Africa: A Continent with huge economic potential

In this episode of The Exchange, we focus on innovation in Africa. Over the last decade, Ethiopia has been one of Africa's and the world's fastest-growing economies. Ethiopia's Minister of Labour and Skills, Muferihat Kamil Ahmed, explained how the government is stimulating innovation in a way that also helps other African economies. 

The Global Startup Africa Awards and Fund connect companies and investors across the continent. Founders of GIIG, the organisation behind this year's event, explained. 

"It's very clear, and it has been very clear, that emerging markets continue to dominate global economic growth. The markets show the forecast until 2075 that population demographics are one of the fundamental key drivers of global growth. There is only one young continent, and that is Africa."

Nigerian-based digital start-up Trade Depot raised over $100 million in 2021 and has been one of the success stories on the continent. Founder and CEO Onyekachi Izukanne explained why inventory and logistics technology is so important to African retailers.

" In Africa, the bulk of this retail doesn't happen in the big supermarkets. It happens in small neighbourhood stores. And our thing is to create an e-commerce experience for these retailers," Onyekachi Izukanne explained.