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Africa’s growth prospects by sector
Although Africa’s growth prospects are bright, they differ not only country by country but also sector by sector. McKinsey has published a series of articles online in which they examine the growth possibilities for seven sectors: agriculture, banking, consumer goods, infrastructure, mining, oil and gas, and telecommunications.
The articles clearly bring out that Africa’s growth story is hardly limited to the extractive industries. Of course, a substantial part of the growth will be driven by natural resources. Eleven of Africa’s countries rank among the top ten sources for at least one major mineral. Besides, Africa will produce 13 percent of global oil by 2015, up from 9 percent in 1998. But besides that, the consumer market will grow rapidly, and so is the banking and telecommunications sector. Infrastructure expenditures are rising significantly faster in Africa than in the world as a whole. And when it comes to agriculture, private sector players and investment funds are pouring significant money in this sector moving towards technological breakthroughs and new value chain approaches. Fifty years after the start of the Asian green revolution, Africa too is poised for one.