The Future of Business in Africa

By | October 3, 2018

Future-Business-Africa

As global attention shifts towards Africa and other emerging markets as centers of future growth, experts believe business and trade will be crucial to the continent continuing to realize its economic growth potential. Mobile phone subscriptions, internet, and social media usage in Africa are expected to continue to surge to record levels in the next five years as the continent’s people vigorously embrace communication technologies.

The availability and affordability of mobile and broadband services can, as it already has in key markets, support economic growth and provide one of the means through which will fuel Africa’s human capital advantage. According to an April 2018 report by the Center for Strategic Insights and International Studies, sub-Saharan Africa is undergoing an immense demographic shift and is regarded as the fastest urbanizing region.

During this shift, urban centers are expected to play a critical role in sustaining economic growth. The first step in leaping Africa into the future is extracting crucial information about each city, which will not only help form strategies and decisions, but also open a number of doors. This data will give greater insight into what makes each city tick, what works and what doesn’t, and most importantly, it will enable us to determine what is possible in the future. The kind of information needed will be intricate and incorporate all sectors of the city – from water and energy to air quality, lighting, transport, unemployment, security, and economic growth. This data will also enable smart decision-making, help us connect the dots, and ensure that past failures do not repeat themselves.

While Africa’s natural resources are important, they are not enough to give the continent a permanent boost. Demand is growing among the rising African consumer class for products and services that meet long-standing needs in new ways. The continent’s political and economic future will be inextricably linked to a new floating class: 21 percent of the population, which is teetering on the brink of joining the middle-class. Companies can generate new revenue streams by developing new consumption opportunities for the rising African consumer class, either making incremental improvements or transformations to their current business models through new offerings that directly address pressing needs in areas like access to consumer goods, health, education, energy, and financial services. Expanding economic opportunity, raising productivity and increasing growth is crucial, but not sufficient. The quality of growth — its composition and equity — is equally important for alleviating systemic development challenges. It requires operations that directly integrate the low-income population as entrepreneurs, suppliers, distributors, retailers, employees, and consumers, to create localized and inclusive value chains. It also means ensuring well-managed operations (e.g. health and safety, labor standards, human rights, gender diversity and inclusiveness in the workforce, as well as environmental responsibility).

For this overall transition into the 21st Century model and immense transformation Africa is experiencing, Vizocom stands ready to help businesses tackle their Internet and Communication needs head on. As a leader in the field on the continent of Africa, our expertise and knowledge is unmatched and with a customer support helpdesk of 24/7/365, you can rest assured Vizocom will always be a click away for help.

For more information on how we can bring our services to you in Africa, please email us on sales@vizocom.com

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