NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, April 25, 2014

For years analysts have said that “Africa is Rising,” but now it’s really happening. With an expanding population and steady economic growth, social enterprise in Africa is today seeing real returns on investment. This “double-bottom line” success — financial plus humanitarian gains — is drawing new attention to Africa to not only advance, but also yield change.

Africa is a continent comprising 54 distinct countries and not all are emerging at the same rate. But a few early movers like Nigeria, Kenya, South Africa and Ghana are leading the pack. Nigeria made headlines this month after becoming the wealthiest nation in Africa, an overdue GDP revaluation. Nigeria is the most populous country in Africa and one of the top investor hotpots because of its large consumer base.

Mobile on the Move

What’s driving this boom? Mobile. More than 80% of Africans have mobile phones and coverage is growing at a faster rate than anywhere else in the world. Mobile technology is transforming the commercial landscape, extending access to ICT, financial and health and social services never before imagined.