As of 2020, Africa’s population was growing at a rate of 2.7% each year, 2x faster than South Asia’s annual growth rate and 3x that of Latin America. At this rate, Africa’s population will double by the year 2050, equating to 2.5 billion people and resulting in one in four people around the world being in Africa. Prior to that Africa will be home to largest workforce by 2040, requiring skilled individuals prepared for significant population growth.
WHY THIS IS IMPORTANT
According to the Mo Ibrahim Foundation, in sub-Saharan Africa alone, 18 million jobs need to be created annually to account for new entrants into the job market yet only about 3 million formal jobs are available annually.
As more young people enter Africa’s labor market, it is imperative that African economies create jobs to meet the demand. The challenge is that for years, African economies have been focused and dependent on a narrow range of natural resources, such as crude oil, gold, diamonds, and cocoa, among others.
Through economic diversification Africa can reach sustainable prosperity. In a bid to diversify, some governments have been moving to cultivate other industries, specifically a focus on the sports and entertainment industry.
MORE THAN JUST SPORT
This is why Asebi views its work as more than "just sport." Investing in Africa's sport industry can help address this urgent need to diversify African economies beyond their traditional resources, and we recognize that Africa has tremendous potential to be the center of the global sport industry.
In recent years, the potential of Africa's sport industry is best captured by the NBA’s partnership with FIBA to launch the Basketball Africa League (BAL), the NFL hosting its first talent identification camp on the continent in Accra, Ghana, and the announcements of international sporting events being hosted on the continent. South Africa is slated to host the ITTF World Table Tennis Championships Finals in 2023, Formula E, and co-host the 2027 Cricket World Cup with Namibia and Zimbabwe in 2027.
Indeed, the future is bright! In order to fulfill Africa's potential in the sport industry, a lot more needs to be done. It really will take a village to build the sport industry we desire.
We invite you to join us in the journey!
Learn more about how you can help by clicking here.