Africa’s gross domestic product (GDP) is expected to climb sharply to $15 trillion over the next decade, driven by large-scale investment in agriculture, industry, and services, according to Patrick Ndzana Olomo, acting director of Economic Development at the African Union.
Speaking at the ongoing 4th Intra-African Trade Fair 2025 in Algiers, Algeria, organized by Afreximbank, the African Union, and the AfCFTA, Olomo said the continent has the potential to achieve annual growth rates of between 7 and 10 percent if the right investments are made, Business Day reported.
“When we look at the dynamics of growth, it is expected that if we invest massively in agriculture, in industry, and in services, Africa will be able to post seven to ten percent growth in the next decade and even beyond,” he explained.
“That level of growth will push our GDP from the current $3.4 trillion to approximately $15 trillion, effectively tripling it within a decade.”
Olomo stressed that achieving such economic transformation requires urgent and deliberate steps to strengthen financial and economic governance.
He pointed out that Africa currently loses about $587 billion each year due to corruption, illicit financial flows, and negative risk perceptions, funds that could otherwise cover the continent’s $472 billion in annual development needs.
“Time has come for us to build a continent that is economically viable and uses its resources more effectively,” he said, emphasizing the need to invest in infrastructure, particularly in sustainable energy solutions.
He underlined the role of nuclear energy alongside other sources in powering Africa’s structural transformation and industrialization drive.
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Highlighting Africa’s demographic advantage, Olomo noted that in the coming years, two out of every three young people globally will be African, presenting vast opportunities for market growth and investment.
Despite possessing the world’s most fertile arable land, he warned that the continent remains heavily reliant on imports, undermining the goals of the African Continental Free Trade Area (AfCFTA).
“There is no development that can be achieved if we do not invest in producing the goods that will be traded within the continent,” he cautioned.
Olomo urged African leaders and institutions to make bold, coordinated investments in agriculture, industry, energy, and key services to ensure long-term sustainability and self-sufficiency.
“For us at the African Union, we have already taken actions and we are supporting our member states to build the right infrastructure and institutions,” he said, adding that institutional capacity is vital in tackling corruption and strengthening economic systems.
During a panel session on boosting trade between Africa and the Caribbean, a representative from the Caribbean highlighted progress made under the 2022 partnership agreement between CARICOM and Afreximbank.
“I believe we’re working hard to make it happen, but beyond just following through, we also need to address and remove some of the existing barriers.
There are still a few restrictions here and there that need to be resolved,” the representative noted.
He added that efforts are underway to accelerate the process: “As for my project, it’s already in motion.
We’ve agreed on the terms of our project preparation facility, which we’re developing in partnership with Afreximbank, and in close collaboration with the Canex unit.
This marketplace will ultimately represent all 55 African countries, each with its own permanent pavilion.”
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Image Credit: Bank of Industry Limited
