6 - Entrepreneurs with a Mission

Summary

Nigeria ranks first in the world in youthful entrepreneurship, with 40 per cent of young Nigerians engaged in early-stage entrepreneurial activity. With jobs scarce and often badly paid, a business on the side helps make ends meet. But it’s also a cultural attitude: entrepreneurial nous flows through this generation’s veins. New businesses tend to be focused on local and pan-African consumers and entrepreneurship is fuelled by social media. Instagram, WhatsApp and Facebook are used as tools to sell physical products and services. Social enterprises are growing, too, as acting with humanity becomes an important consideration for many young entrepreneurs across the continent. The typical Soro Soke generation entrepreneur is a creative disruptor, using their business to deliver solutions to the larger problems the continent faces. But being an entrepreneur on the continent still poses significant challenges. Nigeria has the highest volume of start-ups on the African continent, over 750, but misses out on all the top 10 rankings for categories that are critical to helping a business thrive.