A transitioning and diverse continent with huge trade and investment potential, Africa has made remarkable progress in a range of economic and development areas over the past two decades. With an estimated collective GDP of US$ 2.98 trillion in 2022, Africa is expected to cross US$ 3 trillion GDP by 2023. Well-endowed with abundant natural resources and diverse ecosystems, Africa offers a great market potential in the coming years. The continent accounts for about 30% of all global mineral reserves – including 42% of gold, 60% of cobalt, 80-90% of reserves of precious metals like chromium and platinum and 60% of the arable land. The continent contributes substantially to the global annual production of six key minerals – 80% of platinum, 77% of cobalt, 51% of manganese, 46% of diamonds, 39% of chromium, and 22% of gold. This is in addition to around 7% of global natural gas and 12% of world’s oil reserves. Africa also has the most important of all resources, human capital, with the continent accounting for 16% of the global population; 60% of whom are under the age of 25 years.
A transitioning and diverse continent with huge trade and investment potential, Africa has made remarkable progress in a range of economic and development areas over the past two decades. With an estimated collective GDP of US$ 2.98 trillion in 2022, Africa is expected to cross US$ 3 trillion GDP by 2023. Well-endowed with abundant natural resources and diverse ecosystems, Africa offers a great market potential in the coming years.
