Over the next 75 years, Europe will either face unprecedented migration as millions of Africans seek work and opportunity, or Africa must generate enough economic growth and jobs to support its rapidly expanding population at home, Atlantic Council Africa Center senior fellow and former Goldman Sachs sub-Saharan Africa CEO Colin Coleman has warned.

Africa’s population is projected to increase from the current 17% of the global population to about 40% by 2100, meaning that four in ten people worldwide will be African.

Coleman said that while current African migration into Europe is considered high but limited, this would “explode” unless economic growth and employment opportunities were massively expanded in Africa over the next few decades.

“It basically means that either we are going to feed, clothe and employ Africans in Africa with the highest of economic growth and provision of work opportunities, or we are going to see a mass migration of Africans seeking work opportunities in Europe,” Coleman said at the TEHA CEO Dialogue on Southern Africa, on November 20, in Johannesburg.

Coleman highlighted four major areas driving economic growth in Africa.

The first is critical minerals, which are essential for green energy and technological industries worldwide.

“What is uniting China, the US and probably Europe about Africa at this point is a competition for critical mineral extraction, processing and refining,” he said, noting that about 30% of the world’s mineral resources needed for industrialisation were expected to come from African countries such as South Africa, the Democratic Republic of Congo, Zambia and Morocco.

Coleman said China had already invested heavily in understanding and operating in complex African markets.

“The Chinese have essentially done their homework, put in the effort and invested heavily in understanding how to work in these countries and conduct business in Africa, including countries that are extraordinarily difficult. They have a lot of knowledge and experience in dealing with these very complex, challenging environments and extracting resources.

"So, there is going to be massive competition for the extraction of critical minerals between China and the US, with the US increasingly funding entities that will grow to extract these resources,” he said.

However, South Africans should also seize on the opportunity, he said.

“I think South Africa’s miners are in an incredibly good position, because they’re differentiated in their expertise and experience to help with extraction of critical minerals throughout Africa. I think this is going to be an increasingly visible phenomenon,” he said.

The second area of growth was financial technology, Coleman said, noting that fintech firms were expanding rapidly on the continent, alongside traditional banks such as Standard Bank, FirstRand, Absa, Standard Chartered, Citibank and JP Morgan.

“The fintech sector is exploding on the continent and is an industry in its own right. The industry is attracting huge amounts of venture capital from the US, with US capital sources playing a very important role,” he said.

Coleman noted that companies such as Visa and other investors were backing African fintech firms, which offered mobile payment services, logistics solutions and AI-driven delivery platforms.

“These platforms are building very large platforms around payment businesses, but also various non-payment businesses to do with logistics and using technology and AI to deliver goods and services across the continent,” Coleman said.

He said about 100 credible fintech players currently operated in Africa, with an expected consolidation where a small number would emerge as long-term industry leaders.

“This is a common pattern in early-stage industries worldwide and is not unique to Africa,” he noted.

The third area Coleman identified was infrastructure, including traditional sectors such as water, transport and energy, alongside technology infrastructure and non-traditional energy sources such as solar and battery power. He said delivery of these systems might involve technology leapfrogging rather than traditional methods.

Finally, Coleman highlighted industrialisation, including the development of industrial parks and the beneficiation of raw materials. He said the demand for jobs generated by these sectors was substantial.

“These are some examples of massive business opportunities, but we’re at the beginning of a wave that is going to take place over a 75-year period,” Coleman said.

He added that leading African countries such as Nigeria, South Africa, Egypt and Algeria had the opportunity to demonstrate how these industries developed, with international cooperation from the US, China, Europe, and India poised to play an increasingly important role.

Coleman believes that business will drive much of this growth, and that African countries stand to benefit from having multiple international partners.

“What Africa doesn’t want is to be restricted to one foreign power, such as China, the US or Europe. It’s good for them to have choices to work alongside,” he said.