Look past the headlines of global uncertainty, and a different story is unfolding. Africa, with its vast resources, youthful population and surging cities, is building momentum that could define the next 10 years. This is not a distant dream; it’s already happening.
From the persistent drag of inflation, currency devaluations, and rising debt costs to the fresh shocks of new US tariffs and swift retaliatory measures from its trading partners, the global economy has become increasingly tangled and uncertain. And yet, Africa’s growth story is quietly gaining momentum.
The continent is home to 54 countries, more than 2,000 languages, and a cultural diversity unmatched anywhere else. Africa’s aggregate GDP is projected to exceed $3 trillion in 2025 (IMF), but the continent is too often painted with a broad brush, hiding its true complexity. In reality, 29 of its 54 countries recorded growth in 2024, and in 2025, 21 are expected to achieve at least 5% growth. Four (Ethiopia, Niger, Rwanda, and Senegal) are forecast to surpass 7%, according to the African Development Bank (AfDB).
Importantly, Africa’s growth is projected to improve from 3.3% in 2024 to 3.9% in 2025 and further to 4% in 2026 – a steady climb that highlights the continent’s resilience. By contrast, the IMF expects global growth to slow to 2.8% in 2025 (down from 3.3% in 2024), with advanced economies growing at just 1.4%.
Africa’s resource wealth – its minerals, rivers, arable land and forests – is immense. It is also the world’s youngest continent, with more than 70% of its people under the age of 30, according to the UN. Added to this is rapid urbanisation: by 2030, at least 17 African cities are expected to have populations of over 5 million, and three will exceed 10 million (Brookings). Together, these forces are the foundation of Africa’s trillion-dollar decade.
AfCFTA: Africa’s Biggest Growth Catalyst
The African Continental Free Trade Area (AfCFTA) isn’t just the world’s largest free trade zone on paper – it’s a vision of a connected Africa. Today, it links about 1.4 billion people and a market worth $3.4 trillion. By 2030, that market is expected to almost double to $6.7 trillion, driven by a population of 1.7 billion, with half of that economic weight concentrated in South Africa, Nigeria and Egypt (Brookings). What makes this remarkable is the unity behind it: all 54 African nations have signed on, and 48 had ratified by early 2025, implying focus has shifted to implementation.
Launched in May 2019, the AfCFTA’s central goal is bold but simple: to create one integrated African market for goods, services and capital, unlocking the power of intra-African trade. Progress so far shows both promise and challenge. In 2024, trade within Africa accounted for just 16% of the continent’s total exports, with most goods – mainly raw commodities – still shipped abroad (UNCTAD). Labour mobility tells a similar story: only 28% of intra-African travel is visa-free, up from 20% in 2016 (Africa Visa Openness Report). The direction is encouraging, but the gap to true integration remains wide.
So, what could the AfCFTA deliver if fully implemented? According to a 2022 World Bank report, the potential gains are transformative:
• Real income could rise by 8% by 2035
• Poverty reduction: 30 million people lifted out of extreme poverty and 68 million out of moderate poverty
• Continental income could grow by $450mn (7%) by 2035
• Importantly, intra-African trade could surge by 109%, with total exports expanding by 29%
• Foreign Direct Investment (FDI) – a key source of capital, technology and skills – could climb by 111%
To unlock these gains, Africa will need a continent-wide push to implement the right policy framework for e-commerce, trade, investment and intellectual property. Just as important is the hard infrastructure to support it. Across energy, ports, roads and power, the gaps remain stark, with the UN estimating annual investment needs of $130–170 billion. On top of that, trade continues to be slowed by non-tariff barriers, fragmented customs processes, and inconsistent governance.
As global trade grows more complex and unpredictable, we believe Africa’s best response is to double down on self-reliance by prioritising and accelerating the AfCFTA implementation.
Where Does Mazi Fit In?
At Mazi, we see Africa’s growth story not as a distant dream but as a reality already unfolding. Our Mazi Africa Equity Fund invests in public equities across the continent, excluding South Africa, and provides investors straightforward access to this growth opportunity. We believe this exposure offers South African investors meaningful diversification benefits.
Building on this, we are preparing to launch an African Bond Fund, expanding investor access to the continent’s capital markets. Alongside it, our Mazi Infrastructure Fund is directing capital toward essential power and water projects, while our Private Equity and Private Credit vehicles create further avenues to participate in Africa’s rise.
Africa’s trillion-dollar decade is already in motion. For investors, the question is no longer if the opportunity is real, but how soon to take part in it.
