Browsing: Extractives industries

Africa is in transition driven by a growing workforce, increased stability and technology adoption which are transforming the continent’s economies.

These advances are making the continent less dependent on extractive industries since there is notable diversification.

According to EY Global, Africa is shifting from extraction and export of natural resources with investors now coming to Africa more for the promise of its people than its physical properties.

Read: Tanzania, Turning a new leaf: President Samia garners investors’ confidence

EY Global notes that long-term capital inflows have shifted away from petroleum and mining, with more investors focusing on telecommunications, retailing, and services. According to a database of new investments maintained by EY professionals, the extractive industries have only accounted for more than half of FDI once in the last seven years.

The trend is considerably more severe in Sub-Saharan Africa’s 46 jurisdictions. Extractives accounted for more than half of investment in …