In twenty years from now, Africa’s combined GDP will be among the fastest growing in the world. This is the belief of respondents to a McKinsey Global Survey on business opportunities in Africa. Generally, members of Africa’s business community are confident about the continent’s long-term economic prospects.
Respondents inside Africa regard Nigeria, South Africa, Ghana, Ethiopia and Egypt – in that order – as the countries that are expected to provide organisations with the biggest business opportunities in the next five years. Respondents in Europe and other parts of the world have a different order and different countries: South Africa, Nigeria, Kenya, Egypt and Morocco. Kenya and Morocco offer a lot of potential, say respondents outside Africa.
Most respondents in the McKinsey survey have particularly high expectations of technological growth, high demand for infrastructure, and rapid urbanization. “But the results also suggest that on-the-ground knowledge is key to capturing this business potential”, African Business Central says in a news report about the survey.
Local respondents claim that success in Africa requires direct investment in a company’s own business ecosystem, as well as an active approach to developing talent, a formal strategy for growth in Africa, and a quicker embrace of mobile and digital technologies.
Further reading on africanbusinesscentral.com