2024-02-29 15:34:26
How is the year 2024 shaping up economically in Africa and what are the main attractive sectors for continental and international investors? Elements of answers.
Geopolitical tensions and the reconfiguration of global supply chains offer new prospects for many African sectors. It must already be emphasized that the circumvention of the continent, via the Cape of Good Hope in South Africa, offers great opportunities to African ports. This is the case, for example, of the Moroccan port of Tanger Med, as well as most of the large ports located on the shores of the Indian Ocean and the Atlantic. Overall, traffic is estimated to have doubled in places, thereby showcasing the African maritime sector.
“I also think that the manufacturing sector is really worth investing in. We just have to consider African products that can be processed on the continent, replacing Asian imports,” advises François Conradie, senior economist at Oxford Economics Africa.
ZLECAF
Which raises the famous question of the transformation of raw materials, especially after the powerful shocks of the covid-19 pandemic and the war in Ukraine. With the ongoing conflict in Gaza, African countries must once again sound the alarm and promote their manufacturing sectors.
Moreover, speaking of this, everyone thinks of the opportunities offered by the African Continental Free Trade Area (ZLECAF), intended to considerably strengthen intra-African trade. But it should still be noted that, almost three years after its launch, the ZLECAF is still in its infancy. On the ground, few countries are in tune with its requirements, while geopolitical upheavals must push to accelerate its implementation.
Initiatives
In this context, the main sectors to be promoted are those which must help Africa to ensure its food sovereignty and to immunize itself against the external crises which are hampering its growth. This requires better exploitation and valorization of the continent’s energy and natural resources, through a concrete policy of local transformation.
The latter has certainly been put forward for several years, but it is really slow to come to fruition. Despite everything, examples are beginning to inspire. This is the case of Gabon’s decision to locally process its manganese, or of Guinea Conakry for bauxite, not to mention the case of OCP in Morocco, with the policy of local processing of phosphate before exporting it. worldwide.
Moreover, these examples are spreading. In Nigeria, Aliko Dangote, the richest man in Africa, recently inaugurated the first refinery in the continent’s most populous oil country. This will be the case, moreover, in the field of fertilizers in Nigeria, in partnership with Morocco.
Kevin Urama
Chief Economist and Vice President of the AfDB
“The growth of the best-performing African economies has benefited from a range of factors, including reduced dependence on raw materials, through economic diversification, increased strategic investments in growth sectors key factors, an increase in public and private consumption, as well as positive developments in the main export markets. »
Albert Muchanga
Commissioner for Economic Development, Trade, Tourism, Industry and Minerals of the African Union Commission.
“The future of Africa rests on economic integration. Our small economies are not competitive in the global market. A healthy African domestic market can ensure intra-African production of value-added manufactured goods.”
Jeffrey Sachs
Director of the Center for Sustainable Development at Columbia University
“Long-term development cannot be based on short-term loans. Loans granted to Africa should have a duration of at least 25 years, if not longer. Short-term borrowing is dangerous for long-term development. Africa must act as one, on a large scale”
Abdellah Benahmed / ECO Inspirations
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