GDP is fast becoming an overly simplistic measure of a country’s economic performance. With the recent re-sizing of Nigeria’s economy, the country has the largest economy in Africa – making it more attractive to capital and multinational investment. But like many growing African economies, the marketplaces are young and often difficult to navigate. Companies will increasingly need to come to terms with greater complexity in the African markets in which they invest and conduct business. Beyond GDP, Nigeria and rising African states now need to focus on their competitiveness which is ultimately determined by innovation, technology and productivity. What prospects do the evolving sectors and economies of African states hold for both business and development?
All of these issues where put to test during a breakfast session organized by Deloitte when it played host to over 50 business leaders from around continent on the sidelines of the World Economic Forum on Africa. The Breakfast event which took place at Barcelona Hotel, Abuja, had a theme “Beyond GDP: From Aspiration to Action” and was an avenue for business leaders to rub minds with their trusted business adviser – Deloitte, on how business and government leaders can make meaningful decisions to convert Africa’s aspirations to action.
The event was moderated by Dr Martyn Davies, CEO, Frontier Advisory, and had a panel made up of, Thiru Pillay, Managing Director, Consulting, Africa, Olufemi Abegunde, Chairman, Deloitte Nigeria Governance Board, Joseph Eshun, Partner, Deloitte East Africa, Kennedy Bungane; Chief Executive, Regional Management and Strategy, Africa, Barclays Africa Group Limited, South Africa, Daniel Monehin; Division President, Sub-Saharan Africa MasterCard, United Arab Emirates
The session was highly interactive and elicited many questions from the participants.
From the discussions, it was clear that African economies must move beyond GDP and learn from Asia how to get more people economically and profitably involved in the economy. African economies were also advised to embrace innovation to enable them remain competitive in the global economy. Smaller African economies were also urged to reinvent themselves, taking advantage of their small size and the competitive nature of bigger neighbors.
