Is Africa is Becoming the New Asia?

Jerry Guo reporting from Newsweek:

Many experts believe Africa, with its expansive base of newly minted consumers, may very well be on the verge of becoming the next India, thanks to frenetic urbanization and the sort of big push in services and infrastructure that transformed the Asian subcontinent 15 years ago. Just as India once harnessed its booming population of cheap labor, Africa stands to gain by the rapid growth of its big cities. Already the continent boasts the world's highest rate of urbanization, which jump-starts growth through industrialization and economies of scale. Today only a third of Africa's population lives in cities, but that segment accounts for 80 percent of total GDP, according to the U.N. Centre for Human Settlements. In the next 30 years, half the continent's population will be living in cities.