Greetings, and thank you very much.
Chair Ali Ehsassi, Vice-Chair Michael Chong, Vice-Chair Stéphane Bergeron and distinguished members of the House of Commons Standing Committee on Foreign Affairs and International Development, I am incredibly honoured and grateful for the unique opportunity to testify on Canada's approach to Africa.
I'm Professor Landry Signé, senior fellow at the Brookings Institution, but also executive director and full professor at the Thunderbird School of Global Management and co-chair of the World Economic Forum's regional action group for Africa.
It is time for Canada to claim the place it deserves in Africa as many traditional and emerging global powers are racing to capture Africa's tremendous economic potential—the next world growth market.
I would like to share a few key trends. By 2030, the combined consumer spending in Africa will exceed $6.7 trillion U.S. for 1.7 billion people. By 2050, Africa's combined consumer and business spending will exceed $16.12 trillion U.S. for 2.53 billion people, and by the end of this century, Africa will have about 40% of the global population. In 2024, 12 of the world's fastest-growing economies will be based in Africa. Their continent is the second-fastest growing region in the world.
Another trend is expanding the global and continental partners of Africa. With the launch of the African Continental Free Trade Area, Africa is now home to the largest free trade area in the world. The AfCFTA could lift about 30 million Africans out of poverty, increase the income of 68 million other Africans, increase exports by at least $560 billion, and generate more than $450 billion of potential gains for African economies by 2035 as per the World Bank study.
Canada has sustained a competitive advantage to partner with Africa and advance Canadian trade and investment with the continent, while meeting the majority of Africans' prosperity, thus achieving mutual prosperity.
I will be happy to expand on specific sectors during the conversation, but let me just finish by sharing a few specific recommendations.
It's important for Canada to develop a new type of commercial diplomacy, identifying and disseminating the tremendous African potential sector by sector. Canadian corporations deserve to better understand the dynamics in Africa and the opportunity present on the continent. Canada can also leverage its higher education to provide technical training and re-skilling to bridge the digital gap. Similarly, it is possible to capitalize on the African diaspora.
I was born in Cameroon, but I'm also proud to be Canadian. I was a recipient of the Banting fellowship for the best and brightest post-doctoral scholars. Canada has given me a phenomenal opportunity, and most Africans from the diaspora are grateful and willing to give back to Canada.
In conclusion, by acting promptly and forging transformative partnerships aligned with African values, Canada has the opportunity not only to advance its own interests, but to contribute to the transformation of Africa, whether in transport, logistics, pharmaceuticals, agriculture or automotive industry, among others.
I will pause now. I'm looking forward to a lively conversation.
Thank you so much again for offering me this opportunity.