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Latest News / African women twice as likely to start a business

 

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A new report has found that women in Africa are twice as likely to start a business as their counterparts in other parts of the world.

The finding was published earlier this month in the 2017 African Economic Outlook Report. It also highlighted that entrepreneurship is the pathway to Africa’s industrialisation, finding Africa had a high untapped potential for entrepreneurship, but wholly positive attitude to those who start-up their own businesses.

Currently 11% of the working age population have started their own business to tap into business opportunities; the highest of all developing countries. In fact, 80% of those interviewed perceived entrepreneurship as a viable career option.

The three industries dominating African start-ups were hospitality; agriculture forestry and fishing; and, manufacturing.

Two barriers facing African entrepreneurs are the trend for ventures not entering high growth sectors, which increase the potential for employment, and not introducing innovations to market. Incubation of businesses is proposed as a solution to this problem, as well as greater access to finance, affordable credit and greater access to innovative technologies for young and small businesses.

“The key to successful development in Africa is to nurture the emerging culture of entrepreneurship,” commented Abdoulaye Mar Dieye, Regional Director for Africa at the United Nations Development Programme.

You can access the full report here.


 

African women twice as likely to start a business
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