Africa; What The Future Holds For Continent Africa Economically
Why Africa lagged behind the other continents in terms of economic development
Africa has for long period lagged behind other continents in terms of Industrial development. This is due to the presence of several underlying factors which has hindered this continent of plenty resources from achieving its full potential. The slave trade in the 18th Century is a major factor. The traders robbed the continent the best it had at that moment. The 19th century colonization was no better. There was massive exploitation of mineral resources for no gain. Long eras of poor leadership followed colonization. Dictatorship perpetuated the state of massive resources exploitation for the benefit of the few.
A map showing the continent of Africa
The Emerging Young Innovators In Africa
Emergence of young innovators
In this 21st century, there seems to be the light after those long dark ages. The emergence of a young innovative generation means at the long last, Africa can now come up with the solutions to the problems the continent has been facing for centuries. I was keenly following the Global entrepreneurship Summit in Nairobi. It was all about the options and new ways of solving the recurring challenges of drought and famine, pest and diseases, Major breakthroughs in the sectors of energy and medicine. They are the recipes of development.
Kenya for example has been a global leader in mobile money transfer platform. It means that the young generation is ready to come up with the alternatives, better ways of hitting the set targets.
A mobile money transfer platform in Kenya
The rise in number of the educated young population has attracted the major global investors who are looking for better investment returns. The labour is readily available and also a population eager to adopt their products.
Vast mineral resources
The discovery of energy resources like natural gas and petroleum oil especially in the East Africa region will lead to low production cost hence better investment returns.They are recipes for industrial revolution.
Massive infrastructural development has been a major factor in attracting foreign investors
Good governance policies has eliminated the bureaucracies in business registration .
The cost of doing businesses in the already developed economies has been on the rise. High labor costs, competition among others make Africa the better option.
This 21st Century belong to Africa. It is a moment of scramble for investment return from Africa.