Africa is at a crucial tipping point—an unprecedented moment that could alter the course of global economic history. The continent has over 60 percent of the world’s remaining uncultivated land. Over the next 15 years, its population is expected to double to two billion inhabitants. This demographic transition will be larger than the entire populations of both China and India combined. Accordingly, Africa is poised to become an essential partner actor on the global stage.
The Democratic Republic of Congo (DRC) exemplifies Africa’s vast natural resource wealth, housing significant mineral reserves and one of the world’s largest carbon sinks, the Congo Basin. Despite this wealth, the region has endured pain and struggle, with various rebel groups fighting to control these lucrative minerals. Experts agree that Africa presents a tremendous opportunity for new and emerging growth markets and investment. Its young, dynamic economies and emerging centers of talent are fueling this potential.
Industry diversification is critical to unlocking Africa’s full economic potential, said African Union Special Envoy for Trade and Finance Dr. Rania Al-Mashat. She urged the continent to seek out new alternatives. These solutions need to focus on closing the productivity gaps in ag production and increasing general economic development. The green revolution has largely skipped Africa. People like renowned agricultural biotechnology expert Dr. Florence Wambugu are optimistic that we can rapidly close that yield gap with the right solutions.
Africa currently spends at least $40 billion annually on imported food crops. This underlines the immediate necessity for the continent to become food self-sufficient. To do so, we need to engage with technology. Climate-smart agriculture investing in the continent’s hundreds of millions of small-scale, resource-poor farmers—not big agribusinesses—will be key. By supporting these farmers, Africa can increase its own agricultural production and cut down on dependency on food imports.
The concept of self-sufficiency is further underscored by Dr. Ngozi Okonjo-Iweala, a prominent Nigerian economist and the Director-General of the World Trade Organization (WTO). She described the ripple effect of tariffs enacted during the Trump administration as “the greatest disruption in trade in 80 years,” indicating the pressing need for Africa to strengthen its economic independence.
“The greatest disruption in trade in 80 years.” – Dr. Ngozi Okonjo-Iweala
The role of global politics on Africa’s economic landscape should not be underestimated. The Western countries’ loss of influence in Africa. To counter this geopolitical shift, Africa is deepening connections with Gulf states, Turkey and India. This shift signifies a new era of agency for African nations in global relations, as highlighted by Professor Carlos Lopes.
Africa’s population will make up more than a quarter of the global total by 2050. As a result, Africa will become a more important partner in global markets. The growing demand for thoughtfulness and nuance to help guide travel through these challenges is greater than ever.
“This is an incredibly complex question. The situation is very difficult and needs careful thought.” – Dr. Ngozi Okonjo-Iweala
The ongoing wars for critical minerals serve to highlight one of the key aspects of BNEF’s report—the intersection of resources and geopolitics. Centrica’s Chief Operating Officer Ademola Adesina brought attention to a provision mandating domestic sourcing of critical minerals. Now, these minerals need to go directly from Africa to the United States rather than through middle men like China. Such a shift would dramatically change global supply chains and increase the leverage of African countries in global markets.
Against this backdrop, the voices calling for peace are louder than ever. Africa’s Judith Suminwa Tuluka urged all sectors of society to place peace at the center of efforts to achieve sustainable development on the continent. Her sentiments ring true among those communities that already have borne the brunt of discord for decades.
“We will never accept that our population keeps suffering because of war.” – Judith Suminwa Tuluka
Dr. Okonjo-Iweala sees these ongoing crises as an opportunity for reform within institutions like the WTO. She underscored the importance of flexibility in today’s world that’s changing faster than ever before. With the evolving state of artificial intelligence, urgency is key to keeping pace with the new landscape.
“In this modern world with AI, we need to find a way to be flexible, faster.” – Dr. Ngozi Okonjo-Iweala
The opportunity for prosperity certainly exists, but so does the crisis beckoning on the horizon. The path forward will require strategic planning, investment in human capital, and a commitment to peace and stability within the region. By harnessing its resources and talents effectively, Africa can position itself not just as a participant in the global economy but as a leader in shaping its future.
