A new report shows that consumers have become key drivers of Africa’s economy, which is expected to grow at an average of five per cent in the next 10 years.
The report, which was released here this week is entitled ‘The changing face of the African Consumer’. It says that steady growth of Africa’s population, expansion of the middle class and rising optimism about the continent’s future will play a crucial role in determining the continent’s fate.
“Africa’s economic growth is creating substantial new business opportunities that are often overlooked by global companies,” said Damian Hattingh, an associate at McKinsey & Company.
He said that although natural resources remain important to the continent’s economy, an emerging middle class is crossing the threshold of pursuing basic needs to having discretionary spend.
“The consumer opportunities are real and have been reaffirmed.”
According to the report, Africa’s 10 fastest growing consumer markets include South Africa, Egypt, Angola, Morocco, Senegal, Ghana, Kenya, Libya, Ethiopia, and Nigeria