The truth is Africa is seeing tremendous growth in both social and economic status. Africa accounted for 5.1% of global gross domestic product (GDP) in 2015, compared with 2.4% for the UK. Africa is made up of 54 countries and the 3 largest economies (Nigeria, Egypt and South Africa) accounted for around half of Africa's GDP in 2015.
Nigeria is Africa's largest economy and has the highest production of oil and gas in the continent. More than 62% of Nigeria's population are under 25 and its growing middle class makes up 23% of the population. Nigeria is the largest export market for Northern Ireland companies in Africa.
Egypt is the second largest economy in Africa. Egypt is a lower middle income country with a population of almost 90 million. Since 2014, the economy has been on a path to recovery. Egypt is highly import dependant and is likely to remain so for the foreseeable future. Significant investment in ports, airports, highways and railways are planned which will lead to more efficient movement of goods.
Register for our Doing Business in Egypt event on 09 September to find out more information on this emerging market.
South Africa is the third largest economy in Africa and is the most sophisticated and developed African economy and seen as the gateway to Africa due to its similarities with western markets. South Africa is the second largest export market for Northern Ireland companies in Africa and offers opportunities for a wide range of sectors.
There is a lot of excellent information online that is worth checking out:
Invest NI will be taking 6 companies from Northern Ireland on a 5 day visit to South Africa and Nigeria on 10 October. The visit will help them to gain an understanding of the business environment in the markets and explore opportunities for their business.
Our Business Information Centre at Invest NI's headquarters in Belfast, can help you to target your export activities effectively by providing in-depth information and guidance on how to break into new markets.
The Centre has a wide range of business information including:
Complete the enquiry form to arrange an appointment at the Business Information Centre.