The increasing population of African youth is presenting the world with an important opportunity to do business and invest in the continent. African countries have been looking to a much wider range of partnerships recently, including most notably with China, which has a much more dynamic economy and hunger of African primary resources.
The just-concluded UK-Africa Investment summit that was held in London early in the week could unlock hitherto closed doors and create more opportunities for Africa according to Dahabshiil Group Chief Executive Officer Abdirashid Duale.
Duale who was present at the summit that was attended by 21 African delegations says that Africa can no longer be ignored given the growing opportunities to do business in the continent.
‘’Africa’s population is projected to be over two billion and has the largest number of youth. Global entrepreneurs have seen Africa’s fast-growing population and markets present important opportunities for business,” said Duale in an interview on the sideline of the summit.
He added: “As Dahabshiil, we have invested sustainably in many countries in the continent, It is an honour to have been invited to participate in this summit, and deals have already been signed by the UK government and other African nations, with the aim of boosting jobs and growth in the future.”
Dahabshiil is a leading money transfer company in Africa with presence in over 126 countries worldwide and a major presence in East and Horn of Africa.
The Dahabshiil CEO said further investment in Africa should be focused on improving lives and creating jobs for the increasing population of the youth.
Duale, while welcoming the signing of the agreements and committing of the investments said, empowering the youth in Africa through the creation of jobs will be the best way to spur economic growth in the continent.
The UK-Africa investment summit –came ahead of the UK’s exit from the European Union, with Prime Minister Boris Johnson and his Cabinet using the event to showcase what “global Britain” might look like.
But it is also reflective of a modern-day ‘scramble for Africa’, as countries around the globe jostle for influence in the world’s youngest continent, home to eight of the world’s 15 fastest growing economies. Japan, China, Russia and France have already held similar investment summits.
The summit included sessions on sustainable finance and infrastructure, trade and investment, African growth opportunities, and clean energy transformation.
It saw £2 billion ($2.6 billion) worth of investments committed to African businesses over the next two years from the United Kingdom government’s development finance institution.
Further deals worth $ 8.6 billion were also signed.
The deals are expected to drive jobs and growth in all parts of the United Kingdom and Africa, benefitting a range of British companies from family firms to major multinationals.
“We are announcing 27 deals worth over $ 8.6 billion from across the African markets invited to UK-Africa Investment Summit and we are aware of further UK commercial investment into Africa that will be committed at the Summit.”