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Africa’s potential

Africa continues to grow in stature and economic significance and is becoming widely recognised as an exciting emerging global market that plays an increasingly important role in the global economy.

With the population of the continent approaching one billion, the potential expenditure of the African consumer market is forecast to reach US$1.6 trillion by 2020. This market is attracting increasing attention from the world’s leading consumer brands and retailers as they start to focus on African opportunities.

The continuing economic development on the continent is being created by the expansion of the African oil and gas industries; increasing agricultural output for domestic and export markets and mineral extraction, which is driving GDP and creating an expanding middle class with a rapidly growing disposable income. The World Bank statistics show seven out of the ten fastest growing economies as African.

Sub-Saharan Africa is forecast to grow at over 5.8% in GDP in 2012 and, despite the troubles with the western economies, the fundamentals of emerging market growth in Africa have proven to be resilient. The social challenges in North Africa have had little noticeable effect on sub- Saharan Africa and, in due course, the stability and economic growth that will potentially follow the ‘Arab Spring’ will be beneficial for the rest of the continent.

The Business Phone’s strategic objectives remain focused on supporting sub-Saharan African economic growth and helping to provide the services and infrastructure required to enable continued growth.