Nairobi, Kenya – May 27, 2024
The African Development Bank’s annual meeting in Nairobi is buzzing with talk of a potential economic boom for the continent. The inclusion of new African members in the BRICS alliance is seen as a game-changer, opening doors to vast trade and investment opportunities.
“The BRICS Plus countries offer immense potential for Africa,” declared Professor Vincent Nmehielle, Secretary-General of the African Development Bank. He highlighted the growing middle class and large consumer markets of these emerging economies as key drivers for African growth.
BRICS, originally Brazil, Russia, India, China, and South Africa, recently expanded to include Egypt, Ethiopia, Iran, and Argentina. This “BRICS Plus” format is seen as strengthening ties between these nations and Africa.
Business leaders attending the BRICS Business Breakfast, hosted by South Africa, echoed Nmehielle’s optimism. Busi Mabuza, Chairperson of the South African Chapter of the BRICS Business Council, emphasized the vast consumer markets and growth potential for African businesses in these expanding economies.
Discussions throughout the breakfast explored ways to capitalize on these opportunities. Topics included leveraging the African Continental Free Trade Area (AfCFTA), attracting private investment, and fostering knowledge exchange in areas like artificial intelligence.
Mpumi Mabuza, from Brand South Africa, highlighted the success of South Africa’s green economy, which attracts significant foreign investment. She also outlined investment opportunities in areas like green hydrogen, digital services, and ESG (environmental, social, and governance) projects.
Nmehielle stressed the need to address trade barriers and deficits, as well as invest in education and skills development to meet the demands of a changing global economy. He also pointed to Africa’s massive infrastructure gap, estimated at $70-$100 billion annually, and the potential role of BRICS Plus in addressing this need.
Energy transition was another key topic. Nmehielle emphasized the need for partnerships to ensure a just and equitable transition for African nations. South Africa’s recent leadership of BRICS, with a focus on sustainable development, was seen as a positive step in this direction.
