There is much more happening in Africa than what you see on TV. There is a reason the world’s big businesses are paying closer attention to the continent known for its challenges like poverty, disease, gang rape and high maternal and infant mortality. Some of the portrayals are real.
Last week, former President of Nigeria, Olusegun Obasanjo said ‘
“The lack of a dependable electricity supply hampers production, the absence of good roads slows transport, and insufficient access to modern technology limits industrialization and integration into the global marketplace. The resultant inefficiencies make Africa the most difficult and expensive place in which to do business; they also slow economic growth and frustrate general development”
President Obasanjo was 100% right is the statement he made but he was yet very optimistic about the prospects for the continent, a fact that is often clouded by the pessimism. Similarly, Mr. Kofi Annan in a speech delivered at the Exeter College on February 13 portrayed a similar sentiment: hope and excitement in the years ahead for the continent of Africa. Reports from several international bodies and financial institutions point to a continent experiencing an economic boom that is creating numerous opportunities not just for the African people, but for investors and business owners all over the world.
As Kofi Annan pointed out in his speech, the country with the world’s most sustained and strongest economic growth over the last four decades is in Africa; it is Botswana. In fact, the IMF assessment establishes that the African continent will have as many as seven of the ten fastest-growing economies in the world over the next decade. The McKinsey report estimates that by 2030, the continent’s top 18 cities will have a combined spending power of $1.3 trillion. These are the reasons why multinational corporations can no longer afford to ignore the continent.
I still believe that Africa faces numerous challenges but those who have the eyes to see beyond these challenges are taking the lead and, by the time some of us wake up, the lead may be too big to catch up.
Last week I had conversation with a friend about business opportunities in our home countries. In the 45 minutes discussion I had with the friend, I can recollect that not less than 30 minutes were spent on listing the impossible. We might be right, but that is exactly what entrepreneurship is about. An entrepreneur is “one who undertakes innovations, finance and business acumen, amidst risks and challenges, in an effort to transform innovations into economic goods”.
I would like to end with laudable example of what people like you and I have embarked upon to change their lives and change their societies. A group of African traditional dancers in Botswana met and decided to form an alliance to preserve and promote the rich and historic culture of Botswana traditional dance and music. The group, MatsosaNgwao Tradition Dancers, has being performing live music shows in the region over the past three years to promote this African cultural heritage. The MatsosaNgwao Tradition Dance group was the typical neighborhood dance group, unknown and not recognized beyond their physical location. But the group’s efforts did not go unnoticed. The Department of Culture and Youth invited them on a trip to Mumbai, India, for a cultural exchange event in 2009. It was then that the youngsters realized how far their talents could take them. Today, the group is hot. The waiting list for appointment is long. To have them say “yes” is a lifelong accomplishment
What is fascinating about the MatsosaNgwao Tradition Dancers is their impetus; it was simply to help their community preserve its cultural and historic heritage. Money and fame are the bye-products.
Many communities in Sub-Saharan Africa are endowed with functional African music accompanying work, childbirth, marriage, hunting and political activities most of which are normally associated with a particular dance. Similarly, other regions of the African continent have distinct musical and dance traditions that have not yet been exploited economically. MatsosaNgwao Tradition Dancers have shown that these are untapped gold mine in today’s world.
Out of school and thinking of what the government can do? Look at how the MatsosaNgwao Tradition Dancers did it. Opportunites abound in all areas.
If you are an investor seeking to grow your business globally or an ordinary person seeking opportunities, keep Africa on top of mind. It is still early enough to bring your ideas to the table and join the competition.
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This is every encouraging. If I look at some of the work some us are doing here in London, I feel like we can do better with our lives back in Africa. it really time to think deeply on these things
Very good article. As we continue to complain about problems in Africa, just go there and see how Chinise businessmen and women are scambling for the continent and it’s resources. Don’t they see the same problems of indiscipline and lack of resources? Why are they there?