Fashion

Is Africa the FUTURE?

5 months ago • by Anaïs Sánchez
Is Africa the FUTURE?
Anaïs Sánchez
Written by Anaïs Sánchez

This is the question that has been going around in people’s head since a while.

Let’s talk about facts. Youth unemployment is one of Africa’s big problems: the continent has 480 million young today and it is expected to grow to 850 million youth by 2050. Besides the fact that job creation must keep pace with Africa’s growing rhythm, women have to gain rights in terms of gender equality.

This is where the African Development Bank comes into play. The Bank is investing in high-growth sectors that have the potential to promote women’s economic empowerment and create 25 million jobs over the next decade. One of those sectors is the fashion industry. The vast and diverse African cultures and traditions are not only descriptive of our continent, but represent an economic asset that we need to promote and exploit to support inclusive growth. These are exciting times to invest in the African fashion industry as there is still space for growth.

In 2015, the AfDB launched the Fashionomics Africa initiative, a pan-African program to support the development of the textile and fashion industry with a focus on micro, small and medium-sized businesses (MSMEs), attractive to large number of young people – skilled and unskilled.

The goal is to enable African designers and fashion entrepreneurs to create and grow their businesses. Last year, this same initiative was launched in five African countries (Côte d’Ivoire, Kenya, Ethiopia, Nigeria and South Africa) to promote the concept, develop the platform’s database, forge strategic partnerships and discuss its proposed engagement with a wide range of stakeholders. Most importantly, it provides an occasion to come closer to beneficiaries and established networks of investors and connect them with African fashion entrepreneurs. The AfDB will continue to go further and implement more measures as part of Fashionomics initiative.

After reading all this information, do you still doubt about Africa’s potential? Take part in Africa's development!

Source: https://www.afdb.org/…/fashionomics-africa-outlook-for-201…/ An article by Emanuela Gregorio, Economist at the African Development Bank

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