Why Africa?

Economic analysis commissioned by the Business Council of Canada suggests that if Canada seized the opportunities in Africa our exports to the region could reach USD 6.6 billion in 2030, representing a growth potential of about USD 4.1 billion over the coming decade. [...] The objective of this report is not only to highlight the economic potential of Africa, but to clearly identify the most promising opportunities for Canadian businesses. [...] Understanding the scale of Africa’s growth potential While growth varies across the continent, Africa is home to six of the top 10 fastest-growing economies in the world. [...] The number of connected smartphones is projected to increase from 250 million in 2017 to 690 million in 2025.6 Better access to the internet will allow these users to take advantage of e-commerce platforms for goods and services. [...] Intra-Africa trade has been historically low with intra-African exports totaling 16.6 per cent of total exports in 2017, compared with 68 per cent in Europe, 59 per cent in Asia and 55 per cent in the Americas.7 If successfully implemented, AfCFTA has the potential to both boost intra-African trade and make it easier for exporters to access the African market.