Consumer spending in Africa to hit $2.1 trillion by 2025 – CPC
The Director-General, Consumer Protection Council, Mr Babatunde Irukera, says the increase in the rate of population on the African continent will boost consumer spending from about $1.5 trillion in 2015 to about $2.1 trillion by 2025.
He said this while making a presentation at the Africa Policy Forum of the University of Leeds’ Centre for African Studies.
He spoke on the theme, “Africa’s Emerging Market: A matter of Asset and Access.”
The CPC boss, according to a statement made available to our correspondent on Wednesday, described the African population as one of its greatest economic assets and advocated the implementation of strategies to reduce poverty and achieve significant economic growth.
The growth, according to him, should be driven by key factors such as a young and growing population, rising incomes, rapid urbanisation and widespread adoption of technology.
He said, “Coordinated policy and execution that recognise our asset, and regulate access in a manner that advances our causes and economies is the curve we need to turn to see the continent’s wide growth.
“The kind of growth that connects the numbers to people and lives such as moving people up from poverty to shared prosperity.
“Therein exactly lies the secret, rule and purpose of governance. At the heart of this is promoting a robust market and asset management modified only by market regulations that catalyse and protect.”
He said that economic performance was generally measured by spending and consumption indices, adding that this could be achieved through competitive regime.
Irukera said, “Spending is usually considered a matter of disposable income. However, spending is as much a matter of satisfaction as it is of disposable income. Satisfaction is primarily about choice, price, quality and treatment.”
He added that the rightly regulated market would provide satisfaction and encourage spending.