Africa has never been better placed for growth than it is now, according to Anthony Eaton, manager of the JM Finn Global Opportunities and JM Finn Africa funds.
Africa has more than 500 million mobile phone users – more than in the US already. Increased mobile phone usage will aid economic development through tools such as mobile banking, broadband and wireless coverage.
This in turn will increase information distribution, providing further stimulus to local economies. Consensus forecasts and long-term projections are beginning to converge around a view that 11 principal African economies could, by about 2050, be larger than Brazil or Russia.
South Africa does not have a large enough population to become an economic powerhouse. But Nigeria, with a population of more than 162 million, could. On that same basis, its economy could be bigger than that of Canada, Italy or South Korea.
Africa’s story is one of remarkable progress, and arguably, the continent has never been in a better position than it is today.
Anthony Eaton is manager of the JM Finn Global Opportunities and the JM Finn Africa funds
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