Topic

Africa

Tags

Economy

Author
Omon Okor

I lived in Nigeria for my entire childhood. When I came to the United States, my eyes were opened as to how unaware other countries were to the overwhelming economic and cultural challenges of Africa.  It was then I knew I was meant to dedicate my life to bringing a voice to those still in the shadows and to enlighten those totally unaware of the atrocities women and children in Africa endure.

Africa: The World's Fastest Growing Continent

To invest or not to invest. That is the question. “Shakespeare if he were alive today.”
Africa fastest growing1

Why is Africa the fastest growing continent? Is investment too risky or is it too risky not to invest? 


The Reasons:

  • Two thirds of the continent registered overall improvement in the quality of economic governance with increasing capacity to deliver economic opportunity and basic services.
  • The private sector has become the main engine of growth as the business climate improves and growth is driven by internal demand.
  • Increasing levels of trade and investment with the annual rate of foreign investment increasing five fold since 2000.
  • Improvement in access to finances and quality of infrastructure should improve global competitiveness.
  • Greater regional economic integration will enable African producers to build regional value chains, achieve economies of scale increasing intra-African trade and become internationally competitive. Such regional projects already launched are regional organizations to manage regulation of power pools and water basins.
  • Growth in low income countries are forecasted to remain above 5.5 percent in the next few years.
  • The number of middle income countries rose to 26 out of 54.
  • The population living below the poverty line has fallen to 51 percent to 39 percent.


However, substantial disparities still exist. The challenge is to address continuing inequality so that all Africans:

  • Those in isolated rural communities
  • Those in deprived neighborhoods and
  • Those in fragile states benefit from economic growth.

Africa fastest growing2

Source: African Development Bank Group Effectiveness Review 2013

Author
Omon Okor

I lived in Nigeria for my entire childhood. When I came to the United States, my eyes were opened as to how unaware other countries were to the overwhelming economic and cultural challenges of Africa.  It was then I knew I was meant to dedicate my life to bringing a voice to those still in the shadows and to enlighten those totally unaware of the atrocities women and children in Africa endure.



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