The steady flow of migrants from Africa to Europe this year has painted a bleak picture of life on the continent.

However, a report to be published today by British bank Barclays outlines the significant potential that exists for Irish exporters in sub-Sahara Africa.

The Barclays Africa Trade Index, which measures the opportunity and openness of 31 of sub-Saharan economies, reveals that trade between Ireland and Africa grew by more than 43 per cent to about €1.44 billion over five years to the end of 2013. This was supported by Africa’s expanding middle class, associated spending power and demand for high-end goods.

South Africa remains the biggest market for Irish companies at €500 million, albeit that trade with the country has reduced in recent years.

Nigeria has closed the gap at the top, with trade reaching €450 million in 2013.

Kenya ranks third in the Barclays study for market openness and opportunity, although the level of trade is small at €36 million.

Rob Roughan, head of global corporates at Barclays Bank Ireland, said emerging markets in Africa should not be overlooked. “Major African economies such as South Africa, Kenya, Ghana and Nigeria have been the primary focus of Irish companies to date, but with increased competition, businesses need to diversify their trade and investment markets to broaden their horizons and compete more effectively.

“By 2020 the five ‘sleeping giant’ economies of Ethiopia, DR Congo, Mozambique, Ghana and Tanzania that we have identified in our index will represent a population of 325 million people, comparable with the US, and experiencing rates of economic growth that were once the preserve of India and China.

“Household spending for these countries is set to nearly double, so companies that establish themselves in these markets now will be positioned to reap the awards of rapid growth by 2020.”

Angola as a case in point. In the five years to 2013, trade with Ireland increased 782 per cent to €175 million.

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