By Nkozi Knight, GreenHomeHub, Knight Investment Group
April 19, 2024
Embracing Africa’s economic upswing, a group of entrepreneurs mirrors the continent’s colorful ascent on the global stage.
My journey into the heart of Africa’s economic boom began with conversations with my oldest daughter Nkozia who is a frequent visitor to the continent, and my curiosity further peaked from my sectional sofa as I became captivated by Amazon Prime’s series “Ebuka Turns up Africa”. In this television series, Ebuka Obi-Uchendu travels across the continent, exploring hidden gems and navigating the complexities of friendships, relationships, finances, and loyalties. Inspired by the vibrancy and spirit shown in each episode, I was interested in diving deeper and upon my research, I discovered a reality about the continent that is vastly different than the Western media portrayals that mostly reflect poverty and conflict.
For years, Africa’s narrative has been dynamically shifting. Long portrayed as a continent primarily of destitution and despair, the real Africa has a much different story. A rich story of booming economies, groundbreaking technologies, and cultural renaissance. This narrative shift reflects a continent ripe with opportunities and a hotbed for growth and innovation in places like my home country of Nigeria, challenging the outdated views held by much of the Western and European media.
Nigeria: The Economic Powerhouse
Leading Africa’s economic charge is Nigeria, currently the continent’s richest country with a GDP of $477 billion as of 2022. With projections by the International Monetary Fund suggesting an ascent to $915 billion by 2028, Nigeria’s economy, fueled by its diverse sectors including oil, gas, and technology, shows no signs of slowing down. Its burgeoning tech industry, particularly in cities like Lagos and Abuja, underscores a broader trend across the continent: a leap into digital and technological entrepreneurship.
Infrastructure and Regional Giants
Significant infrastructural developments such as Ethiopia’s Renaissance Dam and Kenya’s expansion of the Mombasa-Nairobi railway illustrate serious strides toward modernization and improved regional connectivity. These projects not only support economic growth but also enhance the daily lives of millions, with technology at the forefront of this renaissance.
Africa’s tech revolution extends beyond my home country of Nigeria. Innovations in mobile banking and renewable energy are pivotal. Mobile banking has transformed financial access for millions, demonstrating a leapfrog over traditional banking barriers. In the realm of sustainable development, nations like Morocco, where my daughter attends school, and South Africa are harnessing wind and solar power, setting new benchmarks for renewable energy.
The cultural sectors throughout Africa is thriving, making significant inroads on the global stage. Nigerian music, South African films, and Ghanaian fashion are capturing international audiences, showcasing the continent’s rich and diverse cultural heritage, and its something to truly be admired.
Economic Landscape
The economic landscape across Africa is as rich and varied as its cultural tapestry, with nations like South Africa and Egypt featuring robust, diversified economies that span mining, agriculture, and a burgeoning service and tourism industry. Algeria’s substantial oil and natural gas reserves play a crucial role in its financial health, echoing Angola’s reliance on its natural resources. Morocco’s vibrant economy thrives on tourism, agriculture, and a growing industrial sector.
Also, Kenya’s status as a regional economic hub is cemented by its diverse economy that embraces services, agriculture, and tourism. Ghana’s growth is buoyed by its agricultural base, complemented by significant oil and gas sectors. Tanzania, where my daughter recently visited, leverages its natural beauty and resources with a flourishing tourism and finance sector. Meanwhile, the beautiful people of Ethiopia are charting a path of rapid economic expansion, driven by sectors such as agriculture, manufacturing, and ambitious infrastructure projects.
The economic diversity across Africa is a story we need to hear more of as it reflects the resilience of the continent’s people who still deal with the theft of resources from European countries who often threaten to make topple their governments if they refuse to comply. Despite this, Africa’s adaptive and innovative spirit helps shape a new narrative of prosperity on the global economic stage.
Confronting Stereotypes
Yet, despite these successes, Western portrayals often remain focused on negative aspects, overshadowing the continent’s achievements. This skewed narrative can influence public perception and policy in ways that are not reflective of the current African reality. African leaders and thinkers are calling for a more balanced portrayal that recognizes both the challenges and the immense progress being made.
As the stories of 2024 unfold, it’s evident that Africa’s rise is not just in spite of Western media narratives but perhaps because it defies them. From the bustling markets of Cairo to the stunning vineyards of Cape Town, innovation, growth, and cultural vibrancy weave a rich tapestry that demands a global reevaluation. The legacy of resource extraction by countries like France and Great Britain is being overwritten by a new chapter of African self-determination and prosperity.
Shows like Ebuka Turns up Africa serve as a clarion call, inviting viewers to step beyond the screen and witness firsthand the continent’s transformation. The call is not just to watch, but to participate; to swap the well-trodden paths to Europe or the beaches of Mexico for the opportunity to immerse oneself in the tapestry of Africa’s economic prowess and cultural renaissance.
Let 2024 be the year where more travelers like myself, choose African destinations, where investment flows not just to traditional markets but to the burgeoning cities and industries across the African continent. This is not just an invitation; it’s a call to be part of a historical movement where one can witness a continent coming into its own, with success stories like Ebuka’s becoming the norm, celebrated and shared with the world. It’s time to rise from our sofas, set foot on African soil, and experience the continent’s heartbeat for ourselves.
Nkozi Knight 