Breaking Business News in Africa: Latest Developments and Trends to Watch
Africa has always been a land of opportunities for businesses and entrepreneurs with its fast-growing economies and immense potential for growth. Despite challenges posed by the COVID-19 pandemic and economic uncertainties, the continent is still attracting investments and shaping its own economic development trajectory. In this article, we’ll take a look at some of the breaking business news in Africa and the latest trends to watch in the coming years.
The Rise of E-commerce
The COVID-19 pandemic has accelerated the growth of e-commerce worldwide and Africa is no exception. With an increasing number of consumers turning to online shopping, e-commerce in Africa is expected to grow exponentially. According to data from Statista, the e-commerce market in Africa is expected to reach a value of $29 billion by 2022. Companies such as Jumia, Konga, and Kilimall are leading the way in the African e-commerce market, with Jumia recently becoming the first African company to be listed on the New York Stock Exchange.
The Infrastructure Boom
Another breaking business news in Africa is the infrastructure boom. The African Development Bank recently announced its plan to mobilize $25 billion to help support the development of critical infrastructure projects across Africa. With transport, energy, and telecoms infrastructure still lagging behind in many African countries, there is huge potential for growth in this sector. Countries such as Kenya, Ghana, and Nigeria are already making significant strides in this area, with mega-projects such as the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) corridor in Kenya.
The Rise of Financial Technology
Financial technology, or fintech, is another trend that is shaping the business landscape in Africa. The lack of affordable financial services is a major obstacle to economic growth in Africa, with more than 66% of sub-Saharan Africans still unbanked. Fintech companies such as Flutterwave, Paystack, and Interswitch are providing innovative solutions to this problem, offering mobile payments, peer-to-peer lending, and other financial services. With the fintech industry in Africa projected to reach a value of $3.3 billion by 2020, this trend is definitely one to watch.
Conclusion
In conclusion, Africa is a continent of opportunities for businesses willing to take the risk and invest in its future. From e-commerce to infrastructure development and fintech, there are vast prospects for growth and innovation. With the right strategies and careful planning, businesses can reap the benefits of the breaking business news in Africa and contribute to the development of its economies.
