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Despite the vicarious news around the state of the economy and security in Africa, the president of African Development Bank (AfDB), Dr. Akinwumi Adesina believes anyone not investing in Africa is really missing out, as the continent remains fertile ground for investment.

He disclosed this during his speech at the 50th-anniversary celebration and 49^th Annual General Meeting of the Manufacturers Association of Nigeria in Abuja. The event named after the first president of the organization, Chief Adeola Odutola, featured indigenous manufacturers and production companies from around the country.

Stating that Africa exports raw materials instead of value-added products, it is not far-fetched that African countries are still battling poverty and instability. According to Dr. Adesina, the key to improving the economic development of Africa is industrialization. In his words, “industrialization is the way out for Africa”.

The lecture which he titled “Overcoming Binding Constraints to Comparative Manufacturing for Intraregional Trade” could be a panacea to Africa’s economic resurgence as it highlights a number of focal points worth the attention of any diplomat. In a usual manner as in his previous lectures, he focused on the need for concerted efforts towards changing the narrative of Africa, as it is the best way to attract investments into the continent.

As the president of the Bank Group, he knows first-hand the fundamentals that drive the continent’s phenomenal growth. Citing industrialists such as Chief Odutola who he grew up knowing as a manufacturer of threaded-rubber tires and an advocate of locally-made products, he admonished that the fundamentals that caused phenomenal growth rates in countries like Nigeria through people like the Chief, still exist. By his judgment, Africa leads in terms of ease of doing business.

Adesina, whose High5 agenda for the African Development Bank includes a development priority to industrialize Africa, believes the huge gap in production policy, limited industrial manufacturing, and potential in other sectors aside from crude oil is an incredible opportunity for investors.

According to him;

“The economic and wide divergence between wealthy-developed and low-income developing countries singly derives from the differential disparity in import and export hereby creating a huge deficit in the share of Africa’s global value chain.”

This anomaly, as well as the urgent need to move away from primary dependency on managing demand for forex, and the huge population of Africa also makes it a great market for investors.

TL;DR (too long; didn’t read)

Are you looking to invest? Consider Africa. Here’s why:

1. Africa has a huge population which means you get to target a wide and diverse range of audience
2. There is a significant gap in the supply chain; if you invest and use local resources, you can become a major stakeholder
3. Most African countries are neglecting other sectors due to Oil. Investing in these sectors means little or no competition

As the official media partner of the MAN@50 event, we believe Africa has enormous economic potential and presents rewarding opportunities for local and international partners seeking new markets and long-term investments.

Read Next: [Must Read] No one Has Explained The Solutions to Nigeria’s Economic Problems like Dr. Akinwumi Adesina.