For many years, the speed of progress in Africa was considered to be lagging behind the other continents, but this is about to change in the coming decades as the African Continent is set to unleash its true potential. The world’s population is predicted to increase by 1 billion by 2050 with 50% of that figure expected to come from Africa. This huge increase will result in an abundant African work force of a young and vibrant population ready to be tapped into and utilized thus creating greater employment opportunities and at the same time increased investments in human capital that can be translated into increased economic growth. The increased population is expected to bolster Africa’s economy while at the same time straining Africa’s resources, such as the demands of water supply and basic health and education needs.
The improved standards of living in many African countries have resulted in an increased consumption which could translate to large opportunities for companies world-wide. It is therefore not surprising to witness an increasing interest by major firms in the continent and it’s potential. These companies are after good returns on future investment in several sectors such as Infrastructure, Transportation, Construction, Education, Mining & Natural Resources, Manufacturing, Agriculture, Education and Training, Medicine and Healthcare Services, Communication, Consumer Goods, Appliances and Electronics.
In order to effectively tap into the African Opportunities, interested companies need to develop proper and in-depth Strategies that can address the specific characteristics of the African People, understanding their cultures and behaviour. They also need advisory help and guidance in identifying where in Africa (which countries) the future opportunities lie and their type/scope in the Private and Public sectors. Foreign companies also need assistance in adapting to the African Culture and in training the local workforce so that they are transformed into a skilled Human Capital. Such strategies are crucial to successfully guide the investment activities in Africa in the right direction and leverage its huge potential.