Africa Day: Is the continent on track 60 years later?

Africa is on an upward trajectory, making significant economic strides and carving a niche for itself on the global stage through aggressive infrastructure development and a thriving entrepreneurship ecosystem. CNBC Africa's Aby Agina recently spoke to Bolaji Sofoluwe on Africa Day, a day when the continent celebrates its progress and potential. Bolaji Sofoluwe, an Africa optimist, is optimistic about the continent's prospects despite the challenges it faces. He highlighted the Africa Continental Free Trade Agreement as a significant milestone that provides numerous opportunities for the continent. He likened this agreement to the post-war economic unity in Europe, emphasizing the importance of economic integration in fostering peace and stability. Sofoluwe expressed excitement about Africa's progress and stated that the continent is headed in the right direction. The Africa Development Bank's Economic Outlook for 2023 also indicates a positive outlook for Africa's economic growth, with projected GDP growth. Despite some concerns about the slow implementation of the Africa Continental Free Trade Area, Sofoluwe sees progress, citing the ratification of key protocols in February as evidence of Africa's integration and policy development. He acknowledged that while some may wish to see quicker results, Africa's pace of policy implementation is commendable compared to historical precedents. When discussing the continent's participation in global deals and agreements, Sofoluwe stressed the importance of African leaders speaking with one voice and ensuring that agreements are in the best interest of the continent's long-term development. He noted an improvement in the thoughtful consideration of financial agreements but highlighted the need for alignment and harmonization of agreements to reflect the continent's goals and objectives. In terms of the investment climate for Africa, Sofoluwe emphasized the challenges faced by African entrepreneurs in marketing and promoting goods and services globally. He suggested a focus on intra-Africa trade as a stepping stone for entrepreneurs to expand their reach before venturing into international markets. Sofoluwe's work with startups and entrepreneurs underscores the potential for economic growth through horizontal and vertical expansion across the continent. When asked about his belief in whether it is Africa's decade, Sofoluwe unequivocally affirmed that it is indeed Africa's decade. He stressed the importance of citizen buy-in and involvement in driving policy direction and economic growth, drawing parallels to past movements in Europe that led to regional unity and progress. Sofoluwe's optimism and belief in Africa's potential reflect a sentiment of hope and progress as the continent continues to strive towards a brighter future.