Need to Increase Youth Entrepreneurship in Namibia
The most recent Global Entrepreneurship Monitor (GEM) report indicated that Namibia had the third lowest levels of youth entrepreneurship (at 33%) in Sub-Saharan Africa. Given the country’s similarly low job creation rate, this is particularly important. In Namibia, 44% of youth-owned business do not have additional employees, though, promisingly, in Sub-Saharan Africa as a whole, most of these single-employee businesses provide the owner with a living.
According to the report, countries need to make a concerted effort to create jobs for young people, given that the youth population, which represents 62% of the total continental population, is three times as likely as the previous generation to be unemployed.
GEM discusses the following reasons why entrepreneurship might not contribute to job creation: small businesses are over-concentrated in certain sectors and many businesses are not innovative enough.
In order to improve job creation prospects for Namibian entrepreneurial endeavors, policy- and program-makers should focus on “education and training, business support and advice, and business capital and financial support.”
Read the full GEM report here.
Source: Ndama Nakashole, The Namibian, Distributed by AllAfrica Global Media