By Banji Ayoola
A leading promoter of Entrepreneurship Education in Africa, Mr. Wale Akinyanmi has raised an alarm over the current economic challenges faced by the continent in the wake of threats of a second wave of Covid-19 and another possible lock-down of the economies.
Akinyanmi, an author, serial entrepreneur and Entrepreneurial Leadership Consultant is the Founder and Executive Director of ACCENT Business Academy, ABA, a Nigerian based Social Enterprise focused on equipping the youth with entrepreneurial acumen majorly as Africa Change Agents for sustainable development and national transformation.
Speaking at a special event to mark the second anniversary of the institute, he expressed dismay at the present wave of Covid-19 and its devastating impact on the global economy, especially Africa.
In his words: “Before Covid-19 struck in Africa earlier this year, Africa was groaning under severe multiple economic challenges including food crises alongside climate change, energy crises and an aggregate unemployment percentage.”.
He noted that this is why ABA is taking some new, daring strides before the commencement of its Cohort 005.
Relying on AfDB Jobs for Youth in Africa Report, he cautioned: “of Africa’s nearly 420 million youth aged 15-35, one-third are unemployed and discouraged, another third is vulnerably employed, and only one in six is in wage employment. Youth face roughly double the unemployment rate of adults, with significant variation by country. The problem is not just unemployment but underemployment, which peaks at just over half of youth in the labor force in low-income countries”.
Citing statistics still, and projecting into the future, he noted that “the population of Africa is anticipated to reach 2.5 billion in 2050 and possibly 4.5 billion in 2100 and all key sustainability challenges, social as well as environmental will be on full display in the decades to come with the most vulnerable people likely to suffer the brunt of negative future impacts (food, water and resource constraints, conflicts, climate change impacts, migrant flows etc.)”
According to him: “at the same time, Africa has the youngest population among other continents but with an amazing amount of entrepreneurship energy and hope for the future.”
He contended that business opportunities abound within the continent; noting however that they should be explored and exploited in sustainable ways and hopefully in collaboration with and led by a new generation of sustainably and socially literate leaders.
In his words: “These are staggering statistics but it is up to us, we can either make this a blessing or a curse! The years between now and 2030 are critical for building an Africa that will not only survive but excel.
“This is why since its inception in November 2018, the Business Academy has trained over 65 participants in business and social enterprise, many of who have since launched various ventures or are upscaling existing businesses”.
The profile of ACCENT Business Academy students range from the youth to the middle-aged, from the corporate to retiring and retired people – all who wish to be financially independent, build thriving businesses or become assets to transform the economy of their locality and ultimately Africa.
According to Akinyanmi, the special skills proposed to be earned in the days ahead range from Tech to the Creative Industries, production and Agriculture. Students will have a one-month option to specialise in Social Enterprise and Sustainable Development.
In its remarkable stance to stemming the challenges in the African economy, ACCENT has decided to morph into a maximally faith-based Social Enterprise status which demands deliberate liberal terms of admitting students for its programs.
He declared emphatically that: “In consultation with our Board of Trustees, we have resolved to throw wide-open the gates of the Academy to allow scores of students hitherto unable to afford the training fees benefit by making it tuition free.”
He said, only commitment fees are now required for admission, just to ensure the liberality of the academy is not taken for granted. This, he believes, will help position the students as job creators instead of adding to the harsh realities and multiple challenges facing young Africans as a result of insufficient jobs which have now been worsened by the global financial and economic crisis.
He insisted, quoting from ILO, that “Africa is the only region where the youth bulge will continue to grow in the foreseeable future, presenting both an opportunity to reap the demographic dividend and an imminent time bomb and threat to social cohesion as well as massive migration in search of opportunities if appropriate policies are not implemented to harness the dividend”.
He stressed that all deterrents must be put in place by governments to ensure that the ongoing second wave of Covid19 does not lead to another shut down of Africa’s economies. He acknowledged the efforts of the Coalition Against Covid-19 (CACovid), hoping they would yet do more in days ahead.
On ACCENT’s strategic intent, he maintained, “since the preponderance of the African youth (one out of every five) are in Nigeria, our admission policy for future cohorts will favor a higher population of Nigerian youth; our gates are as well deliberately wide open to the rest of African youth population. To this effect, our trainings and internships will generally hold online, to accommodate participation of our youth from any part of the world”.
ABA, he said, will have to bear the brunt of absolute reliance on its faith, partners and volunteers in its quest to making a difference in this crushing economy.”
He asserted: “We may not be able to change our past but we can chart a new path for our future generations.”
ACCENT Business Academy is a project of the ACCENT Entrepreneurship Development Initiative, and is based at 10, D.O Fagunwa Crescent, Ijapo Estate, Akure, Ondo State, Nigeria. Its website is www.accentbsuinessacad.com.ng, while its mail address is accentbsuinessa@gmail.com, and its telephone numbers are
0803-471-5684; and 0818-669-7969.
