(This market is covered by the Queensland Trade and Investment Commissioner – Europe)
Sub-Saharan Africa is comprised of 46 countries and over 960 million people. The region has the world’s largest untapped natural resources, youngest population by 2050 and considerable capacity to provide stable food supply globally.
In the past 20 years Sub-Saharan Africa has benefited from improved communication and globalisation resulting in enhanced leadership and governance.
Despite a recent slowdown due to the sharp decline in global commodity prices, economic growth is forecast at 3.5%. The two largest economies, Nigeria and South Africa account for over 63% of Sub-Saharan Africa’s total GDP.
There has been substantial progress in financial development, including mobile payments technology and the emergence of Pan-African banks. The IMF forecast that this financial development could add a further 1.5% to regional economic growth. The improved business environment in specific countries and favourable demographics can support growth drivers in the medium-term.
Sub-Saharan Africa’s long term growth will be driven by a combination of mineral, oil and gas and land resources and its unique demography.
There are significant long-term opportunities in the region for Queensland agribusiness capabilities.
For example, the east African coastal food bowl has access to abundant supplies of fresh water, and if overlaid onto Australia, would cover an area stretching from Townsville to Melbourne and Mt Isa to Adelaide.
Increasing international concerns over global food security are driving the development of African arable land and investment in agricultural infrastructure and associated industries, with significant investment from sovereign wealth funds via the Gulf.
Sub-Saharan Africa opportunities
- METS and Mining
- Agribusiness technology and services
- Vocational education
- Tertiary education
- Education and training
- Innovative technology
- Infrastructure and construction – particularly power, ports and rail
- Agricultural services
- Renewable energy
- Oil and Gas ETS