Innovation & entrepreneurship key to addressing Africa's unemployment crisis

With a bulging youth population across Africa, the unemployment crisis is continuing to plague the continent, resulting in slower than expected growth. In a recent interview with Prof. Washington Okeyo, Vice-Chancellor of Management University Of Africa, key policy issues were discussed on how African countries can foster innovation and entrepreneurship to combat the alarming unemployment rates, which are currently above 20 per cent as of 2023. Prof. Okeyo emphasized the critical role that innovation plays in driving economic development, particularly in Africa, where there is still ample room for growth and technological advancement. He highlighted the importance of harnessing innovation as a tool to bridge the gap between Africa and the rest of the world, especially in sectors such as education, agriculture, and healthcare. The interview shed light on the significance of incorporating innovation and entrepreneurship into the education system to equip students with the necessary skills for the 21st-century workforce. As part of their approach, the Management University Of Africa has implemented an innovation and incubation system to support students in developing their ideas and entrepreneurial ventures. By focusing on both formal and informal employment opportunities, the university aims to empower graduates to become job creators and contribute to economic growth. During the university's Innovation Week, several groundbreaking innovations will be showcased, including a financial system developed by a student to facilitate seamless payments for small and medium enterprises. This mobile app features an escrow account to ensure secure transactions, benefiting thousands of daily users. The event aims to highlight scalable innovations that can drive economic growth not only within the country but across the entire continent.