Sub-Saharan Africa will be home to seven of the world’s ten fastest growing economies in the next five years. At a recent Thomson Reuters event, U.S. Sen. Christopher Coons joins top African investment managers and business leaders before a live audience to identify key opportunities and ways to address risks, in a panel moderated by Reuters Editor-at-Large Sir Harold Evans. The video features local investors such as Yemi Lalude of Adlevo Capital and Bismark Rewane of Financial Derivatives Company Limited as well as a number of Africa focused foreign investors. Watch the video below.
BBC documentary on the spread of Chinese influence in Africa. While many in the West view Africa as a land of poverty, to the Chinese it is seen as an almost limitless business opportunity. Profile of Chinese entrepreneurs who have travelled thousands of miles to set up businesses in Africa.
I would appreciate the input of the economic, investment and finance people out there. In this era of economic doom and gloom, African economies resisted the global recession and handled it quite well.
Going forward, many analysts highlight Africa as a region for future economic investment and return. Nigeria and South Africa especially have a market with over 200 million people between them. South Africa’s confidence has been boosted by its successful hosting of the World Cup, and Nigeria is as always, an energy (oil) giant.
*Africa’s economic growth is forecast to be 4.75% in 2010
*In 2011, half of the world’s 10 fastest growing economies are expected to be in Africa.
*Nigeria’s economy grew by over 7% in the first half of 2010, and is predicted to grow by 10% next year.
Goldman Sachs’ global head of economic research Jim O’Neill said of Nigeria: “If it were to show the same increase in its growth-environment score over the next decade, many investors will look back and say why the hell didn’t I invest in Nigeria”.
Africa Confidential have published an interview with the Governor of Nigeria’s Central Bank Lamido Sanusi. Sanusi sounded very confident about the Nigerian economy. He talked about the after effects of his blitz on banks last year, criticism of his policies, his relationship with new President Goodluck Jonathan and the state of Nigeria’s economy.
I was very interested in how confident he sounded about Nigeria’s economy and his performance so far:
“When I became Governor of the Central Bank, the rate of inflation was 15%, as of March it was 11.8%. The differential between the official rate and the parallel market rate was about 25%, the naira was trading at 189/190 in the black market. It’s been down to about 150/152 for a year now the gap between official and parallel market rate is less than 2%. Interbank rates were at 22% and have now been down to about 2% for a long time, the stock market has gone up 30% since January (2010) so all the indicators of market confidence have gone up.”
You can also see a video interview with Sanusi here: http://www.abc.net.au/4corners/special_eds/20100524/money/
Economic indicator charts: