Africa’s fast-growing population and markets present important opportunities for businesses

 Africa’s fast-growing population and markets present important opportunities for.....

business in an environment of slowing global growth. 

At the same time, greater innovation and investment from business is essential to meet Africa’s unfulfilled demand for goods and services, close the gaps in its infrastructure, create jobs, and decrease poverty. 

Here, we describe the extent of the African business opportunities in key sectors and suggest steps investors can take to translate that opportunity into profitable, sustainable enterprises.

Africa’s real GDP grew at an average annual rate of 5.4 percent in 2000–2010, driven in nearly equal measures by labor force growth and productivity growth. 

After a slowdown prompted by the shocks of the Arab Spring in 2011 and the collapse of oil prices in 2014, Africa’s growth has recovered and its future prospects look buoyant. 

Two indicators from the World Bank underline the continent’s promise. First, of the 10 fastest-growing economies in the world in 2018, six were in Africa. 

Secondly, in the World Bank’s 2019 Doing Business index, five of the 10 most improved countries are in Africa.