Africa's Transformation: Diversification and Innovation Spur Growth and Global Influence

Africa's economy is currently experiencing a significant shift towards diversification. Countries like Nigeria are moving away from relying on a single economic sector, such as oil, and expanding into other areas like technology, information and communication technology (ICT), and agriculture, Professor of Demography and Population Studies, Israel Olatunji Orubuloye, former Vice Chancellor of the University of Ado Ekiti, Nigeria, told Sputnik Africa.

This diversification is a crucial factor contributing to the continent's economic growth. Investment in key growth areas, such as manufacturing, is also playing a vital role in this transformation, Orubuloye underlined.

The Democratic Republic of the Congo, for instance, is projected to have a larger population than the US by the next century, with its current population of around 90 million compared to America's 333.3 million.

Factors such as high contraceptive use and varying marriage patterns in the US may contribute to its slower population growth.

"And I think USA, apart from the policy of one child policy in China, which has now been revised, the usage of contraception is very high in the US. And then the proportion of, like you mentioned, all these new marriage arrangements can affect the growth of the population of the US," he noted.

Investing in education, technology, and entrepreneurship is vital to unlocking the potential of Africa's youthful population. As more people gain access to education and technology, Africa is already starting to export its tech innovations to other parts of the world in fields like IT, medicine, and science, the professor explained.

"So this will influence geopolitical and global politics tremendously," Orubuloye said.

However, the lack of advanced technology is currently preventing the continent from taking full advantage of its rich natural resources, including gold, oil, and uranium, according to the professor.

"Whether you talk of gold, oil, uranium, and these are commodities that can generate a very high level of income if they are exploited by the native population," he said.

While African nations have achieved political independence, economic independence remains a challenge due to technological limitations.

"Even if we say we are independent, honestly, economically, we are not independent in the degree of political independence. Politically, we can now elect our government, […] But you cannot say that in relation to the economic activity because we don't have the technology to be able to exploit these minerals to the advantage of our people," Orubuloye underlined.

The speaker suggested that by the next decade, the number of young Africans entering the workforce each year will surpass that of the rest of the world combined, due to high population growth rates.

"So when this happens, with investment in education, technology, and entrepreneurship, the potential of African youth to influence global politics [will] increase because of the large population we are talking about and with technology, which they can, in fact, export," Orubuloye said.

Furthermore, the African Continental Free Trade Area is expected to boost youth employment by increasing the demand for goods and services.

"And when there is a rise in goods and services, then, of course, there will be employment in production of goods and services that can be transferred from one African country to the other," he said, adding that the potential for a common currency in Africa could simplify trade and increase economic transactions between countries.