Kenyan President William Ruto has expressed the importance of removing obstacles that impede the growth of youth-led businesses in Africa. During his address at the official launch of Youthconnekt Africa in Nairobi, Ruto highlighted the significance of abolishing outdated policies and regulations, as well as expediting integration to promote the growth of youth-owned start-ups.
Ruto emphasized the need for governments to simplify business regulations, facilitate access to capital for young entrepreneurs, and work towards regional integration to ensure the success of youth-led enterprises. He also stressed the importance of mentorship, market linkages, and digital skills to unlock the entrepreneurial potential of African youth and enable them to become self-reliant contributors to economic growth.
The 2023 Youthconnekt Africa Summit, to be hosted by Kenya from December 8 to 12, will convene over 20,000 youth, policymakers, industry leaders, and donors to discuss various themes, including digitization, green finance, the creative industry, and borderless commerce, with the aim of creating opportunities for the continent’s youth. The summit will provide a platform for young people to acquire the skills and knowledge needed to grow their businesses.
President Ruto highlighted that the establishment of the African Continental Free Trade Area (AfCFTA) will create new opportunities for entrepreneurial youth, helping to address the issue of unemployment. He also emphasized that policy reforms, along with benchmarking against international best practices, are crucial to unlocking youth-led innovations and revitalizing cross-border enterprise in Africa.
Ruto further emphasized the importance of bridging the digital divide to promote youth involvement in the continent’s growing e-commerce and virtual jobs. Additionally, Prime Minister of Lesotho, Sam Matekane, added that Africa should leverage its youth bulge to expedite digitization, which promises economic vitality and job creation. Matekane also highlighted that supporting youth-led enterprises will accelerate the realization of Africa’s integration agenda, while promoting peace, stability, and cohesion.
In conclusion, President Ruto’s call for the removal of barriers hindering youth-led enterprises in Africa comes at a critical time when the continent is seeking to harness the potential of its young population to drive economic growth. Promoting entrepreneurship, easing business regulations, and providing young people with the necessary skills and resources will be crucial in unlocking Africa’s economic potential and securing a brighter future for its youth.
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