October - December 2016 •
The Lion King
• 15
Cover
will be significant positive impact on
creativity, productivity and efficiency
in 2017.
Tourism and Entertainment:
Africa is fast
gaining ground as a tourist destination
with countries like Kenya, Tanzania,
Egypt and South Africa leading in this
sector. For these countries and many
more, tourism and entertainment
contributes a substantial amount of
revenue annually. We believe this
trend will continue into 2017 especially
with expectations of continued
political stability and relative peace in
most of the tourist destinations on the
continent.
Commodities:
Recent slump in
commodity prices has taken its toll
on African economies over the last
two years although surprisingly Africa’s
external financial flows have remained
stable overall. In Vienna on December
10, eleven non-OPEC producers
agreed to join eleven OPEC members
to reduce production in 1H17. Based
on the foregoing, it is expected that
the observation of the OPEC-11 and
Non-OPEC 11 production cuts is
required to sustainably support spot oil
prices in 2017. In 2017, it is expected
that commodity prices will bounce
back. Copper for Zambia has already
seen significant surge since November
whilst the recent decision in Vienna is
likely to provide sustained support for
Crude oil in Nigeria.
In conclusion, whilst the economic
aspects of African growth may be
inexhaustible, the foregoing are
considered as highly significant
to what will shape the economic
activities as Africa relates with the rest
of the world in 2017.
Dar es Salaam in Tanzania, East Africa.
Tanzania is one of the leading tourist destinations
in Africa. Travel and tourism contribute as much as
12.7% of Tanzania’s GDP and create employment
for about 11% of the country’s labour force.
Nairobi, Kenya.
Kenya is also a leading
tourist destination in Africa.
Lagos, Nigeria.
Nigeria is one of Africa’s
largest exporter of Oil
Magdalena Paluchowska / Shutterstock.com
