Sub-Saharan Africa economies, Kenya included, are poised to register 5.2 per cent economic growth, compared to 4.7 per cent reported in 2013.

According to Africa’s Pulse, a World Bank report, the growth is largely driven by increased investment in natural resource finds such as oil and gas and infrastructure expansion. These are also the areas in which Kenya has made substantive progress.

The growth, which is set to remain robust for the second decade running, has seen the continent defined as the next economic frontier, registering six out of the ten fastest economies globally. “Although Sub-Saharan Africa’s exports remain concentrated in a few strategic commodities, the region’s countries have made substantial progress in diversifying their trading partners,” said Francisco Ferreira, Chief Economist World Bank African region.

Net foreign direct investment (FDI) into the region jumped 16 per cent to a near-record $43 billion (Sh370 billion) as foreign firms exploited hydrocarbon finds, including those in East Africa where massive gas finds have been made in Tanzania, and in Kenya where commercial quantities of oil have been struck. “FDI flows are expected to be lower in 2014 due to weaker commodity prices and slower growth in emerging markets. Still, new discoveries of oil, gas and metals are expected to attract substantial FDI flows to the region,” the bank said.