African entrepreneurs need to be taken seriously

While growing up in Lagos in my home country of Nigeria, I had aspirations and a clear vision of where I wanted to be in the future, not letting outdated societal norms dictate my success. My message here is therefore simple; It does not matter about one’s background, race or gender – Anyone can be a successful entrepreneur, and all successful entrepreneurs should be respected.

Africa remains a continent ripe with opportunity with some of the fastest-growing economies in the world both before, during and now after the global pandemic which saw other economies grind to a halt. The International Monetary Fund (IMF) projects sustained economic growth this year and next for most countries in Africa, with some growth projections (9.2 percent growth for Senegal and 7.5 percent for Rwanda in 2023 for instance) more than three times higher than predictions for the US economy the same year. 

Now home to the world’s largest free trade area by number of countries involved, the African Continental Free Trade Area (AfCFTA) promises to further facilitate economic growth and the development of economies throughout the continent by eliminating outdated trade barriers and prioritising free and fair trade in the world’s largest domestic market.

Indeed, entrepreneurship on the continent has never been in a better state than it is currently. Of course, there are clear avenues for progression and development, but the situation now is one that Africans should be proud of. 

It is time for the world to wake up and witness this spurring manifestation of entrepreneurial spirit.

In 2012, the Harvard Business Review released an article examining what Africa’s entrepreneurs can teach the world and how entrepreneurial business endeavours directly facilitate economic growth and empowerment.

The article stated that ‘entrepreneurship is the answer to the vexing economic question facing Africa today’ and that the failure to study or embrace African entrepreneurship has ‘impoverished our global view of entrepreneurship’. 

Ten years on from this article being released, I believe that business entrepreneurs have firmly taken the baton and answered en-masse, with Africa now having the highest number of entrepreneurs among working-age adults of any continent according to the World Bank.

It is now vital that global businesses, governments and investors recognise the culture of tenacity and hard work that is emanating from the continent of opportunity. 

Whether from Lagos or Luanda, African entrepreneurs are a force to be reckoned with, a true force for good. They are a group seeking the further development of the continent and are rightfully asking to be taken seriously on the world stage.

Ask most African-born and raised entrepreneurs why they are doing what they are doing, and most will tell you that it is to make a positive and genuine difference in the place that they call home. In my personal experience, I grew up witnessing underdevelopment and poverty and yet within this landscape I always saw ideas blossoming.

These were my precise motivations when setting up Tingo, Inc. I saw the importance of food security in Nigeria and further afield and could not understand why technology was not being utilised for smallholder farmers and their supply chain needs. Moreover, I knew the potential for Nigeria to be the breadbasket of Africa – It always puzzled me as to why Nigerian food was not appearing in global cities, and as such I wanted to change this.

Now one of Africa’s largest Agri-Fintech companies with over 10 million subscribers using our products, I am beyond proud that we have a definitive merger agreement in-place with NASDAQ-listed MICT, Inc. a move that will enable us to further enhance our product offering and improve our customer experience.

What this shows is that Africa’s untapped potential is now getting the attention of some of the most influential governments and players in the world, all for good reasons. Hard work, dedication, tenacity and a positive mindset are all things I have maintained in this journey to-date, whilst always remembering my original mission goal in establishing Tingo; to put the farmer at the centre of the story.

Trade, not aid. Belief, not relief. These are key things the world must recognise when dealing with the emerging frontier that is Africa. 

By 2100, almost half of the world’s total population will be African and by 2050, half of Sub-Saharan Africa’s population will be under 25. I cannot emphasise enough the sheer belief and passion that this population has and can only imagine the growth of entrepreneurship coming our way from this youthful, energised population in the future.

The era of African entrepreneurship is here, and we must recognise the inherent benefits in this. The link between entrepreneurship and economic development is clear, and I for one champion such ongoing trends.

The world must not extinguish the flame that is African belief and rigour and must recognise that entrepreneurial innovation is an essential component to global development and should be welcomed and rewarded no matter where its origins lie. 

It is my fervent belief that more companies like Tingo will emerge in the coming years and more African businesses will become globally recognised for the incredible impact work they are doing. The truth of the matter is simple but is one I must stress: African entrepreneurs are here and they are here to stay.

By Dozy Mmobuosi, Founder and CEO Tingo Inc

source Africa Business Insider