African economies are finally beginning to diversify beyond commodities, though this is still in the early stages.
“Africa is seeing a returning diaspora that recognizes the potential and opportunities in their own countries.”
This population supports local economic growth with their skills and talent, by acting as “first movers”, investing back in their communities.
At the same time, African countries are beginning to place bets on non-commodity areas where they can be competitive. And they are packaging themselves to appeal to a broader set of investors.
Recognising they can no longer count on growing investment from China, every country now has what are called “Investment Promotion Agencies”, which act as one-stop shops for investors, assisting with registration, taxes, and other steps to establish companies locally.