“Despite a sometimes uncertain regulatory environment in parts of Africa, companies cannot ignore the substantial growth prospects that the continent offers. Africa is expected to grow by 5.3% in 2016 and 5.7% in 2017, with Sub-Saharan Africa forecast to grow by 6.1% in 2016 and 5.8% in 2017. African growth will be driven by increased output in the natural resources sector, underpinning rising fiscal expenditure, especially in infrastructure projects and an expected increase in Africa’s trade and investment which also ties with emerging and developing economies. Rising income and urbanisation are supporting growth in domestic demand, which is helping to decrease the exposure to external economic shocks and increase diversification into service sectors such as construction, financial services and telecommunications, which will create a more solid growth profile and contribute to continued economic expansion.”

Experts, including those at the African Union and the World Bank, have argued that an insufficient supply of electricity and the poor quality of highways, railways and other transport infrastructure – as well as outdated information and communication technologies – severely limit the productivity of firms and hinder intra-regional trade. Expanding and upgrading transportation and other trade-related infrastructure, therefore, will contribute to the longstanding goal of achieving trade and economic integration in Africa.