Listen at 3 different speeds

Africa’s bright future lies ahead - 18th December 2023

Africa’s set to enter a golden age according to some economic predictions, which offer a welcome contrast to the headlines about natural disasters, climate change and violent revolutions. Akinwumi Adesina, head of the African Development Bank, is optimistic, and the data seem to support him.

For Adesina, the fact that Africa has the fastest growing population of any continent is a major benefit. Predicted to hit 1.72 billion by 2030, it includes almost 500 million workers aged between 15 and 35. These young people are taking up roles in technology sectors, especially ‘fintech’ – digital financial services. Adesina says, “I go out and I see young people in the fintech industry that are leading today globally.”

And that’s not all. As Africa’s home to 80 percent of the world’s platinum and large reserves of other metals such as copper, its natural resources present an obvious advantage. Despite this, Adesina warns against simply exporting raw materials, believing it to be the quickest route to poverty. Instead, the “highway to wealth” is achieved by “adding value” to oil, gas, minerals, metal and food, through turning these precious raw materials into products.

Governments like Kenya’s are also developing green energy, such as hydroelectric and solar power. Taking this approach enables countries to become more self-sufficient and produce more products for export.

Agriculture holds great potential as a major source of wealth too, claim some experts. The continent has 65 percent of the world’s remaining agricultural land, although many are cautious since the switch to modern, industrial farming processes could prove difficult.

Recent conflicts in Niger and Gabon are adding to challenges, as are extreme weather conditions, like drought in Africa’s north and cyclones in the east. Despite this, Adesina refuses to be put off. He knows it’s vital to attract global investment, but soon, it might be Africa’s time to shine.