Angola's new National Entrepreneurship Strategy (NES) seeks to transform its economic landscape by fostering a vibrant entrepreneurial ecosystem. Spearheaded by the United Nations Conference on Trade and Development (UNCTAD), the initiative aims to reduce dependency on oil and gas, boost MSMEs, and promote innovation.
In a bold bid to revamp its economy, Angola is placing a significant bet on the power of entrepreneurship. The United Nations Conference on Trade and Development (UNCTAD) has laid out an ambitious National Entrepreneurship Strategy (NES) aimed at fostering a resilient entrepreneurial ecosystem. This move, in alignment with Angola’s 2050 strategy and the National Development Plan (NDP) 2023-2027, highlights the crucial role of entrepreneurship in the nation’s socio-economic transformation.
The Current Landscape
Angola's economy, long dominated by the oil and gas sectors, faces high informality and unemployment rates, especially among women and youth. Despite a gross domestic product (GDP) of $107 billion in 2022, the country is grappling with economic challenges exacerbated by fluctuating global oil prices and the impacts of the COVID-19 pandemic. Informality in the economy is staggering, with 79.9% of the economically active population employed in the informal sector.
However, the Angolan government views entrepreneurship as a key driver of economic development. The percentage of the adult population that sees entrepreneurship as a viable career has significantly increased in recent years. Yet, the path to unleashing Angola's full entrepreneurial potential is fraught with obstacles, from regulatory hurdles to limited access to finance and high levels of informality.
Building a Thriving Entrepreneurial Ecosystem
Angola's entrepreneurial ecosystem is supported by a diverse array of stakeholders, including government agencies, private businesses, educational institutions, and international partners. Key institutions like the Ministry of Economy and Planning (MEP), the National Institute of Support to Micro, Small, and Medium-Sized Enterprises (INAPEM), and the Agency for Private Investment and Exports Promotion (AIPEX) are instrumental in promoting entrepreneurship through policy implementation, networking, innovation, and support services.
The NES envisions a comprehensive national agenda that reinforces the entrepreneurial spirit, especially among the youth. It proposes a strategic framework that offers structured coordination for all key actors in the ecosystem, promoting a whole-of-government approach and private-sector collaboration.
Key Objectives and Strategic Actions
The NES is anchored on several key objectives aimed at transforming Angola's entrepreneurial landscape: ensuring alignment of national and regional policies to create a conducive environment for entrepreneurship; addressing the specific needs of various types of entrepreneurs, including women, youth, and informal businesses, with customized measures and packages; simplifying regulations and reducing bureaucracy to facilitate the creation and growth of businesses; promoting traditional and innovative financial services to support enterprises at different stages of maturity; integrating entrepreneurship into formal and informal education systems to cultivate an entrepreneurial mindset from an early age; encouraging the adoption of new technologies and strengthening ties between the private sector, academia, and research institutions; and enhancing the participation of MSMEs in value chains and international markets through strategic partnerships and trade facilitation.
Path to Prosperity
The action plan under the NES includes specific interventions such as streamlining business creation procedures, developing a national framework for entrepreneurship education, promoting financial literacy, and enhancing the use of digital tools and technologies. It also emphasizes the importance of public-private partnerships and networks, supporting high-tech startups, and creating a conducive regulatory environment.
Monitoring and evaluation are critical components of the NES, with a proposed national council to oversee the strategy's implementation. This council, involving both public and private sector stakeholders, will ensure regular progress assessments and necessary adjustments to keep the strategy on track.
The "Angola: Entrepreneurship Policy Review" by UNCTAD provides a comprehensive roadmap for developing a resilient entrepreneurial ecosystem in Angola. By addressing existing challenges and leveraging the potential of diverse stakeholders, the NES aims to significantly contribute to the country's economic diversification and prosperity.
As Angola embarks on this transformative journey, the focus on entrepreneurship could pave the way for a more diversified and robust economy. With the right policies and support mechanisms in place, Angola's entrepreneurial landscape could become a powerful engine for sustainable economic growth and development.