The Strength and Success of Africa Economic lies within

 

Changes in today’s global landscape mean emerging markets must consider how they shape their own futures. Many countries in the developed world have focused their efforts and resources inwards as a result of challenging economic times. There is a danger that a shift away from emerging markets will negatively impact the global economy’s ability to grow in the future.

This is especially dangerous for Africa given its growing integration with the global economy in recent years. In order to mitigate this, Africa must take steps to secure its own share of global economic growth. In addition, we must be able to sustain the economic growth of Africa ourselves.

The greatest opportunity for realizing Africa’s growth potential is often overlooked, despite lying within the continent: Africa’s ability to trade and do business with itself. What is required is inward and outward strategy acting in tandem to outwardly cement Africa’s place in the global economy through foreign investment and improved trading links; while internally driving regional trade integration.

It is no coincidence that Africa’s recent growth, epitomized by the Africa rising label, was in part realized owing to increased levels of foreign direct investment. Improvements to fiscal policies, governance and regulatory frameworks, along with a move to diversify economies away from Africa’s traditional commodities-biased economies presented greater opportunities to foreign investors.

If Africa is going to capitalize on this base, it needs to work together on its shared future. Africa’s development must be underpinned by further regional integration and trade liberalization. While the rest of the world becomes increasingly fractured and disparate, it is time for Africa to create ways to better integrate its fragmented markets which have long constrained growth and acted as barriers to trade.

To collectively succeed, individual governments must work towards a regional imperative if Africa’s economies are to be changed in a way that drives sustainable and inclusive growth for the continent as a whole. These regional trading corridors cannot work in isolation but must be scalable to improve connectivity across the African continent.

The aforementioned subject is brought to you, courtesy of National Mail.

National Mail is an online news platform of Globe Chamber of Commerce and Trade Nigeria that focuses on business development, Investment, trade, economic exchange and development. 

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