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AFRICA'S BUSINESS REVOLUTION HAS BEGUN
Author(s) -
Leke Acha
Publication year - 2021
Publication title -
leader to leader
Language(s) - English
Resource type - Journals
eISSN - 1531-5355
pISSN - 1087-8149
DOI - 10.1002/ltl.20551
Subject(s) - revenue , population , business , cites , economic growth , world population , economy , developing country , economics , finance , demography , fishery , sociology , biology
The author believes that the world's businesses can help accelerate the development of Africa and improve the lives of its 1.2 billion people. The article, adapted from the author's book Africa's Business Revolution: How to Succeed in the World's Next Big Growth Market, cites extensive research from McKinsey & Company, where he is chairman of its Africa practice. He notes that the COVID‐19 crisis has accelerated the business innovations underway across Africa. The continent's population will double over the next 30 years, making Africa an exception in a world of slowing population growth. McKinsey's research shows that Africa is home to over 400 companies earning revenues of $1 billion or more and nearly 700 companies with revenue greater than $500 million. These companies are increasingly regional or pan‐African. A number of successful African companies are described, including Nigeria‐based Dangote Industries, which manufactures commodities, including cement, sugar, and flour, in massive volumes. Also, South Africa–based MTN, the mobile‐phone company with more than 200 million subscribers in 22 nations in Africa and the Middle East; and Ethiopian Airlines, which has driven an aggressive expansion strategy that nearly tripled its passenger numbers from 3.1 million in 2010 to 8.8 million in 2017.