“He made his fortune in Africa, back in the twenty-tens…”
Africa has the resources to do so. Indeed it is the richest continent in terms of natural resources, owning a sizeable chunk of the entire world’s stock of gold, 90 percent of Cobalt and 40 percent of the world’s potential hydroelectric power. Its potential labour force, of which the majority is unskilled, stands at one billion and is growing at an astonishing rate, 3,000 arrive just in Lagos each day.
It is also a place where the prosperous entrepreneur is unlikely to meet the excessive regulation he/she may encounter elsewhere. African governments are aware of the positive by-products entrepreneurship can offer their country: jobs, technology and internal growth. This is not to be confused with corruption, where government leaders see an opportunity of investment for themselves rather than for the nation.
Its prospects seem hopeful. David Cameron, in a recent visit to Nigeria, asked “Which continent has six of the ten fastest growing economies in the world? Africa is transforming in a way no one thought possible 20 years ago… and suddenly a whole new future seems within reach.”
It is quite clear the continent has the potential to define the decade, but perhaps the more important question is in what way?
The growth in Internet-based markets is the most exciting route. With a population of over one billion, largely unconnected to the Internet, growth in Internet industries is likely to flourish, reminiscent of the dot-com bubble of the late 1990s. Take broadband, for example: entire networks are waiting to be laid. E-commerce: 500m African mobile phone users are able to purchase online goods just using their basic phones. Other industries such as Mobile Money and business directories are already seeing exciting growth.
From these industries, a lot of wealth will be generated. David Rowan, editor of Wired magazine claims: “If you want to become extremely wealthy over the next five years, and you have a rudimentary grasp of technology, here’s a no-brainer: move to Africa. Seriously.”
So it seems likely that “He made his fortune in Africa, back in the twenty-tens…” will be a familiar phrase of the future.