Africa, a land with many opportunities is known as one of the second largest continents in the world in terms of population and size with over 54 countries and 1.3 billion people as of 2018, and this accounts for over 16% of the world’s total population. Africa is filled with vast ethnicities, cultures, people, and religions making it one of the world’s most diverse continents. It is a continent blessed with a lot of natural resources such as; crude oil, coal, diamond, timber, limestone, gold, and so much more.
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Africa and America: A Comparison
Africa is a resourceful continent with its main economic areas known to be agriculture, trade, and industries. With the large wealth and natural resources in Africa, it is still one of the world’s least wealthy continents as was discovered in March 2013, that ‘Africa was the world’s poorest inhabited continent’. There are still a lot of underdeveloped and developing countries in Africa trying to find a balance in the world’s economy. Despite all the natural resources encompassed in Africa, it has the lowest concentration of wealth and the recent economic expansion makes the continent to be an important economic market in the broader global world.
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America is known as the home of opportunities. It is believed that the continent offers more livelihoods for its citizens than Africa because of its stable economy. America is a very developed continent with a world-class economy. Africa is still considered to be developing and as such has untapped opportunities that have not been noticed, the African continent has a lot of natural resources that America does not possess. Africa is a vast land with triple the size of America. A lot of opportunities are still in Africa, we just need to find them and make good use of them to be able to meet up with other vast developed continents of the world.
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5 Major Things to Consider in Utilizing the Opportunities in Africa
Africa, although known as one of the struggling continents of the world in terms of economic stability, increased population, corruption, and all other vices is still a continent filled with so many natural and human resources that have not been tapped yet due to some problems such as infrastructure, corruption, developments and other means of accessing the opportunities in Africa. Some of the things to put in place to be able to utilize these opportunities may include:
1. The building more Infrastructures
Basic infrastructures such as roads, railways, electricity, and airports are needed for import and export business opportunities. Most African countries lack these infrastructures and as such limit their connectivity with other parts of the world. Without all of these in place, Africa wouldn’t be noticed globally and investors wouldn’t come into the continent.
2. The trade barriers
Africa has the 54-nation continental free trade area which is done to lift any trading barriers between countries in the continent. This free trade would operate better if incentives were given and the manufacturers got their benefits for setting up productions in different African countries. When this is done, there would be an increase in the development of other areas such as in textile production, machinery, and electronics.
3. Corruption
This is one of the major problems of the African continent. If the leaders and government officials work properly for the benefit of the masses, there would be a poverty reduction and there would be increased development. Most African leaders have the idea of acquiring wealth for themselves, but if this is taken out, Africa’s growth will be unrivaled.
4. Education
With the world becoming digital in its operations, it is then paramount for education to be made compulsory and necessary. As the population keeps growing, the educational sector should also not be neglected. Education is key to the growth of any country or continent, some parts of Africa are more educated than the rest, which is not too good because every part makes up the whole continent in totality, therefore, education should be a topmost call of concern in the entire African continent
5. Changing consumers
Also, with the continuous growth in Africa and more modernization occurring, new developments are to be expected. There are more educated, urban young people growing in the continent and as such, the consumption is now more sophisticated. More consumers want more imported items and world-class services; therefore it is important to consider the current world lifestyle. The African retailers needed international standards to meet with their supply chain.
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10 Reasons Why There Are More Opportunities in Africa Than America
1. Fast-growing population
Africa is blessed not only in natural resources but also in human resources. The continent is known to have the largest population but these populations are growing and becoming urban going with the global trend. Research has it, that more than 80% of Africa’s growing population is going to occur in urban cities and this would make Africa one of the fastest urbanizing regions of the world.
2. Digital transformation
Additionally, Africa is leading in world digital transformation; more businesses and other trade channels are all accessed online. Most African countries now make use of the global mobile payment network with more African companies making use of mobile communication channels to move their businesses forward and globally.
3. Africa’s diversity
Furthermore, the diversification of Africa is coming into play as the continent is becoming broader in its approach to the global market. Africa is gradually moving out of investing and focusing on just basic commodities but is now trying to invest more in other non-commodities where they can get more competition and the world’s attention. Some of these areas of attention presently are in fashion, music, and generally the entertainment world.
4. Africa is industrializing
With Africa manufacturing more of its goods, it is one of the reasons why there are more opportunities in the continent. Right from food production to automobiles, Africa is gradually becoming a great manufacturer in the global business. With more production recorded in Africa, there would be a limit to the import of goods which is known to absorb more of the continent’s economy. Africa is gradually rising in the tourism sector, the fashion industry, agro, and some information technology sectors too.
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5. Trade market
Africa is said to be the second-largest continent in terms of population which means has enough market for its products. Africa can produce its goods and commodities without importation and also sell its resources to increase its economy without much problem. Other countries and continents of the world have realized this advantage Africa has and are always ready to invest and tap into its market due to its increased population.
6. Infrastructures
Although in this aspect, Africa is still lagging, it is working to put in more funds to build more infrastructures which would make the continent noticeable to the global market and attract more investors and entrepreneurs to Africa. According to research, the investment of Africa towards the building of infrastructure is about 80 billion dollars yearly all in a bid to solve the bad infrastructure problems the continent is faced with.
7. There are untapped markets
Africa has a vast sea of opportunities that have not been utilized due to a lack of some basic tools. The continent is filled with so many business and entrepreneur opportunities but without the right tools or investors, there would be no chance. Africa realizes this as a challenge and as such is trying to uncover these opportunities and call for investors to help make it work. Countries such as China, the United Kingdom, and even the United States are all proud investors.
8. Africa’s middle class is developing
Sub-Saharan Africa is one of the world’s fastest-growing economies and its middle class is growing and developing every year. In more years to come, it is believed that its population will increase with more working-class age people who would triple the GDP growth of the total continent.
9. Africa can have sustainable development
Africa is envisaged to be able to lead in sustainable energy shortly. Mostly in areas such as energy, technology, and other areas of development. Africa embraces new technology and has a fine vibrant mind that is ready to seek more and build on the existing tools they have to create more ideas. Africa still has more unused and arable land which is yet to be explored.
10. Agriculture
Africa is known as home to agriculture it’s one of its basic natural resources. Africa has good and fertile lands which are used for agricultural purposes. Some of these agricultural products are exported to other parts of the world where there is a need and these have been known to help increase the economic growth of the continent. Agricultural opportunities are still available and some countries of the world come to invest in this sector.
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Conclusion
Africa is a continent blessed with the right human and natural resources when well utilized would make Africa become a global economic threat to other continents. There are so many untapped opportunities which are in Africa if we can just get good leaders who are ready to create parts for their young bright minds to explore these opportunities. Also, the building of more infrastructures to entice foreign investors and entrepreneurs to the continent would go a long way toward making Africa a great continent. Africa is recognized as a fast-growing population and this presents itself as a market for a different business opportunity in the global world and growth.
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