Africa's Business Revolution: How to Succeed in the World's Next Big Growth Market

Description

Africa still lags far behind other regions on most key measures. But that's about to change. By 2025 spending by African consumers and businesses will exceed $5 trillion, and by 2035 Africa will have the world's largest urban population and a workforce larger than China's or India's. That points to exciting opportunities for global and Africa-based companies looking to access new growth markets - and to build large, profitable businesses in sectors ranging from resources to manufacturing to services. Their momentum will be fuelled by Africa's young and fast-growing population and by the rapid adoption of technology across the continent. But Africa's business environment remains poorly understood and known to many executives in the West only by its reputation for complexity, contradiction, and corruption. Africa's Business Revolution provides the inside story on business in Africa and its future growth prospects, and helps executives understand and seize the opportunities for building profitable, sustainable businesses. The authors - Acha Leke, Mutsa Chironga, and Georges Desvaux - are senior leaders in McKinsey's African offices and draw on in-depth proprietary research by the McKinsey Global Institute as well as their own extensive experience advising corporate and government leaders across Africa. Brimming with company case studies and exclusive interviews with some of Africa's most prominent executives, this book comes to life with the vibrant stories of those who have navigated the many twists and turns on the road to building successful businesses on the continent. Combining an unrivalled fact base with expert advice on shaping and executing an Africa growth strategy, this book is required reading for global business executives wanting to expand their existing operations in Africa - and for those seeking a road map to access this vast, untapped market for the first time.

Acha Leke is chairman of McKinsey & Company's Africa practice. Leading the firm's expansion across Africa, he has worked in more than twenty countries. Leke is the coauthor of the McKinsey Global Institute's widely recognized Lions on the Move reports on Africa, as well as numerous Harvard Business Review and McKinsey Quarterly articles. Mutsa Chironga is an executive at Nedbank, one of South Africa's largest banking groups. He was previously a partner at McKinsey & Company, where he served banks in a dozen African countries, mostly on capturing growth opportunities. He is the coauthor of several McKinsey reports on African economies and financial services. Georges Desvaux is a senior partner at McKinsey & Company and a former managing partner of its African and Japanese offices. A leader of McKinsey's global marketing practice, he has helped build the firm's consumer insights and analytics capabilities. He is the coauthor of numerous articles on consumer and macroeconomic trends. Author social media/website info: mckinsey.com/our-people/acha-leke, za.linkedin.com/in/achaleke, twitter.com/achaleke?lang=en, mckinsey.com/our-people/mutsa-chironga, za.linkedin.com/in/mutsa-chironga, twitter.com/mckinseyafrica/status/674900132610093056, mckinsey.com/our-people/georges-desvaux

"This is a truly disruptive book, suggesting that today's ambitious entrepreneurs look not to space or silicon but to the savannah." -- Publisher's Weekly Advance Praise for Africa's Business Revolution: Christine Lagarde, Managing Director, International Monetary Fund-- "Africa's Business Revolution is a thought-provoking read that confronts many of the myths about Africa and provides a strategic guide to navigating an incredibly dynamic and diverse continent. Africa is experiencing a historic demographic change and I cannot think of a more opportune time for us all to consider the possibilities arising from this transformation." Tidjane Thiam, CEO, Credit Suisse-- "Africa is not a special continent sitting on a different planet. It presents huge opportunities here and now, and many companies and entrepreneurs are already going after them successfully. This book is a major step in normalizing the way the business world looks at and thinks about Africa." Aliko Dangote, President and Chief Executive, Dangote Industries Limited-- "A powerful and compelling guide that captures practical know-how for doing profitable and socially impactful business in Africa. This book reaffirms my conviction that Africa is the best-kept secret for a profitable and fulfilling business enterprise." Mo Ibrahim, Founder and Chairman, Mo Ibrahim Foundation-- "Africa is a billion-person market on the cusp of transformative growth--yet until now little has been published on how global businesses can be part of this exciting story. Africa's Business Revolution fills that gap: it weaves together the authors' rich experience with the perspectives of some of Africa's most successful business leaders." Penny Pritzker, Founder and Chairman, PSP Partners; former United States Secretary of Commerce-- "This is a must-read for any global business leader looking for opportunities to deliver outsize returns to stakeholders while also meeting Africa's huge unmet demand for goods and services." David M. Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group-- "The last great emerging market is Africa. For those investors interested in learning why the market offers enormous opportunities over the coming decade, Africa's Business Revolution is an indispensable guidebook."