It is no longer an industry secret that the new wave of economic stardom and growth is blowing towards Africa and Sub-Saharan Africa will be the epicenter. The region’s GDP has been forecasted by experts to continue soaring and gaining momentum annually based on prevailing socio-economic indices and also spurred by the market dynamics in the extractive sector.
With about 9% of the world’s oil reserves based on the statistics of 2010, at present Africa has about 13% of the world’s oil reserves and about 10% of the global natural gas reserves propelled by the new discoveries in Ghana, Uganda, Kenya, Tanzania and Mozambique. Africa’s major reserves and production are in Sub-Saharan Africa. According to Consultants Wood Mackenzie, by 2018 Sub-Saharan Africa could be producing an extra 400,000 bbl/d of oil. It is envisaged that by 2020 more discoveries will be made in the region and production of oil and gas will soar and has the tendency of impacting growth in the economy if well managed.
As the population of Africa continues to grow amid geopolitical situations, surging discoveries and production in the petroleum sector which are key drivers of the envisaged growth, it is becoming more apparent that Africa is about attaining its golden age. However, for this to happen experts are of the opinion that Africa would have to achieve potentials in the upstream, downstream and nascent Shale revolution and also ensure capacity building.
Yum Brand the operators of fast food such as Taco Bell, KFC and Pizza Hut plans to open up stores in seven African countries in 2012. Yum will be one of the major American fast food to pitch in many African countries. It is expected that some of the stores will be established in South Africa, Nigeria, Ghana, and Kenya. The establishment of stores in Africa is part of the brand’s globalization effort to boost sales and profit from outside America. The brand is picking up fine in France and Germany. According to Novak the CEO of Yum the brand’s sales in America was not promising in the year 2011, therefore making profit to plunge.
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