1. Change of Guards
Political landscape is changing across the continent with 18 countries going to polls in the previous year. Some Africa’s long serving Presidents have left and DR Congo just witnessed an opposition win since its independence in 1960.
2. 4% Economic Growth in 2019
According to expected projection, the African economy is set to accelerate and achieve a 4.0 percent growth in 2019
3. Integrating Africa for good
On the trade and Investment front, the recent African Continental Free Trade Agreement (AfCFTA) stands to knock down barriers to intra- regional trade and investment, thus accelerating industrialization and facilitating economic diversification and inclusion
4. Africa’s Energy Sector – a multi-billion-dollar industry
Africa is poised to benefit the most from the World Bank’s $200 billion Climate Action Fund as Africa presents a clean and open slate for renewable energy, especially solar.
5.Increased Export for Africa Food Brands
Due to loss of potential revenue by exporting unprocessed, non-value-added commodities. This anomaly has opened gaps in the market for startups like FairAfric and Garden of Coffee to develop uniquely African product brands that have the potential to become big hits on the international market. E.g Garden of Coffee ships coffee to over 20 countries.
6. Millennials are getting more involved in Leadership and Governance
With Africa on the verge of a new dawn, having about 70% of the it’s population under the age of 30, young people are now lending their innovative voices and taking up government leadership positions.
7.Education spending is increasing to about 5.6% of GDP
With PwC estimating that Africa will have the world’s largest labour force, ahead of both India and China in 2040. Education has become a determinant in many countries who are boosting their education spending from 4% to 5.6% of their GDP.
8. $50B African Fashion Industry
The growing African fashion industry is currently valued at about $50 billion and with greater attention being paid to developing pan African culture, identity and fashion the sector is just getting started.
9. Increased investment in Digital Financial Services with over $284.6m investment in 2018
No other emerging industry in Africa is attracting as much international capital and backing like fintech right now. In 2018 alone, fintech startups in Africa raised $284.6 million from investors, almost half of all the funding raised by African tech startups in the whole year. It’s hardly surprising why there is a gold rush in Africa’s fintech industry.
10. 22.5% economic growth expected by 2022 with revenue reaching $9.9m
The buzz in Africa’s Entertainment Industry is palpable. What used to be the domain of hobbyists and passionate creatives is now morphing into a multi-million-dollar industry with Netflix’s splashing a massive $13 billion annual budget for original productions and Afrobeats turning out to be one of Africa’s major cultural export.