Africa Still a Virgin With Underutilized Potential

The African continent is still a virgin with a wide range of unutilized potential according to Dr. James Mwangi of Equity Bank Group.

According to Dr. Mwangi, the continent still has a long way to go in making sure that her economic prowess is fully exploited and utilized.

“Almost 90 percent of what Africa exports to other countries is in form of raw materials. We only export less than 10 percent as finished products to other countries. What a waste?” He said.

According to Dr. Mwangi, the continent needs more than just industries to develop and to fully utilize her potential.

“Take Kenya for instance, we export almost everything as raw materials including tea,” he added.

To start the full realization of her potential, according to Dr. Mwangi, Africa needs to empower and grow entrepreneurship. Despite the numerous developmental opportunities, the continent is still lagging behind in as far as entrepreneurship is concerned.

Africa with more than a billion people only contributes close to two percent to the world trading table. This means that there are more than 90 percent avenues that lie dormant without being utilized.

Africa also needs to work on her inter-boar trading activities. There has been a general inability and unwillingness to enhance inter-boarder trading activities among African countries. The rate now stands at three percent while among countries found in the European Union, it is at 60 percent.

Some areas that have not been fully utilized include the agricultural sector. According to the MasterCard Foundation, the agricultural sector has the ability of creating more than three million jobs to the African youth.

The sector, however, is increasingly being ignored. There is little invention and misplaced priorities by most African governments. Prolonged drought in most countries has also affected the sector. In Kenya, for instance, more than 3.5 million people are facing hunger and starvation due to drought.

Other sectors include technology, education and the financial sector. The education sector in Africa seems to be more theoretical than the much needed practical system of education.

Kenya has kicked off processes to phase out the current education system and replace it with a 2-6-6-3 curriculum that is already at a piloting stage.

Although the continent has made some amazing strides in the technological sector, a lot still needs to be done. The current technology has not been fully used to benefit people fully. A lot of inventions still need to be done in various sectors to enhance productivity.