Founder and Executive Director of ACCENT Business Academy, Wale Akinyanmi has raised an alarm over the current economic challenges faced by the continent in the wake of threats of a second wave of Covid-19 and another possible lock-down of the economies.
He stressed that all deterrents must be put in place by governments to ensure that the ongoing second wave of Covid19 does not lead to another shut down of Africa’s economies.
Speaking at a special event to mark the 2nd anniversary of the institute, Akinyanmi expressed dismay at the present wave of the Covid-19 and its devastating impact on the global economy, especially Africa.
He said ” before Covid-19 struck in Africa earlier this year, Africa was groaning under severe multiple economic challenges including food crises alongside climate change, energy crises and an aggregate unemployment percentage.”.
He noted that in its remarkable stance to stemming the challenges in the African economy, ACCENT has decided to morph into a maximally faith-based Social Enterprise status which demands deliberate liberal terms of admitting students for its programs.
He said since inception in November 2018, the Business Academy has trained over 65 participants in business and social enterprise, many of who have since launched various ventures or are upscaling existing businesses”.
According to him “of Africa’s nearly 420 million youth aged 15-35, one-third are unemployed and discouraged, another third is vulnerably employed, and only one in six is in wage employment”.
He lamented that youths “face roughly double the unemployment rate of adults, with significant variation by country. The problem is not just unemployment but underemployment, which peaks at just over half of youth in the labor force in low-income countries”.
Akinyanmi said as a way of bringing sucour to some the unemployed youths,the Academy is giving opportunity to scores of students hitherto unable to afford the training fees by making it tuition free.
He said, only commitment fees are now required for admission, just to ensure the liberality of the academy is not taken for granted.
This according to him will help position the students as job creators instead of adding to the harsh realities and multiple challenges facing young Africans as a result of insufficient jobs which have now been worsened by the global financial and economic crisis.
While noting that business opportunities abound within the continent,He emphasised that they they will have to be explored and exploited in sustainable ways and hopefully in collaboration with and led by a new generation of sustainably and socially literate leaders.
Akinyanmi noted that with Africa’s population anticipated to reach 2.5 billion in 2050 and possibly 4.5 billion in 2100 and all key sustainability challenges, social as well as environmental will be on full display in the decades to come with the most vulnerable people likely to suffer the brunt of negative future impacts (food, water and resource constraints, conflicts, climate change impacts, migrant flows etc.).
According to Akinyanmi, “at the same time, Africa has the youngest population among other continents but with an amazing amount of entrepreneurship energy and hope for the future”.
The years between now and 2030 are critical for building an Africa that will not only survive but excel.
Akinyanmi noted that this is why ACCENT Business Academy is taking some new, daring strides before the commencement of its Cohort 005.
According to Akinyanmi, the special skills proposed to be earned in the days ahead range from Tech to the Creative Industries, production and Agriculture. Students will have a one-month option to specialize in Social Enterprise and Sustainable Development.
While acknowledging the efforts of the Coalition Against Covid-19 (CACovid), He expressed the optimism that they would yet do more in days ahead.
On ACCENT’s strategic intent, he maintained, “since the preponderance of the African youth (one out of every five) are in Nigeria, our admission policy for future cohorts will favor a higher population of Nigerian youth; our gates are as well deliberately wide open to the rest of African youth population.
To this effect, our trainings and internships will generally hold online, to accommodate participation of our youth from any part of the world”.
ABA, he said, will have to bear the brunt of absolute reliance on its faith, partners and volunteers in its quest to making a difference in this crushing economy”.
He asserted “we may not be able to change our past but we can chart a new path for our future generations.”
The profile of ACCENT Business Academy students ranges from the youth to the middle-aged, from the corporate to retiring and retired people – all who wish to be financially independent, build thriving businesses or become assets to transform the economy of their locality and ultimately Africa.
