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Africa is fast becoming one of the most respected continents due to its growing economies and sectors. Countries like Nigeria, Angola and South Africa are experiencing a large growth in their economies due to working industries and growing sectors.
Side Fact: At least 10 African countries rank among the top ten sources for at least, a mineral resource. On agriculture, one quarter of the world’s arable land belongs to Africa.
5 Growing Industry Sectors in Africa
The fast growing industry sectors in Africa are
- Oil and Gas
Agriculture takes up 15 percent ($100 billion annually) of the whole continent’s GDP and is also the largest economic sector. Two countries, Nigeria and Egypt are known to make up one-third of Africa’s total agricultural output. Africa has a potential of producing more of agricultural output but sees less than 10 percent as its total output. Even with the decline, Africa still sees an increase of 2-5 percent per year.
African infrastructure saw a raise in compound annual rate at 17%. This is up from three billion dollars ($3 billion) in 1998 to twelve billion dollars ($12 billion) in 2008. This happened in just 10 years. Africa contributed 11 percent of foreign-funded investment and global private sector investment within 1999-2001 and another 17 percent from 2005-2007. An upsurge in infrastructure has attracted investors and companies both locally and internationally.
African countries like South Africa and Rwanda are looking into how much more infrastructures can be made.
The banking sector has seen a rapid growth in the last decade. It has grown from a style copied from the west to a sector that contributes to the economy of Africa. Banking has been a source of employment to Africans and source of business also. The latest update is Financial Technology. FinTech is making banking possible and even easier. Company like PayStack is a good example of providing services beyond the walls of Nigeria. Just to let you know, there is a lot of investment going on in this sector.
Oil and gas
A vast number of nations worldwide depend on oil and gas from Africa. The demand for oil and gas keep increasing thereby making it hotcake. Projects in this sector have attracted investors and companies to invest massively. They go on to build refineries, onshore and offshore services, build depots and employ workers. Companies have fared well in this sector so they give back to their communities by putting infrastructures like schools and roads in place. It also makes a good number of the continent’s revenue.
A couple of countries, Angola and Nigeria, are currently Africa’s major oil and gas countries. Money made as a country is pumped back to the system to fund other expenditure.
There has been a major turnaround in this sector causing Africa to experience a new economy. The sector has become so competitive that only the wise alone, survive. The number of telecom subscribers in Africa has gone over 400 million Africans. Telecommunication has made it possible for online business to thrive. The demand in the telecom sector has increased, so also the money pumped into it.
Africa is a continent that sees and appreciate a good economy and to grow as professionals of one or more of these industries, you have to get your master’s degree in the appropriate sector.
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