The Economic Diversity of Africa: Flexing her Economic Muscles and Forging a New Identity

This paper explores Africa’s potential to develop into one of the world’s economic powerhouses. While Africa is on the right trajectory to economic development, diversification plays a key role for achieving this. Overreliance on single or few commodities such as crude oil, minerals and agriculture has been observed to slow economic development. Many African countries are already on course to placing the diversification agenda on their economic development plans. The article further notes that Africa is headed for an economic paradigm shift in which diversification will be a critical factor on the development spectrum. In order for Africa to acquire a competitive position and sustain its position, certain paradigm shifts must occur. There is need for the continent to understand its relationship with the rest of the world.