While West Africa is one of the largest producers of cotton, it has the ability to process less than 2% of the crop locally; around 90% is exported to markets in Asia, where value is added through spinning and weaving.
Industry
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Economic update | The Fourth Industrial Revolution in sub-Saharan Africa: key to the coronavirus recovery?
6 May 2021
The pandemic has significantly accelerated the global spread of technologies associated with the so-called Fourth Industrial Revolution (4IR), among them artificial intelligence, the internet of things (IoT), big data and blockchain. In sub-Saharan Africa many now see the 4IR as key to the region’s recovery.
With the effects of Covid-19 still being felt in Egypt, industrial exports are shaping up to be a key driver of the country’s economic recovery.
Covid-19 and the resulting fall in oil prices and demand has helped to accelerate a global shift towards renewable energy. While a number of sub-Saharan African countries continue to rely heavily on fossil fuels, the region is expected to benefit from the growing market for minerals central to this shift.
Mexico is set to see a series of new investments in gold and silver mining projects in 2021, which are expected to be key drivers of economic recovery from the coronavirus pandemic.