Exporting Goods and Services to African Markets
Africa is home to some of the world’s fastest-growing economies, playing an increasingly significant role on the global stage. The continent’s rapidly growing middle class—forecast to triple by 20301—represents a stronger labor pool and more purchasing power than ever before.
The populations within African countries are young, growing, and increasingly urbanizing—and household incomes across the continent are on the rise. By 2030, Africa’s population will grow to roughly 1.7 billion2, and the continent will be home to one-fifth of the world’s population3. Given that Africa’s infrastructure gap is narrowing and the continent is primed for mass industrialization, U.S. businesses are well positioned to meet the increasing demand for goods and services.
Despite the economic opportunity, companies also face challenges to doing business in African markets. A lack of infrastructure can present barriers to trade, and companies may need to vertically integrate to fill gaps in the value chain. There can also be high levels of competition from established firms or entrants with institutional support from their home governments. Businesses can also face information gaps about African markets.
To help mitigate these challenges, the Prosper Africa initiative empowers U.S. businesses to export to African markets by offering financing, loan guarantees, market intelligence, and more. The initiative brings together the full suite of U.S. Government services to guide businesses as they identify partners, advance opportunities, and close deals.