Enabling African Businesses to Transform the Continent
"Africa needs a strong, modern, competitive, innovative and dynamic private sector to drive economic growth and sustainable development. The success of efforts to lift millions out of poverty and improve the lives of all Africans as envisioned by the African Union’s Agenda 2063 will depend largely on the sector’s ability to strategically exploit the continent’s untapped natural resources and create jobs for Africa’s young population. Despite tremendous progress in recent years, African business still faces significant challenges, including the lack of infrastructure, particularly reliable power supplies, and lack of capital, especially for small and medium-sized enterprises (SMEs) and farmers. However, if supporting environments are able to be put in place, the opportunities for business across the continent are enormous. With a population of approximately one billion, predicted to double over the next ten to fifteen years, the continent has a huge market base. Africa is also opening up, both to itself and to the world. With greater regional and continental integration and cooperation, opportunities for cross-border trade within Africa are increasing as tariffs and non-tariff barriers are gradually being eliminated."