According to a new report by the Boston Consulting Group (BCG). African companies, including airlines, financial institutions, and telecoms operators are leading the efforts of pan-African economic integration. Between 2006-2007 and 2015-2016, average annual African foreign direct investment—defined as money African companies invested in African countries—more than doubled from $3.7 billion to $10 billion, the report shows. In the same period, average annual intra-African exports also grew from $41 billion to $65 billion.
African leaders are also making moves to ease economic integration through policies such as the recent agreement to create the African Continental Free Trade Area, also African countries launched the Single African Air Transport Market aimed at boosting connectivity and reducing the cost of travel across the continent just as several African countries have relaxed visa rules for African nationals.