Africa is focusing on economic diversification and technological development to enhance its attractiveness and reduce its dependence on raw materials. According to the United Nations Conference on Trade and Development, 45 out of 54 African countries rely on commodity exports, making their economies vulnerable. The rise of digital technologies and initiatives such as the AfCFTA are opening new opportunities to integrate the continent into global value chains.
Economic diversification is essential to strengthening Africa’s resilience to global market fluctuations. According to the United Nations Conference on Trade and Development, 45 out of 54 African countries rely on commodity exports, making their economies vulnerable to external shocks. To mitigate these risks, the organization recommends boosting high-value-added service exports and improving business access to financial services.
« We have obviously seen how the Arab world has leveraged its oil industry to develop various sectors of the economy and learned lessons from this experience. Africa is undergoing a similar process, where nations rich in mineral resources—some of which, in terms of volume, are comparable to the oil industry—can genuinely diversify their economies for sustainable growth. »
THIERNO-HABIB HANN, President of Shelter Afrique Development Bank – Mauritania
Technological development plays a key role in this diversification. According to the Economic Commission for Africa, the average technological capacity of African countries has nearly doubled in recent years, increasing from 25% to 41%, thanks to improved internet penetration and the rapid spread of digital technologies. This progress fosters the rise of knowledge-intensive services, enhancing productivity and the competitiveness of the private sector.
« We have strengths, we have very strong natural assets that make today’s Africa—whether we like it or not—strategically positioned in the global value chain, a truly unique strategic position. Yes, there is the issue of our young population, but it is an incredible, unique advantage. It is a one-of-a-kind opportunity for Africa to finally rise above and thrive. »
ERGE EKUE, President of the West African Development Bank (BOAD) – Togo
Initiatives such as the African Continental Free Trade Area (AfCFTA) aim to remove barriers to trade in services, thus facilitating export diversification. According to the United Nations Conference on Trade and Development, by effectively integrating the continent into global value chains, Africa can leverage its vast natural resources and expanding consumer market to become a key player in global technological supply chains.