Between 2010 and 2020 no less than 40% of all the natural gas discovered worldwide was found in Africa. Gas and fertiliser may provide the continent with opportunities in 2023 WorldAhead
By Jonathan Rosenthal: Africa editor, The Economist,” says Enock Banda, a 26-year-old trader, standing in front of four meagre bowls of dried beans at a market in Lilongwe, the capital of Malawi. “Few people have money to spend and farmers are supplying us with fewer bags than usual,” he laments. Not far from the market, long lines of cars stretch out from filling stations into nearby roads as drivers queue for fuel.
To be sure, some countries such as Nigeria are big food importers and so vulnerable to swings in global markets. Egypt and Sudan are particularly affected because they rely on imports of wheat to provide about half of what they eat. Yet food prices have surged not just in these countries, but also across almost all of sub-Saharan Africa. Thereckons that between 2020 and 2022 the prices of staple foods in the region increased on average by 24%. This includes foods that are locally grown.
Yet gas and fertiliser may also provide Africa with opportunities in 2023. Between 2010 and 2020 no less than 40% of all the natural gas discovered worldwide was found in Africa. As a result, the continent now holds 13% of the world’s natural-gas reserves. But it has struggled to exploit more than a small fraction, says the International Energy Agency, a club of mostly rich energy-importing countries.
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