Business in Africa

Fastest-Growing Economies:

The African Development Bank and IMF highlight that countries like Niger (11.2%), Senegal (8.2%), and Rwanda (7.2%) continue to post GDP growth rates well above global averages[16]. Meanwhile, South Sudan and Libya (7.9% growth in 2024) lead with projected 2025 growth of +27.2%and +13.7%, respectively[1].

Regional Highlights:

East Africa remains the fastest-growing region, with real GDP forecast to rise from 1.5% in 2023 to 4.9% in 2024 and 5.7% in 2025[1]. West Africa is also set for gains, increasing from 3.6% in 2023 to 4.4% by 2025. Even Central Africa expects a moderate rise from 4.1% in 2024 to 4.7% in 2025[1].

Entrepreneurship & SMEs:

Youth-driven innovation spawns countless startups, especially in West and East Africa. Supportive reforms, plus trade agreements like AfCFTA, open new markets for exporters and encourage cross-border collaboration. The Africa Investment Forum has mobilized nearly $180 billion in investment interest since 2018, supporting entrepreneurs and SMEs across the continent.

Major Industries & Exports:

From cocoa and coffee in West Africa to tech services in Kenya and tourism in Mauritius, the continent's diversification is fueling sustainable growth. The agrifoodtech sector, particularly Ag Marketplaces & Fintech, has seen significant investment, with $65 million raised in 2024[17].

Unicorns & Investment:

Rising incomes and improved ease of doing business continue to attract global investors. African unicorns—like Flutterwave, Moniepoint, TymeBank, OPay, and Chipper Cash—drive a new wave of economic activity, signaling a bright future for Africa's private sector[18].