On September 14th 2012, we had the honor of welcoming Amine Tazi-Riffi, director at McKinsey & Company, as guest speaker to give us a talk on Africa – the Progress and Potentials of African Ecomonies.
Amine started the McKinsey & Company Maghreb office in 2004, is co-leader of the Public Sector & Social Practice for the EMEA region and is member of the African Council. He holds an MSc degree from EPFL, the MIT and an MBA from INSEAD (MBA95’D).
He presented the findings of the McKinsey’s Global Institute report on Africa – “Lions on the Move”, punctuated by his unique views, having led over 120 projects in the region for a broad spectrum of customers in the public and private sectors.
Here are some of the key take-aways:
Since 2000, Africa ranked among the Top 3 fastest growing regions in the world after Asia and the Middle East.
This acceleration of GDP growth was widespread and all sectors contributed, not only natural resources which accounted for less than one third of the growth.
Rising demand for commodities and shift in mentalities have brought a strong increase in foreign capital flows and new South-South partnerships, with rates of return higher than in any other developing region.
40% of Africans live in urban areas and urbanization is growing fast. By 2030, the continent’s top 18 cities could have combined spending power of $1.3 trillion.
Four groups of industries—consumer-facing industries, agriculture, resources, and infrastructure—together could generate as much as $2.6 trillion in revenue annually by 2020, or $1 trillion more than today.
Early entry into African economies provides opportunities to create markets, establish brands, shape industry structures and establish long-term relationships.
So yes, it is the time for Africa and time to change our views on this continent!
Please click on the link here after to view his presentation.