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Why It Took So Long for Africa to Discover Its Potentials – Dr. Ademola Adetunji

Africa, a continent that has long been considered underdeveloped and economically stagnant, is now emerging as the next global economic powerhouse. Despite facing various challenges, including political instability, weak institutions, and lack of infrastructure, Africa’s economy is on the rise, with many experts predicting that it will be the next economic giant.

Why Africa Will Be the Next Global Economy

Population Growth- Africa has the fastest-growing population in the world. By 2050, the population is expected to double, reaching over 2.5 billion people. This growing population represents a huge market for businesses, making it an attractive destination for foreign investment.

Natural Resources -Africa is blessed with an abundance of natural resources, including oil, gas, gold, diamonds, and other minerals. With the growing demand for these resources, Africa has the potential to become a major player in the global economy.

Technology – Technology is transforming Africa’s economy, with many African countries rapidly embracing digitalization. The proliferation of mobile phones and internet access has opened up new opportunities for businesses and entrepreneurs.

Political Stability – African countries are becoming more politically stable, with many countries holding regular democratic elections. This political stability creates a favorable environment for foreign investment and economic growth.

Trade – African countries are starting to embrace regional integration, with the African Continental Free Trade Area (AfCFTA) providing a platform for increased trade between African countries. This increased trade will lead to a more integrated and robust African economy.

Why It Took So Long for Africa to Discover Its Potentials

Colonialism: -Africa’s long history of colonialism had a significant impact on its development. Colonial powers exploited Africa’s resources without investing in its infrastructure or institutions, leading to a legacy of underdevelopment.

Lack of Investment – Africa has historically received less foreign investment than other regions, leading to a lack of infrastructure and underdeveloped economies.

Political Instability -Many African countries have struggled with political instability and conflict, which has hindered economic growth and development.

Weak Institutions – Africa’s institutions, including its legal systems, have often been weak, leading to corruption and a lack of accountability.

Low Education Levels – Education levels in Africa have historically been low, limiting the human capital needed for economic growth and development.

In conclusion, Africa is well-positioned to become the next global economic powerhouse. With its fast-growing population, abundant natural resources, improving political stability, increasing trade, and adoption of technology, Africa is rapidly transforming its economy.

Although it has taken Africa a long time to discover its potential due to factors such as colonialism, lack of investment, political instability, weak institutions, and low education levels, the continent is now taking the necessary steps to unlock its potential and realize its economic aspirations.

Dr. Ademola Adetunji is the CEO of Mo Group.

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