Collectively, the continent’s GDP is growing by 4.4% annually and the World Bank predicts it is on the verge of economic take off. Extensive oil and gas exploration and discoveries are partly fuelling this.
There are large oil reserves in Nigeria, Ghana and Tanzania. Major natural gas finds by Statoil, Ophir Energy and BG Group in Tanzania quadrupled its estimated natural gas reserves in 2012.
Falling crude prices and increasing energy demand have also created opportunities in renewable energy, including solar, wind, geothermal and hydropower.
Africa also contains raw materials such as diamonds, titanium, cobalt and aluminium. Surprisingly, the cost of living in many African cities is high - Luanda, Lagos and Maputo are among the most expensive in the world. This should be taken into account when considering opportunities.
Potential legislative hurdles faced by clients and consultants are high as well. Immigration and registration requirements for expatriates are complicated and many nations have adopted employment measures that favour local nationals over foreign workers.
The explosive growth in the telecoms industry, thanks to mobile phones, is having a major economic, social and political impact on the continent. Mobile phones will account for almost one-tenth of African GDP by the end of the decade, as mobile broadband connections triple in five years.
One sector benefitting significantly from the development of mobile in Africa, is financial technology (FinTech). Africa’s expanding economies and untapped consumer markets have combined with the falling cost of mobile phones and increased connectivity to make FinTech one of the continent’s most dynamic sectors. Consumers who once had limited access to traditional banking now have the opportunity to manage their money, make transfers and deposits, pay bills and purchase airtime through their mobile phones.
Procorre can overcome challenges and provide consultants and clients access to Africa’s opportunities, including in the following sectors:
We have capacity in the following countries: