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Can Africa Leapfrog The West By the 2030s?


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Can Africa leapfrog the West by the 2030s?

In this presentation, I offer a few possible paths that we can take in Africa to leapfrog our economic development. Some of the topics covered:

-Formula for economic growth
-Impact of robotics and AI
-How to turn these disruptive technologies to our advantage
-Impact of Internet Penetration
-Impact of Decentralization
-Potential of Infrastructure Jobs

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Can Africa Leapfrog The West By the 2030s?

  1. 1. Can African Nations Leapfrog Ahead Of The West By 2030s? by Ronald Chagoury (Jr)
  2. 2. Can African Nations Leapfrog Ahead Of The West By 2030s? by Ronald Chagoury (Jr)
  3. 3. Nurture an industrial economy centered around low-skilled manufacturing. The formula for economic development isn’t a secret. For a country to rise up into the ranks of developed nations, it must: Use the profits to build out the nation's infrastructure and human capital. Finally, transition to a consumption-based economy dominated by high-skilled, service sector jobs.
  4. 4. China has followed with amazing success since the early 1980s To be fair, this process usually takes many decades (and involves many more factors). But it’s the same process that the: US followed after its independence from the UK Europe followed after WWII
  5. 5. Some economists worry that Africa is at risk of losing out from this development process, however.
  6. 6. You can also save on shipping costs and better protect your intellectual property. The thinking is that as developed nations master AI-powered robotics by the 2030s, they will manufacture goods cheaply and without the need to use outsourced human labor from developing nations. If a developed nation can build a factory of robots that work 24/7, why outsource at all?
  7. 7. Fortunately, I see another path forward If this happens, economists worry that developing nations, including those in Africa, may see their economies stall and become forever dependent on Western nations.
  8. 8. Through effective governance and the proper application of new, disruptive technologies, African nations have the opportunity to leapfrog over the industrial economy stage altogether and build out an economy that supports itself entirely upon infrastructure and service sector jobs. Let’s Look At Some Examples:
  9. 9. This access alone will drive the creation of new local industries and economic development. Internet Penetration By late-2020s, Internet penetration will reach over 80 percent worldwide. In Africa, that means close to a billion people will gain access to high-speed Internet. As a result, the internet revolution that modernized the West will sweep through Africa with equal (and I believe, greater) force.
  10. 10. New fintech (financial technology) services are allowing the poor and small businesses access to digital payments and credit. Decentralization Western nations have developed all parts of their infrastructure, governance, and culture around centralized institutions and planning—Africa can choose a better path. New solar and battery tech can allow African nations to avoid costly national power lines. Wireless broadband is already allowing us to avoid costly national phone cables;
  11. 11. Because a population boom (in this case, an extra 400 million Africans by 2030) will require the creation of an entire generation’s worth of jobs that develop national and urban infrastructure and green energy projects. Infrastructure Jobs Africa’s booming population can be a major opportunity. Why ?
  12. 12. Whether that’s healthcare or nursing jobs, entertainment, education, these jobs will multiply as African Internet penetration expands. Service Job Just as in the West, service jobs can replace manufacturing jobs in the much of Africa. These are good-paying, local jobs that can’t be outsourced and can’t be easily automated.
  13. 13. On the whole, how quickly and how effectively African governments can adopt these leapfrogging investments and strategies depends on their: Thankfully, the revolutions of tomorrow are abundant and already on their way to positively impact every single African citizen. Vision and execution How well they can invest into tomorrow’s opportunities.
  14. 14. Ronald Chagoury Jr is the Vice Chairman of a very ambitious real estate and infrastructure development project in Nigeria called Eko Atlantic. About Ronald Chagoury Jr:
  15. 15. Eko Atlantic is a new city under construction adjacent to Victoria Island in Lagos, Nigeria. With over 5 million square meters of prime real estate already reclaimed, Eko Atlantic is already home to high-end commercial and residential towers, with many other projects in the pipeline.