Moreover, African countries are improving their quality of life. For instance, the average life expectancy has increased to 58 in 2011 from 37 in 1950, primary school enrollment rose to 77% in 2011 from 52% in 1990, and governance has improved in 46 of 52 countries in the 13 years through 2013.

“There’s nothing to stop Africa from benefiting from the reforms that we’ve seen, to capitalize on that going forward, do more and become a stronger, faster-growing, more inclusive region like Asia,” Stuart Culverhouse, chief economist at Exotix Partners LLP, said in the article.

However, as a frontier market locale, the countries still suffer from significant risks, such as rampant poverty and inequality, a spike in militant violence and inadequate infrastructure.

For more information on Africa, visit our Africa category.

Max Chen contributed to this article.