Africa worlds next big growth market
News & Trends •
according to the report there has been a big push by governments and the private sector to close infrastructure gaps1 africa will become the worlds next big growth market akin to the asian boom mckinsey a management consulting firm said on tuesday1 the report drew the conclusions from a survey of 3000 mckinsey client engagements in-depth proprietary research and interviews with 40 of africas most prominent business and development leaders1 the report examining several examples of african businesses that have translated opportunities into enduring business value revealed how companies can better understand the african market1 it also seized the opportunities for building profitable sustainable businesses1 africa has a fast-growing rapidly urbanising population with big unmet needs1 it means that there is a trillion-dollar opportunity to industrialise africa to meet rising domestic demand and create a bridgehead in global export markets the report said1 while other geographies are seeing incremental growth global companies that get in early and join the african champions shaping the right strategies can sustain double-digit profit growth over the next few decades it noted1 the report pointed to continued resource abundance in agriculture mining and oil and gas with innovation and investment in these sectors unlocking new production on the continent1 the rapid adoption of mobile and digital technologies could leapfrog africa past many obstacles to growth1 with over 400 african companies earning annual revenues of 1 billion dollars or more we can identify what works the report said1 according to the report the highly successful businesses are often african companies but many are entrepreneurial firms with western indian or chinese founders1 the report however pointed out that building a successful business in africa requires a long-term approach1 the four essential practices are mapping an africa strategy innovating business models and building resilience for the long term and unleashing talent1 at the heart of these four imperatives is a commitment to doing well by doing good said acha leke senior partner and chairman of mckinseys africa office and co-author of the report1