African lions hope to emulate economies of Asian tigers
The continent is continuing a two-decade growth trend with nations like Nigeria improving infrastructure and making use of their resources
ThankGod Agbagu views the paved roads and skyscrapers that have sprung up in Lagos, Africa's largest city, as the signs of a brighter future.
A two-decade surge in growth in Africa suggests the poorest continent is starting to come to grips with its challenges and has raised the prospect of the "African lions" emulating the "Asian tiger" economies in the 21st century.
Africa's advantages include vast untapped resources, a youthful population and an expanding middle class. Offsetting these are rampant poverty and inequality, a rise in Islamist militancy and poor infrastructure.
Data from the African Development Bank support the premise of an Africa on the rise: average life expectancy rose to 58 in 2011, from 37 in 1950 and primary school enrolment climbed to 77 per cent in 2011, from 52 per cent in 1990. Governance improved in 46 of 52 African countries in the 13 years through 2013, according to the Mo Ibrahim Foundation, which takes into account indicators such as safety and rule of law, human rights and economic progress.
"There's nothing to stop Africa from benefiting from the reforms that we've seen, to capitalise on that going forward, do more and become a stronger, faster-growing, more inclusive region like Asia," said Stuart Culverhouse, chief economist at Exotix Partners.
The International Monetary Fund says it estimates sub-Saharan Africa's economies will grow 5.4 per cent this year and 5.8 per cent in 2015, compared with 1.7 per cent and 3 per cent in the US for the same years respectively.