Africa’s 1.3 billion consumers could reshape global growth, Mondelēz says
Sub-Saharan Africa could become the world’s next major growth engine as its large and youthful population creates expanding opportunities for businesses and economies, according to Mondelēz International, the parent company of Cadbury Nigeria Plc. The post Africa’s 1.3 billion consumers could reshape global growth, Mondelēz says appeared first on Nairametrics .
Mondelēz International, the parent company of Cadbury Nigeria Plc, has highlighted Sub-Saharan Africa's potential to become a significant global growth engine. With a population of 1.3 billion people across 49 countries, the region presents unprecedented opportunities for businesses and economies. Hisham Ezz El Arab, Business Unit President, Sub-Saharan Africa at Mondelēz International, emphasized the importance of this demographic advantage, pointing out that the region's younger population, aspirations, and "massive energy" are not easily replicated elsewhere.
Ezz El Arab stressed that Africa's growing youth and energy could make it increasingly vital to the global economy, provided the right environment and opportunities are created for its people to flourish. He noted that the region's 1.3 billion consumers represent a significant opportunity for companies operating within Africa, although the potential extends beyond the consumer market.
Ezz El Arab underscored the critical role of investing in people and developing talent to transform the demographic advantage into tangible economic growth. He added that the opportunity to serve Africa's expanding consumer base is central to Mondelēz's global strategy. At the LBS Leadership Dialogue, Ezz El Arab discussed the five elements of business transformation—Purpose, People, Process, Plan, and Progress, with people identified as the most crucial factor for successful transformation.
He stressed the necessity of a practical plan, stating that while great ideas and visions are important, they must be translated into actionable strategies. Prof. Olayinka David-West, Dean of LBS, highlighted the challenges businesses face in a rapidly changing technological landscape, evolving consumer expectations, economic uncertainty, and increasing competition.
She stressed that transformation is an ongoing responsibility for businesses, and the 5Ps framework offers a structured approach to navigating these complexities. The demographic opportunity in Sub-Saharan Africa, projected to grow by more than three-quarters of the global working-age population by 2050, could significantly strengthen both consumer and labor markets.
However, this potential hinges on governments and businesses creating sufficient jobs and productive opportunities for the burgeoning youth population. The World Bank's recent projection of a 4.1% growth forecast for Sub-Saharan Africa by 2026, down from previous estimates, underscores the economic challenges that must be addressed to fully capitalize on the region's demographic potential.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
