Is Africa's future bright?

Africa’s bright future lies ahead - 18th December 2023

Africa may experience extreme weather, environmental problems and bad governments. However, Akinwumi Adesina, head of the African Development Bank, believes that the future’s bright for the continent.

The population’s predicted to reach 1.72 billion by 2030. This includes 500 million young workers in the 15 to 35 age bracket. Technology companies are growing, especially ‘fintech'. This is digital financial services. Adesina feels confident. He says, “I go out and I see young people in the fintech industry that are leading today globally.”

The continent’s also very rich in natural resources like metals and minerals. Africa contains 80 percent of the world’s platinum, for example. It already sells these resources internationally. However, Adesina’s advice is for African countries to add value to these resources. When companies make products with them, they’re worth more when they’re exported.

Countries like Kenya are also developing green energy resources. This will allow it to become more energy independent. It also enables it to use this energy to create products for export.

With 65 percent of the world’s available farmland, another area for growth could be farming. However, the typical small scale family farm isn’t very efficient. Farming techniques would have to be modernised first.

In recent months, political problems in Niger and Gabon have discouraged investment. There’s also been a lack of water in the north and cyclones in the east of Africa.

Adesina understands the challenges ahead. But he’s optimistic about the future. He hopes foreign countries and companies will invest money in Africa.