Unemployment in Nigeria has reached an all time high at 33.28% with underemployment figures currently standing at 22.84%. This is significantly higher than the UK (5%) and USA (6.9%), according to data recorded in 2020. Consequently, the rate of youth unemployment in Nigeria is one of the highest globally. This is largely driven by inadequate funding in and poor access to education in Africa’s most populous nation.
Figures from the Nigerian Bureau of Statistics show that the unemployment rate among HND and degree holders in the country is 40.1%. One primary cause is the sheer number of graduates that leave university ill equipped to take up skilled employment.
As a result, a number of innovative founders have been inspired to plug this gap between Nigerian graduates and potential employers, through a range of tech-enabled solutions. One such individual is Adekunle Gabriel Amodu, who is bridging the gap between students, their peers and employers.
Apiculture, or beekeeping, isn’t something you readily associate with Nigeria but that is starting to change with innovative startups recognising how lucrative the sector could be, with its relatively low capital requirement and a high revenue yield. Globally, honey and other bee related products have been estimated to generate upwards of $600m annually due to its versatile use in various industries from FMCGs to pharmaceuticals. According to the USAID beekeeping pollination project, Nigeria can generate over $10 billion from local and international trade in honey and other hive products as domestic consumption currently stands at 380,000 metric tons. The global monetary value of trade in honey alone stands at about $4.5 million.
In 2017, Olumide Ogunbanjo realised there was a real opportunity in beekeeping. There was a high demand for bee products in Nigeria but supply was relatively low. Ogubanjo, who comes from a farming background, co-founded AgroData, a community-based beekeeping initiative that provides farmers with free beehives. The social enterprise is designed to empower Nigerian farmers to gain a sustainable share of this lucrative market.
The African tech startup scene has continued to deliver some truly exciting developments since the start of the year and we’ve loved seeing some of the recent wins announced across the continent. In our latest review of the biggest news in the ecosystem, we look at some of the stories that had everyone talking in the last month. We also include news you may have missed, spotlighting some of the smaller deals that are also exciting because of the sheer innovation on offer by the startups.
It is no surprise that the highest share of women in the workforce globally is in Africa, with 58% being self employed. Zimbabwe in particular, has the highest amount of working women with 52.8% and a Sub-Saharan average of 40%. Women’s formal ownership of SMEs currently stands at around a third of all registered SMEs in Africa, and women-owned SMEs are more likely to have lower sales and annual turnover, less employees, and smaller size than those enterprises owned by men. Women-owned businesses are particularly vulnerable to shocks, as they are disproportionately informal and operate in less-profitable sectors.
March is Women's History Month, a great time for celebrating the phenomenal accomplishments of women throughout the world for their incredible contribution to science, business, the arts and so much more throughout global history. At Afritech XYZ, we are endlessly inspired by the women who continue to kick down barriers, smash through glass ceilings and forge their own paths in the start up space in Africa. These powerhouse African women are trailblazing and scorching a path for change. And we want to see them celebrated more - not just this month, but every month (week and day for that matter!).
This month, we’d like you to join us in celebrating two women in the African tech ecosystem who are creating spaces for women to thrive in their respective businesses - the incredible Odun Eweniyi and awesome Eloho Omame who recently joined forces to solve one of the biggest barriers for women in business - accessing finance.