Africa’s Industrial Dreams: Burundi, Burkina Faso, and Nigeria take bold steps toward economic growth

In this edition of Business Africa, we spotlight three nations making strides toward industrial transformation: Burundi’s ambitious 2040 vision, Burkina Faso’s push for industrial sovereignty through crowdfunding, and Nigeria’s growing potential in the leather and footwear industry.

Burundi Aims for Industrialization by 2040 Amid Challenges

Burundi has set its sights on becoming an emerging industrial economy by 2040. During a roundtable held on December 5th and 6th, President Evariste Ndayishimiye emphasized the need for balanced partnerships to achieve industrial growth while maintaining sustainable development.

Despite the optimism, Burundi faces hurdles such as low economic growth and high inflation. Economist Diomède Ninteretse highlighted the declining purchasing power of citizens as a significant concern. Gabriel Rufyiri, president of OLUCOME, underscored the damaging effects of corruption on development efforts, warning that without reforms in governance, international funding alone will not suffice.

Experts suggest that digitalization, improved resource management, and budget austerity are essential for turning this vision into reality.

Burkina Faso’s Crowdfunding Success: Local Tomato Processing Factory

Burkina Faso is taking a unique approach to industrialization by leveraging crowdfunding. The recent launch of the country’s first locally-produced tomato paste marks a significant step toward economic sovereignty.

With an investment exceeding 7.5 billion FCFA, this initiative aims to foster “constructive solidarity,” as highlighted by Aziz Nignan. The project not only addresses agricultural value addition but also seeks to reduce economic inequalities by involving citizens in wealth creation.

The move symbolizes Burkina Faso’s commitment to a self-sufficient and inclusive model of development, where the agricultural sector plays a central role.

Nigeria Showcases Its Leather Industry at Made in Nigeria Shoe Expo

Nigeria is tapping into its potential in the global leather and footwear market, valued at $468 billion. The 2024 Made in Nigeria Shoe Expo, held in Abuja, showcased the country’s capacity to scale its leather industry and create economic opportunities.

Currently, Africa captures less than $5 billion of the global leather market, far below its estimated potential of 20%. Experts like Christopher Tarka emphasize the need for local processing of hides to generate income and employment.

By encouraging youth to engage in leather transformation, Nigeria seeks to maximize its natural resources, positioning itself as a major player in the global market.

A Vision for Africa’s Economic Future

These initiatives from Burundi, Burkina Faso, and Nigeria reflect Africa’s broader push for industrial growth and economic sovereignty. By addressing governance challenges, leveraging innovative funding models, and maximizing local resources, these nations are paving the way for a more self-reliant and prosperous future.