With more than 50 per cent of Africa’s urban dwellers connected to the Internet, the continent of Africa is changing. Changing irreversibly.
In Lions go Digital: The Internet’s transformative potential in Africa, respected global consultancy group McKinsey reveals remarkable findings of a continent with massive growth potential, and with ICT at the centre of it all.
By 2025, internet penetration in the continent will rise from 16 per cent today to more than 50 per cent, or 600 million users. The contribution of internet to GDP will skyrocket from $18 billion today to $300 billion. E-commerce sales will hit $75 billion and productivity gains will exceed $300 billion.
Millionaires in Nigeria, Kenya and Angola will more than double by 2030, boosting the prospects for private banking in Africa, according to research firm New World Wealth.
Millionaires in Nigeria, Africa’s biggest oil producer, will rise 174% to 43,000 from 15,700 this year, the UK-based company said, after using a sample of high-net-worth individuals and World Bank data to compile a report.
That television news report by the BBC’s Michael Buerk in 1984 framed Ethiopia for a generation as a place of famine and in need of salvation.
Almost 30 years later the country is hailed by pundits as an “African lion” after a decade of stellar economic growth.
Now further evidence of its turnaround has arrived with research showing that Ethiopia is creating millionaires at a faster rate than any other country on the continent.
The number of dollar millionaires in the east African nation rose from 1,300 in 2007 to 2,700 by September this year, according to New World Wealth, a consultancy based in the UK and South Africa.
That figure puts the country well ahead of Angola, up by 68 per cent, and Tanzania, which had a 51pc increase. Zambia and Ghana completed the top five.
On apartheid rule:
“We are extricating ourselves from a system that insulted our common humanity by dividing us from one another on the basis of race and setting us against each other an oppressed and oppressor. That system committed a crime against humanity.” — Speech in Pretoria upon receipt of a report from the Truth & Reconciliation Commission, which investigated apartheid-era atrocities. Oct. 29, 1998
“Racism is a blight on the human conscience. The idea that any people can be inferior to another, to the point where those who consider themselves superior define and treat the rest as sub-human, denies the humanity even of those who elevate themselves to the status of gods.” — Address to the UK’s Joint Houses of Parliament, July 11, 1996.
On his opposition to apartheid:
“During my lifetime I have dedicated myself to this struggle of the African people. I have fought against white domination, and I have fought against black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony and with equal opportunities. It is an ideal which I hope to live for and to achieve. But if needs be, it is an ideal for which I am prepared to die.” — Statement at the opening of his defense in the Rivonia treason trial, April 20, 1964.
On human solidarity:
“As the years progress one increasingly realizes the importance of friendship and human solidarity. And if a ninety-year-old may offer some unsolicited advice on this occasion, it would be that you, irrespective of your age, should place human solidarity, the concern for the other, at the centre of the values by which you live. ” — Lecture in Kliptown, Soweto on July 12, 2008.
“Overcoming poverty is not a gesture of charity. It is an act of justice. It is the protection of a fundamental human right, the right to dignity and a decent life. While poverty persists, there is no true freedom.” — Speech delivered in Johannesburg, July 2, 2005.
We will not be posting today in the memory of Nelson Mandela. May he become immortal.
West African Ceramics Ltd. (WACL), a leading local manufacturer of standard ceramic tiles, has announced plans to invest over $50 million in the establishment of a state-of-art ceramic tile factory in Ogun State, western Nigeria.
The plan to establish a ceramic tile plant in the nearest future was necessitated by the rising demand for European standard quality tiles in Nigeria and across the sub-Saharan West African region, said WACL’s Group Executive Director, Alhaji Lawal Idirisu. According to Idirisu,
“The market demand for quality tiles as obtainable in European countries such as Spain and Italy is rising on an alarming rate owing to the trends in the home, property, and real estate industry.”
“Although the company’s factory in Ajaokuta, Kogi State is fully operational to capacity, meeting both domestic demands and export to the West African market; the company has been proactive based on consumer and industry insight, and research to establish another production plant,” he added.