[SIZE=7]The potential of manufacturing and industrialization in Africa[/SIZE]
[SIZE=6]Trends, opportunities, and strategies[/SIZE]
Among policymakers and scholars alike, a robust manufacturing sector is broadly understood as a fundamental path to economic growth and development. The most recent illustration is the launch of the African Continental Free Trade Area (AfCFTA) in March 2018, a single market for goods and services in Africa that aims to unlock manufacturing potential and facilitate industrialization, driving sustainable growth and jobs among other objectives.
The key boon of manufacturing is that it absorbs large swaths of workers and places them into productive and decent paying jobs. Throughout history, this exact recipe has transformed the United States, United Kingdom, France, Japan, and Germany into some of the world’s wealthiest nations. Most recently, a new age of industrialization has helped push China into one of the world’s fastest growing economies boasting the largest middle class, with other Southeast Asian countries following closely behind.
These are all examples of how industrialization can generate rapid structural change, drive development, and alleviate poverty and unemployment.