Africa’s economy is set for a major transformation, with its gross domestic product (GDP) projected to grow from the current $3.4 trillion to nearly $15 trillion within the next ten years, according to Patrick Ndzana Olomo, Acting Director of Economic Development at the African Union (AU).
Speaking at the 4th Intra-African Trade Fair 2025 in Algiers, Algeria jointly organized by Afreximbank, the African Union, and the AfCFTA Secretariat — Olomo said the continent has the capacity to achieve annual growth rates of 7 to 10 percent if investments are strategically directed to agriculture, industry, and services.
Olomo noted that Africa is blessed with vast natural and human resources but warned that unlocking this potential requires urgent reforms and better resource management.
“When we look at the dynamics of growth, it is expected that if we invest massively in agriculture, in industry, and in services, Africa will be able to post seven to ten percent growth in the next decade and even beyond,” Olomo stated.
“That level of growth will push our GDP from the current $3.4 trillion to approximately $15 trillion, effectively tripling it within a decade.”
The Cost of Weak Governance
Despite its opportunities, Africa loses around $587 billion annually to corruption, illicit financial flows, and negative investor perceptions. These losses, Olomo explained, could easily cover the continent’s $472 billion annual development financing needs.
“Time has come for us to build a continent that is economically viable and uses its resources more effectively,” he said, urging African leaders to strengthen financial governance and institutional capacity.
Olomo stressed that energy investment must be central to Africa’s transformation. Beyond traditional sources, he called for sustainable solutions, including nuclear energy, to support industrialization and structural reforms.
He also pointed to Africa’s demographic advantage, revealing that in the coming years, two out of every three young people in the world will be African, creating a massive consumer and labor market.
Despite being home to the world’s most fertile arable land, Africa still relies heavily on imports, which undermines the objectives of the African Continental Free Trade Area (AfCFTA).
“There is no development that can be achieved if we do not invest in producing the goods that will be traded within the continent,” Olomo warned.
The AU, he added, is already working with member states to improve infrastructure, governance, and industrial policies to boost self-sufficiency and regional trade.
Africa–Caribbean Trade Collaboration
During a panel session, a CARICOM representative highlighted ongoing cooperation between Africa and the Caribbean. He recalled the 2022 partnership agreement with Afreximbank to expand trade, stressing the need to remove existing barriers slowing progress.
“We’re working hard to make it happen, but beyond just following through, we also need to address and remove some of the existing restrictions,” the representative said.
He further revealed that preparations were underway for a project preparation facility developed in partnership with Afreximbank and Canex, which would serve as a trade marketplace showcasing all 55 African countries, each with a permanent pavilion.
With the right mix of investments, stronger institutions, and deeper regional integration, Africa could emerge as one of the fastest-growing economies globally. The 9am News report highlights that success will depend on governments’ ability to cut financial leakages, invest in energy, and align policies with AfCFTA’s vision of a unified continental market.
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