US-Africa Summit Prepares Nigeria for $2.1trn Consumer Spending Boom

 Raheem Akingbolu

The Chairman of the Economic Council on Africa (CCA), John Olajide, has said the just concluded US-Africa Business Summit, held in Luanda, Angola provided a credible opportunity for Nigeria and rest of Africa, to map out strategies and dialogue on harnessing opportunities in the African continent ahead a consumer spending that is expected to surpass 2.1 trillion dollars by the end of 2025. 

Olajide, who spoke at the opening ceremony of the event about the economic future of Africa, said untapped opportunities were abundant across the continent but business owners faced bureaucratic impediments, infrastructural deficits and rigid policies. 

The CCA Chairman said the summit was a platform to address the knotty issues and turn Africa to the most economically attractive continent in the world. In particular, he called the attention of over 2,000 participants at the summit to the fact that Africa GDP has been growing at the rate that surpasses global average. He also reminded African leaders and business owners present at the event of the fact that the continent had been identified as a home to six of the top 10 economies in the world with massive business opportunities that would create value and lift both Africa and global economies. 

“If we are all willing with intent, we can unlock all the opportunities in the continent because we have the favourable figures and data to impact the world and make our continent great. Today, Africa has a rapidly growing middle class with consumer spending that is expected to surpass 2.1 trillion dollars by the end of 2025.“