Africa’s population is set to double by 2050. Its urban population will triple, and 40 percent of its total population will be younger than 15. The economy will need to add jobs - and lots of them.
The manufacturing sector provides an answer. If developed in a strategic and resilient way, a competitive manufacturing sector could play a vital role in helping Africa reach its full potential in the global economy.
Working closely with a variety of stakeholders—investors, manufacturers, governments, and others—the consortium began catalyzing inclusive economic transformation, building sustainable institutions through transaction and technical assistance, and developing capacity among the continent’s investment promotion agencies to raise funds fairly.
Manufacturing Africa does not offer direct funding. The program instead catalyzes inclusive growth by attracting foreign-direct investment to companies and projects transforming the economies of Ethiopia, Kenya, Nigeria, Senegal and Rwanda.
Twenty-eight manufacturing deals have already been closed through Manufacturing Africa, which has attracted more than $850 million in foreign-direct investment, creating more than 16,000 jobs.
In total, 135 deals are being supported through the program, or are in progress . This is creating a $2 billion investment pipeline set to produce at least 30,000 jobs across the green economy, packaging, agro-processing, textiles and apparel, consumer electronics, and more.
