Africa Consulting Services

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 UK Business and Trade Secretary Kemi Badenoch and Nigerian Trade Minister Doris Nkiruka Uzoka-Anite signing the partnership. On Tuesday 13 February, The UK signed a partnership with Nigeria to boost trade and investment and unlock new opportunities for UK and Nigerian businesses.

The  World Economic Forum (WEF) 2024 meeting saw a keen focus on economic growth from African delegates and the launch of the Private Sector Action Plan, a first-of-its-kind initiative between the World Economic Forum and the African Continental Free Trade Area (AfCFTA) Secretariat. The initiative is comprised of 40 global companies.

The European Investment Bank estimates that Africa could have a green hydrogen production capacity exceeding 50 million tonnes per annum by 2035. This production is projected to be economically viable at just €2 per kilogram, which is highly competitive with global oil prices—currently in the region of €90 per barrel.

According to the UN World Economic Situation and Prospects (WESP) 2024, the continent's economic growth is expected to quicken slightly, with average GDP possibly inching up to 3.5%. Africa will be the second-fastest-growing major region, boosted by the services sector, which continues to play an important role in East Africa. However, security threats, political instability and repayment burdens will be risks to watch.

Africa Electric Vehicle Market was valued at USD 11.94 billion in 2021, and it is projected to reach USD 21.39 billion by 2027, registering a CAGR of 10.2% during the forecast period. Moreover, the market for motorcycles in Africa will grow to $5.07 billion by 2027. Electric vehicles continue to increase in popularity due to growing consumer awareness, many compelling new models coming to market, and several jurisdictions now taking action to reduce pollution and address climate change.

Home to the world’s largest free trade area with an estimated combined consumer and business spending of $6.7 trillion in 2030. How can Africa Continental Free Trade Area (AfCFTA) boost growth and increased market access opportunities for entrepreneurs and small businesses across the continent to a much larger market. 

Africa’s mineral-rich economies could benefit greatly from the increase in demand for critical minerals such as cobalt, lithium, graphite and manganese, but realising this ambition would require targeted policies that focus on developing domestic processing capacity and supporting socially and environmentally responsible mining. 

African manufacturing sector is booming unlocking new market opportunities, stimulating the economy and creating new jobs. A key focus is integrating industry 4.0, advanced manufacturing and automation technologies to scale production, product quality,  process efficiency; and operation excellence while reducing costs and boosting profitability. 

Local business players are competing fiercely for the same markets and are now better managed and much sharper on strategy. Overcoming complexities and  steadily improving their processes. Rising to the top and staying there appears to be much harder than before—and only the strongest survive. As African companies create greater value, personal wealth is also increasing at an impressive rate.