'Diversification the way forward'

Against a background of
uncertainty around markets in
Sub-Saharan Africa in 2016,
projections have already been
downgraded after the first
quarter.
Growth in the region –
expected to be around 4.4%
– would be the lowest since
1998, said Professor Lyal White,
director for the Centre for
Dynamic Markets at the Gordon
Institute of Business Science.
“Nigeria probably represents
the hopes and hazards of
Africa. The country has
exceeded 4% growth annually
for a decade but its reliance on
oil, and terrorism threats are
starting to impact.”
According to White currently
there are 22 countries in Africa
producing oil and gas. In the
next decade the expectation is
that at least 45 will be in this
category.
“African governments need
to guarantee stability and
they need to diversify their
economies going forward.”
He said while Africa’s growth
rate was lower it was still
higher than many other areas
in the world. Latin America is
expected to see growth of only
1% while Brazil would remain
in recession.