The African continent has a lot of potential. With an ample supply of natural resources and a population of 1.2 billion, Professor Kamil Idris believes that Africa’s economy has no where to go but up; that is, if several key factors come into play and some issues regarding government and state collaboration are addressed. If this happens, Africa’s due for some financial prosperity sooner than later. The continent supplies almost all of the world’s chrome metal, eighty five percent of the world’s platinum, and over half of the world’s gold supply. Although a sizable portion of Africa’s population lives in poverty, the growing availability of educational resources and the gradual urbanization of different regions will shape a workforce of millions within a generation or two.
The current state of Africa, according to Professor Kamil Idris, can be split into two parts based on GDP. 2014’s GDP per capita for Sub-Saharan Africa was $3,300 with a growth rate of 5.8 percent for the preceding decade, and for North Africa, a GDP per capita of $11,000 with a 4 percent growth rate. And Sub-Saharan Africa boasts more freelance workers and entrepreneurs with foreign investments quintupling in the same decade span between 2004 and 2014. However, with the good news comes some not so good news, like with the slow down of GDP growth in some African countries. This can be attributed to the political instability in the Northern part of the continent, and also the drop in oil prices. Some had to seek aid from other countries, like with Angola receiving help from the International Monetary Fund and Nigeria getting aid from China.
To get to a place of prosperity, African nations should invest in internal infrastructure to better transportation and generate jobs, says Professor Kamil Idris, as well as the energy industries and the digital infrastructure. And the fifty four countries of the continent need to engage in more trade between one another.
Kamil Idris is statesman and scholar from Sudan. He was the Director General of the World Intellectual Property Organization from 1997 to 2008. He also ran for presidential office in Sudan. His educational background is extensive; he attended universities in Sudan, Egypt, the United States and Switzerland and he has earned degrees such as a Bachelor of Law, a Doctorate in International Law and an Honorary Doctorate of Letters.