- The country's youth population is made up of over 9.5 million people, more than 20 per cent of all Kenyans.
- Youth starting micro and medium-sized enterprises will be granted a tax holiday alongside other incentives to expand business opportunities and innovation.
- Youths have been urged to read the report and give their feedback.
On Wednesday, President Uhuru Kenyatta accompanied by former Prime Minister, Raila Odinga and flanked by Deputy President William Ruto officially unveiled the long awaited Building Bridges Initiative report at the Bomas of Kenya.
More than 4,700 delegates from all the 47 counties attended the state event.
The report ushers a national discussion on the future of Kenya — which might shape, too, the Kenyatta succession and the 2022 politics.
During the launch, speaker after speaker waxed lyrical on how the report will cure many ills afflicting Kenya.
Business Insider SSA decided to peruse the report and find out just what it has in store for the Kenyan youth.
What’s in store for the Kenyan Youth
According to the latest UN estimates, the country's youth population is made up of over 9.5 million people, more than 20 per cent of all Kenyans.
However despite being the majority, youth interest have always been overlooked. The recently launched BBI is attempting to address this and youth matters have been captured in several pillars.
By the look of it, the Kenyan youth will have equal and ample opportunities to prosper for the next 3 generations or 100 years.
The most notable one is the economic empowerment where businesses owned by youth will be given a chance to flourish.
Young people starting small businesses will be allowed to operate for seven years without paying taxes, if the BBI recommendations sails through parliament and get adopted.
About 500,000 to 800,000 young Kenyans enter the job market each year and the economy has not been able to provide the necessary amount of employment opportunities – formal and informal alike.
Hence self employment is not only necessary but crucial. The BBI report is alive to this fact.
Youth starting micro and medium-sized enterprises will be granted a tax holiday alongside other incentives to expand business opportunities and innovation.
The report recommends “minimising taxation of new and small businesses by giving them a tax holiday of at least seven years as a support to youth entrepreneurship and job creation”.
This will be the first and largest tax incentive of its kind offered to entrepreneurs.
The BBI taskforce also recommended an advisory desk be set up at every Huduma Centre, manned by a business development expert to help young people start businesses.
The private sector has also been encouraged to form a national, non-profit foundation to provide mentoring and support tools to aspiring business owners between ages 18-35.