News Summary

• 10 to 12 million young Africans enter the labor market each year, but only about 3 million formal jobs are created.
• Tony Elumelu: Successful businesses create jobs, and Africa needs many more of them.
• Governments must make it easier to start and run a business, he says.
• But Africa cannot wait to solve every structural problem before supporting entrepreneurs already creating jobs, he adds, as development resources become scarcer.
• He calls this philosophy Africapitalism: the belief that Africa’s private sector can play a central role in creating economic progress.