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Nestlé Boost Mentorship and Training for Young People in Sub-Saharan Africa
Companies Boost Mentorship and Training for Young People in Sub-Saharan Africa
ACCRA, Ghana, October 30, 2019- Nestlé and its regional partners have joined forces to launch the Regional Alliance for Youth in Sub-Saharan Africa to promote employability for young people.
The alliance, which will focus on creating and implementing employability programmes, mentorship and training initiatives designed to equip young people with essential workplace skills, is part of the company’s business-driven movement Alliance for YOUth, launched in Europe in 2014.
Today’s youth is the largest the world has ever seen – young people aged 15-24 account for one out of every six people globally, with 20% of the total youth population living in Africa alone.
This demographic trend is also exacerbated by the 71 million youth worldwide who are unemployed, while over 500 million are under-employed or stuck in uncertain or precarious jobs. Unemployment among youth in Sub-Saharan Africa reached nearly 30% in 2016. Without concerted action, it is expected that nearly 50% of youth in the region will be unemployed by 2025.
“We believe that investing in youth is vital for thriving, resilient communities, and helps to build our business too,” said Rémy Ejel, Market Head for Nestlé Central and West Africa. “Young people are the next generation of employees who will keep our company competitive, the farmers who will grow the crops we need, and the entrepreneurs who will help us reach new markets, regardless of their field or level of expertise. This is just the beginning,” he added.
The Regional Alliance for Youth in Sub-Saharan Africa
The alliance was launched in Côte d’Ivoire today, October 30th. It will also be launched in Angola and South Africa on October 31st and November 4th, respectively.
With the support of the Government of Côte d’Ivoire through ‘Agence Emploi Jeunes’, a government agency that promotes youth employability and employment, and the International Labour Organization, the regional members of the alliance in Côte d’Ivoire also include Bolloré, Groupe NSIA, MTN, Nielsen, Publicis and Nestlé.
“Nearly 77% of the Ivorian population is aged under 35, which means that concrete actions must be taken to provide more opportunities and help to integrate these young people into the workplace,” said Zain Reddiar, General Manager for Human Resources at MTN in Côte d’Ivoire. “At MTN, we are ready to effectively contribute to this project, which we are sure will help a large part of that population.”
Similarly in Angola, the alliance will be launched in partnership with the Government of Angola, the Swiss Embassy, ADPP, Nestlé and other private companies from different sectors operating in Angola.
“The future can only be built with the next generation, the next sustainable competitive edge, especially on diversifying economies will have to rely on the youth. Young people will be better prepared than ever before for the next challenges, supporting the digital changes of the society we are living in, which at the end of the day will benefit all the stakeholders of the sub-Saharan region. Shaping the young people within our working context, in an inclusive environment, creating new capabilities, allowing within our domain to further develop technologies like Artificial Intelligence, Data Analytics, Smart Data, as many others, shall support the youth to create the world of tomorrow that they will be in. We from our side will support the next generation on this journey, creating the basis for tomorrows challenges”, says Sérgio Filipe, Siemens Angola CEO.
Promoting employability
The alliance will combine the efforts of partner companies on hiring, skilling up and training young people by targeting tier three and four universities and vocational schools in and outside of capital cities.
These will be achieved through CV and interview skills-building workshops, identifying career opportunities and accessibility, and offering career-counselling sessions – reaching about 1,000 youths in Angola by 2020, and 5,000 youths in Côte d’Ivoire by the same period. In addition, about 10,000 youths will be reached every year thereafter in Côte d’Ivoire.
As part of the alliance, a flagship initiative will be identified and be jointly owned and implemented by members.
Join the business-driven movement
Nestlé founded Alliance for YOUth five years ago to help prepare young people to enter the professional world. In 2017, it was launched in Chile, Colombia, Mexico and Peru, and in Argentina, Brazil, Paraguay and Uruguay a year later. It was also recently launched at the World Economic Forum in Davos in 2019 with 20 other international organisations.
By joining the Regional Alliance for Youth, companies – irrespective of size or turnover – can help to create a long-lasting impact for young people, while also enhancing their business, staying competitive and reaching more consumers.
ATIDI CEO, Manuel Moses and Hiroshi Matano, MIGA Executive Vice President (Image: Supplied)
The African Trade & Investment Development Insurance (ATIDI), and the Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees, have signed a three-year partnership to accelerate foreign direct investment across Africa. This is the second agreement between the two organizations aimed at maximising development impact.
The organizations will collaborate by leveraging ATIDI’s expertise in insurance and guarantee products across the African continent and MIGA’s range of guarantee solutions and guarantee expertise through the World Bank Group guarantee platform. The partnership will also seek to improve efficiency in joint project due diligence, maximising cost savings and eliminating duplication.
Manuel Moses, CEO, ATIDI: “Enabling more investment to finance transformational projects is vital to Africa’s sustained development. MIGA and ATIDI’s de-risking solutions are essential to achieve this crucial agenda. Beyond signing of this agreement, we look forward to a dynamic collaboration with MIGA, to leverage our institutions’ respective assets for the benefit of our continent.”
The agreement framework emphasizes mutual reliance, accountability, and comparability. Each party will regularly share operating standards and procedures to help identify comparable outcomes to further both organizations’ development mandates.
Hiroshi Matano, MIGA Executive Vice President says; “Our partnership with ATIDI will enable us to support countries in Africa in scaling and replicating development projects, thereby accelerating prosperity. This agreement will play a significant role in helping the continent attract foreign investment for key development projects.”
Both organizations have agreed to set up mechanisms to measure progress and results, including reports on joint projects, new products, capital mobilized, and reduced project processing times. Moreover, both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa.
The strategic agreement framework underscores the commitment of MIGA and ATIDI to create a world free of poverty on a livable planet. The two organizations aim to mitigate investment risks by pooling resources, thereby accelerating sustainable economic growth in Africa.
Hesham Zreik, CEO of FasterCapital (Photo: Supplied)
In a rapidly evolving global economy, Africa stands at the cusp of innovation in entrepreneurship. That said, with a growing population that now comprises youthful individuals who can be more technology-savvy, the nascent startup scene is about to take place across the continent. To understand the landscape of African entrepreneurship, Alaba Ayinuola of Business Africa Online (BAO) spoke with Hesham Zreik, CEO of FasterCapital, an online incubator and accelerator interested in startups from all over the world. Zreik is passionate about the challenges and opportunities on offer within the African startup ecosystem, regarding the role of mentorship, and access to funding. Excerpt.
Alaba: Thank you for joining us, Hesham. Let’s dive into the current state of startups in Africa. What do you see as the most significant opportunities for entrepreneurs on the continent?
Hesham: Thank you for having me! Africa is currently experiencing a surge of creativity primarily fueled by advancements in technology. These developments present opportunities across fields such as financial technology (FinTech), health technology (HealthTech) and online commerce (E-commerce). Young business owners are using technology to address challenges – be it enhancing financial access or improving healthcare services. The need for innovations is constantly increasing, reinforcing an environment for startup ventures.
Alaba: While there are many opportunities, challenges still exist. What do you believe are the primary hurdles facing African startups today?
Hesham: The opportunities are great, but so are the challenges. Aside from access to funding, a fact to which many entrepreneurs will readily attest, access to funding remains a big barrier. Traditional banks often avoid lending to startups with unproven track records. Finally, there is still a need for more mentorship and networking that better equips entrepreneurs with ways to navigate the nuances of building a business. It’s time organizations should intervene and offer any help needed, which is what we are trying to do at FasterCapital.
Alaba: Speaking of support, how does FasterCapital specifically empower African startups?
Hesham: At FasterCapital, we have been working extensively with startups through mentorship, technical support, and funding opportunities. A different model of ours is the ability to work with entrepreneurs virtually, which would also avoid geographical boundaries. Moreover, we have a huge network of mentors who would give guidance at each step of development, from marketing to product development.
Alaba: Collaboration seems vital in this space. Can you elaborate on the importance of partnerships for startups?
Hesham: Partnerships are essential for startup growth. They provide access to new markets, resources, and expertise. For example, when a startup collaborates with established companies, the infrastructures already exist, as does an existing customer base; this substantially reduces entry barriers. We encourage our portfolio companies to pursue partnerships actively because they can foster innovative solutions and sustainable growth.
Alaba: Looking ahead, what trends do you foresee shaping the future of African startups?
Hesham: One trend that excites me is the rise of impact-driven startups. Most entrepreneurs are getting into solving social problems and environmental issues. We have companies and projects sprouting that are not strictly money making but very vital in approaching some of these challenges. And with this very rapid acceleration of the digital transformation, we are going to see more startups leveraging AI and blockchain technologies. It’s going to be great, and I think Africa will lie at the epicenter of making this happen globally.
Alaba: As we wrap up, what advice do you have for aspiring entrepreneurs in Africa?
Hesham: My advice is simple: be persistent and adapt. On this entrepreneurial journey, there is bound to be ups and downs, and it is only through resilience that you can navigate through. Seek mentorship, build a strong network, and do not be afraid to take risks. Leverage resources around you, such as organizations like FasterCapital, to help navigate these challenges ahead. The world is looking toward Africa, with the next wave of innovation coming from here.
Lendsqr, a global provider of loan management software for banks, microfinance institutions (MFIs), and digital lenders, has launched a groundbreaking onlending initiative aimed at bolstering the capacity of Nigerian lenders to extend credit to their customers.
With this new initiative, Lendsqr is setting up a capital pool of up to N1 billion line of credit for lenders targeted at Lenders with State Moneylender or Cooperative licenses, giving them the much-needed access to capital that can drive sustainable growth and expansion.
“For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” said Adedeji Olowe, CEO of Lendsqr. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”
The onlending model is designed to support digital lenders who often face challenges accessing loan capital, allowing them to access credit at a reasonable rate. Through this initiative, Lendsqr aims to bridge the gap between technology and capital, ensuring lenders can meet the demand for loans while remaining competitive.
A new era of B2B2C lending
Lendsqr’s onlending initiative represents a strategic step forward in Nigeria’s lending ecosystem. With the ability to offer overdraft loans, the company enables smaller financial institutions to lend confidently, knowing they have a reliable source of capital backing them up. This move is expected to deepen financial inclusion, create a ripple effect on local economies, and ultimately support the development of a healthier financial services landscape in Nigeria.
Lendsqr now joins established onlending capital in Africa such as Lendable, the Nigerian Bank of Industry, and the African Finance Corporation, in providing capital to lenders to drive financial inclusion and much needed growth within the SME economic subsector.
Expanding access and opportunities
By providing loan capital directly to digital lenders, Lendsqr aims to empower lenders to reach more customers, serve new markets, and achieve more stable growth. The initiative not only addresses immediate funding gaps but also sets a foundation for long-term partnerships across the financial industry.
“We’re excited to be the catalyst for growth in Nigeria’s lending sector. Our onlending initiative isn’t just about providing capital. It’s about enabling a stronger and more inclusive financial ecosystem where every licensed lender, big or small, can thrive,” added Joy B. Bello, Head of Sales at Lendsqr.
Lendsqr’s onlending initiative is currently available exclusively to Nigerian lenders. Interested parties can learn more and apply at Lendsqr Capital Portal.
