Consumer Protection Council Projects $2.1trn Consumer spending by 2025

Continental consumer spending may gross at $2.1trillion by 2025 due to population growth, the Consumer Protection Council (CPC) has revealed.

Making the disclosure, the Director General of CPC, Mr. Babatunde Irukera, stated that the growth will be key factors such as a young and growing population, rise in incomes, rapid urbanization and widespread adoption of technology.

Irukera who gave this hint in his presentation to the Africa Policy Forum of the Leeds University Centre of Africa Studies (LUCAS) of the University of Leeds, United Kingdom advocated the implementation of simple widely acknowledged principles of asset management and strategies to maximize the benefits from the markets to overcome poverty and achieve significant economic growth.

The Director General in his presentation titled “Africa’s Emerging Market: A Matter of Asset and Access” Irukera stated that the increasing value of the African market is under-scored by rising consumer spending across the continent, which was about $1.4trillion in 2015, and projected to reach $2.1trillion by 2025.

His words: “Considering population and age, it is clear that Africa’s greatest assets are its people and skills, noting however sadly that these factors are also our greatest export”.

“Africans are key applicants to the nation’s with skills acquisition immigration policies which focus on highly skilled migrants whether migrants, whether it’s USA, Canada, or UK. Essentially, these countries benefit from people who have acquired certain skills they need without the tune and resource required to invest in development.