Start-ups have sprouted in countries such as Nigeria, South Africa, and Morocco. Innovative technologies have brought mobile banking to tens of millions of people. Women-only computer coding schools have emerged. Microsoft and Google have established major centers in Kenya.
But while technology has brought billions in investment, it has so far failed dismally on one crucial front: creating jobs. Chronic unemployment, a lingering issue, is now a major crisis. Up to 1 million Africans enter the labor market every month, but fewer than one in four get a formal job, the World Bank says. Unemployment in South Africa, the continent’s most industrialized nation, runs at a crushing 35 percent.
The continent’s working-age population—people ages 15 to 65—will hit 1 billion in the next decade. What will these 1 billion workers do?
“That’s a problem,” says Mo Ibrahim, a Sudanese-born telecommunications tycoon and philanthropist.
For legions of jobless and frustrated young Africans, the only good option is to leave. Every year, tens of thousands of doctors, nurses, academics, and other skilled migrants flee the continent. (At least 1 million Africans from south of the Sahara have moved to Europe since 2010, according to the Pew Research Center.) Migration is such a feature of life in Nigeria that young people have a name for it—japa, Yoruba slang that means “to run away.”
And many of the countries they leave behind depend on them to survive. In 2021, African migrants sent home $96 billion in remittances, three times more than the sum of all foreign aid to Africa, according to the African Development Bank.
“The African diaspora has become the largest financier of Africa,” says Akinwumi Adesina, the bank’s head.