5 Reasons Why You Need An Africa Strategy
- According to projections by the United Nations World Populations Division, one fifth of the worlds population will be African by 2030. In simpler terms 1 in every 5 people walking the earth in 2030 will be African.
Let that sink in…
- Since 2000 at least half of the world’s fastest growing economies are located in Africa. To boot, Africa’s most advanced economies —Egypt, Morocco, South Africa, and Tunisia— are diversified. Services, such as banking, telecom, and retailing, have accounted for more than 70% of GDP growth in these countries over the past decade.
- 93% of Africans have access to the mobile economy. The overwhelming majority of Africans today have access to a mobile phone service. According to research by Afro Barometer, mobile phone networks have grown faster than any other area of core infrastructure.
- Africa has the worlds fastest growing middle class. Currently only 5% of Africans pass the “Fried-Chicken Test” (can afford to spend $10 on a fried chicken lunch). In 2008, 16 million African households had incomes above $20,000 a year—a level that enabled them to buy houses, cars, appliances, and branded products. Another 27 million households earned $10,000 to $20,000. In addition, 41 million households reported incomes of $5,000 to $10,000—the level at which families start spending more than half their income on nonfood items. By 2020 the total number of households in all three segments will reach 128 million, which should make Africa one of the fastest-growing consumer markets of this decade.
- 25% of the worlds workforce will reside in Africa by 2050. The number of people in Africa in the 25-59 year age bracket – classed as the main working-age population – is projected to reach one billion by 2050. This implies the proportion of the world’s working-age people who are based in Africa will double – and they’ll make up almost a quarter of the world’s potential workforce.
The World Economic Forum has stated it best: The Future Is African.