Young individuals between 18 to 35 years old constitute 57% of Cameroon's labor force, yet many face challenges in securing employment. The rising population and urbanization necessitate better job opportunities. By 2050, it is projected that 70% of Cameroon's population will reside in urban areas. Although this poses the potential for a demographic dividend, there is a risk of increasing poverty and exclusion if job growth does not align with population growth.
Cameroon is addressing this issue through the Adaptive Safety Nets and Economic Inclusion Project, in collaboration with the World Bank. This initiative comprises two programs: the Business Plan Competition (BPC) and the Economic Inclusion of Youth (EIY), aiming to open up opportunities for young people in key urban areas.
The BPC targets emerging entrepreneurs who wish to expand their businesses by offering grants ranging from $10,000 to $20,000, along with coaching and support for formalization. The focus is on high-growth sectors and businesses led by women, supporting 2,000 young entrepreneurs with the potential to stimulate job creation. BPC beneficiaries, like Francoise, often encounter obstacles such as securing finance and formalizing business registrations. The program helps them overcome these challenges, fostering increased productivity and sustainability.
Augustin Caleb Minkoulou, a food engineer and beneficiary of the competition, appreciates the support, which not only aids individuals but also enables the growth of enterprises that employ others. By the end of its 24-month implementation, the program aims to enhance the entrepreneurial abilities of young business owners and motivate a new generation of entrepreneurs across the country.
The EIY program addresses a different need, targeting 65,000 unemployed urban youth. It provides a combination of basic business training, coaching, and a $500 grant to assist them in starting or expanding micro-enterprises. EIY fosters self-confidence, resilience, and future planning, creating a crucial entry point into the labor market for many young people.
Racheal Tenjeck Tifuh, a shopkeeper and callbox owner, benefits from the EIY program.
These complementary programs share a goal to provide better job opportunities for youth at various stages of their entrepreneurial path. The BPC aids established businesses in scaling and creating formal jobs, whereas the EIY assists those starting out. Together, they are vital for a dynamic job market and a more inclusive economy.
Jobs play a central role in development by fostering self-reliant economies, reducing instability, and supporting local goods and services demand. These programs in Cameroon aim to harness public resources to encourage private enterprise, equipping the youth to thrive within their communities.