0

The latest Mckinsey report shows that African companies grow faster and are more profitable than their global peers.It further states that 400 African companies have annual revenue exceeding $1 billion.The report further states:

Africa’s real GDP grew at an average of 3.3 percent a year between 2010 and 2015, considerably slower than the 5.4 percent from 2000 to 2010. However, this average disguises stark divergence. Growth slowed sharply among oil exporters and North African countries affected by the 2011 Arab Spring democracy movements. The rest of Africa posted accelerating growth at an average annual rate of 4.4 percent in 2010 to 2015, compared with 4.1 percent in 2000 to 2010. Africa as a whole is projected by the International Monetary Fund to be the world’s second-fastest growing economy to 2020. 

The region has robust long-term economic fundamentals. In an aging world, Africa has the advantage of a young and growing population and will soon have the fastest urbanization rate in the world. By 2034, the region is expected to have a larger workforce than either China or India—and, so far, job creation is outpacing growth in the labor force. Accelerating technological change is unlocking new opportunities for consumers and businesses, and Africa still has abundant resources. 

Spending by consumers and businesses today totals $4 trillion. Household consumption is expected to grow at 3.8 percent a year to 2025 to reach $2.1 trillion. Business spending is expected to grow from $2.6 trillion in 2015 to $3.5 trillion by 2025. Tapping consumer markets will require companies to have a detailed understanding of income, geographic, and category trends. Thriving in business markets will require them to offer products and develop sales forces able to target the relatively fragmented private sector.

 

Read the rest of the Report here.

Kenneth Omeruo
Omeruo Ndukaku Kenneth is an Innovation Management expert,the CEO of Emerging Media,a new media company.He is a member of ISPIM - International Society for Professional Innovation Management and the US-Africa chamber of Commerce.He is the Founder of TechTrends Nigeria Blog,Nigeria Innovation Summit and the African Innovation Academy.Kenneth is a highly sought-after Internet Marketing Consultant who has through his seminars, articles, training and consulting, helped many organizations, Individuals, Businesses maximize the Internet for business purposes.Kenneth has also being featured as a guest on the TV show TODAY ON STV Nigeria and on Bloomberg Africa TV.He is the author of the best –selling Internet Book: How To Create Unlimited Internet Wealth. He is a syndicated columnist with the following Newspapers in Nigeria: Daily Independent, Financial Standard, PUNCH, BusinessDay, and Sun.Kenneth organises the EduNet Conference for Universities in Nigeria. Kenneth is a member of Institute of Software Practitioners of Nigeria( ISPON ) Roundtable For Capacity Development in Nigeria,member pre-selection committee for Nigeria at the UN World Summit Awards,a Panelist for Youth Enterprise With Innovation in Nigeria(YouWIN)-a Federal government initiative created by the ministry of finance,supported by ministries of Communications Technology,Youth Development,Worldbank and DFID. A 2013 Judge at the Google Cloud Developers Challenge for Sub Saharan Africa.He has been a contributing editor of Nigeria Communications Week,Africa Telecom and IT Business Magazine,ICT Today magazine,M2 magazine.Kenneth has been invited to the Commonwealth Telecommunications Organisation Forum, Oracle Open World Conference USA, Oracle Cloud World Dubai, and GITEX Dubai. He now lives in New York with his family and presently working on an Open Innovation project for Nigeria. You can contact Kenneth through email: (kenneth (at)techtrendsng.com) Facebook:www.facebook.com/Kenneth.omeruo On Twitter:www.twitter.com/kennethomeruo Skpe:Kenneth.Omeruo

Uber Launches Self -Driving Cars in Pittsburgh

Previous article

IF YOU’VE GOT THE GIONEE F103 PRO, FLAUNT IT

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *