At the inaugural Africa-Singapore Business Forum, World Bank VP, Oby Ezekwesili had some inspiring remarks about the continent. Touching on the impact of ICT, the rising outlook for tourism, the opportunity in agriculture and the rise of the African middle class, she makes the bold and uplifting remark that ‘Africa is the future of the global economy.”
…In 1980, just 28 per cent of Africans lived in cities.
Today, 40 per cent of the continent’s one billion people do — a proportion roughly comparable to China’s and larger than India’s.
By 2030, that share is projected to rise to 50 per cent, and Africa’s top 18 cities will have a combined spending power of $1.3 trillion.
Meanwhile, Africa’s labour force is expanding, in contrast to what’s happening in much of the rest of the world.
…the advent of ICT has been critical to the development of the economies in Africa and has become the source of more than $60 billion in private investments between 1998 and 2008.