Dubbed as the fastest growing economy in the world Africa has been in the spotlight for quite some time now. As various sectors of the economy seek to get back to normalcy, navigating the economic climate will require some wisdom.
The small picture
Getting a good enough grasp of the big picture is essential, but will not be sufficient in order to assess investment viability. Understanding the situation on the ground will become necessary. With Rwanda, Ethiopia, and Tanzania representing three of the top five highest growing economies, foreign investors will require credible information on individual markets to make decisions.
Small corner solutions
Nigeria alone has around 41.5 million SMEs. In the long haul, the greatest competition to bad leadership will be the collective of small businesses trying to solve problems and working with organised private sector, and foriegn investors to scale. The African economic climate will continue to encourage entrepreneurial efforts. But it won’t be a walk in the park.
Sharing Africa’s values
With everyone trying to be ‘woke’ for all the right reasons, companies will look to work with partners who have shared values. Africa is in desperate need of better leadership, technological leapfrogging, essential infrastructure, investment, and security, and local and foreign entities planning to succeed here will have to be exactly what the doctor recommended. It will be important to this generation of emerging business and political leaders that development happens without further compromising the culture, history, and humanity of their people. Foreign governments and companies who understand this would have won, before even trying.
Foreign entities looking to foray into burgeoning industries will be met with positive reception as the private and public sectors seek economic recovery from the pandemic.