Doha, 21 May 2023
Africa is projected to experience significant population growth, rising from around 1.4 billion to close to 2.5 billion by 2050, according to the 7th edition of the GECF Global Gas Outlook 2050. This, along with rural-urban migration, primarily by the youth population in search of better career opportunities in cities, is expected to result in almost 1.5 billion people living in cities by that date.
The continent’s macroeconomic drivers of energy demand, such as population growth, urban isation, and industrialisation, are more favourable than any other continent.
The African region is on the brink of a massive take-off for industrialisation, with a growing young population, abundant natural resources, and emerging internal markets.
Africa’s real GDP is expected to nearly triple from US$ 2.7 trillion in 2021 to US$7.1 trillion by 2050. This potential for growth relies heavily on energy to provide the necessary amenities in line with the UN Sustainable Development Goals.