Africa on the road to recovery, says World Bank

The World Bank says that Kenya’s M-Pesa mobile phone network is one of the most successful examples, with $1.96 million transferred through M-Pesa each day.

Thirdly, the continent accounts for more than one-quarter of the world’s arable land.

And the fact that it only currently generates only 10 per cent of global agricultural output implies that there is huge potential for growth in a sector now expanding only moderately, at a rate of 2 to 5 percent a year.

Finally, we have tourism, which travel companies hope will boom as a result of this year’s World Cup.

This Business Forum, organised by International Enterprise Singapore and the Singapore Business Federation, comes at a time when there is increasing interest from Asian countries, beyond just China, in the myriad of opportunities opening up in Africa.

“Africa is the future of the global economy,” Ms Ezekwesili said.

Having reached $7.49 billion last year, Singapore-Africa trade still only represents 1.45 per cent of Singapore’s total trade volume. According to participants at the event, much work is needed to increase awareness of the huge potential that exists in many countries in Africa and to facilitate greater interaction between the regions.