtedly one of the continent’s greatest resources. As other regions battle with ageing populations and declining birth rates, Sub-Saharan Africa can lay claim to a median age of 19.7 with around 70% of the population under the age of 30. Those young people are increasingly well-educated and connected. 

But all that potential means nothing if they aren’t getting the opportunities needed to fulfil it. And in many countries, it’s clear that they aren’t. In South Africa, the continent’s most advanced economy, the unemployment rate sits at  63.9% for those aged 15-24 and 42.1% for those aged 25-34 years. In Nigeria, meanwhile, the rate among people aged 15-34 is around 42.5%. And in Kenya, the lobby group, The Youth Congress, claims that seven out of every 10 unemployed people are aged 35 and under. 

While there are a number of interventions that could, and should, be made to help reverse those figures, perhaps the most important is to ensure that young people have the skills they need to be entrepreneurial. Indeed, research has shown that innovators can create significant wealth and have considerable developmental influences on society.  

It’s even more critical at a time when technology is accelerating so fast that jobs can quickly become redundant.    

“Fostering entrepreneurship among young people not only enables them to create their own opportunities and employment for other young people,” says Didi Onwu, Managing Editor at The Anzisha Prize, an organisation born out of a partnership between African Leadership Academy and Mastercard Foundation that seeks to increase the number of job generative entrepreneurs fundamentally and significantly in Africa. “It can also help them recognise and pursue employment opportunities that they might not have been able to otherwise.” 

Yes, entrepreneurship  really is a skill 

Before digging into exactly what kind of skills can help foster entrepreneurship among a whole continent’s worth of young people, it’s worth pointing out that there’s a pervasive myth that needs to be busted. Over the years, glowing profiles of entrepreneurs (particularly in the tech space) have convinced many that entrepreneurs are born rather than made. 

But, as Onwu points out, that’s simply not true. 

“The idea of the brilliant innovator turned billionaire makes for a good story,” she says. “But dig a bit further and you’ll see that most successful entrepreneurs were given the tools they needed to succeed from a very young age.”

Microsoft founder Bill Gates, for example, was given extensive time with his high school’s computer at a time when having one was still a rarity. His mother also sat on the board of a non-profit with then IBM chairman John Opel, and helped the then fledgling company score a contract with the computing giant which ultimately proved crucial to its future success.   

“While we can’t give every prospective young African entrepreneur a family connection, we can help them develop critical entrepreneurial skills that will serve them well in the future,” says Onwu. 

The right skills matter most  

While there are obviously a number of hard skills, such as those that concern technological proficiency, which are important to being an entrepreneur, the really valuable ones are a little more intangible. And equipping young people with those skills requires more than a straightforward curriculum. 

Take network building, for example. While you could teach the basics in a course, establishing real networks takes time and consistent effort. The same is true for pitching to investors for funding. Other skills, such as mastering the fear of failure, can only be learned through practice. 

“It’s something that we thought hard about when we redesigned the fellowship programme from the ground up a few years ago,” says Onwu. “We wanted to ensure that our fellows were holistically building a broad range of entrepreneurial skills throughout their fellowships and beyond.”

Fellows are, for example, given access to communities of fellow entrepreneurs, introduced to a wide network of stakeholders and business experts, and provided with the opportunity to shadow successful entrepreneurs in their sector. It’s an approach which makes a great deal of sense when you consider that research has shown that exposure to innovation has a significant positive impact not just on the kind of innovation that young people produce, but also on their overall ability to be innovators.    

Upskilling, now and forever

It should be absolutely clear that Africa needs its young people to be equipped with entrepreneurial skills if they are to meet their full potential in an age of accelerated technology. And, as Onwu points out, efforts to ensure that this is the case need to be made at every level of society. 

“While we’re incredibly proud of the work we do at the Anzisha Prize, along with our partners, no single organisation can provide all of Africa’s young people with the skills they need to thrive as entrepreneurs,” she says. “It needs buy-in from governments, NGOs, the private sector, and a variety of other stakeholders.”

Moreover, these efforts cannot simply be short-term and instead need to be sustained over a prolonged period.

“The factors that make upskilling Africa’s young people to be entrepreneurial so important now aren’t going away anytime soon,” she concludes. “It’s therefore critical that all efforts are made to ensure that any initiatives aimed at building entrepreneurship are sustainable and capable of adapting to a constantly shifting business and technology environment.”

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