Tag: Africa

  • Africa Prudential grows profit by 87% to N1.1b in first half

    Africa Prudential grows profit by 87% to N1.1b in first half

    Africa Prudential Plc recorded significant growths in the top-line and bottom-line in the first half, with profit rising by 87 per cent to N1.13 billion within the six months.

     Key extracts of the interim report and accounts for the half year ended June 30, 2024 showed that profit before tax rose by 87 per cent from N603 million in first half 2023 to N1.13 billion in first half 2024. Profit after tax also grew by 87 per cent to N791 million in first half 2024 as against N422 million in first half 2023. Earnings per share thus rose from 21 kobo to 39 kobo. Net total income had grown by 24 per cent from N1.6 billion to N2.0 billion.

    The balance sheet of the share registration company expanded by 46 per cent from N20.4 billion to N29.9 billion. Shareholders’ fund also increased by eight per cent to N9.6 billion, despite a dividend payout of N0.9 billion.

    Speaking during the company’s investor’s relations call yesterday, Managing Director, Africa Prudential Plc, Catherine Nwosu, said the company is poised to sustain strong growth with expansions in Nigeria and beyond.

    According to her, with its “Go-To-Africa” strategic vision, the company plans to diversify its products and services as well as markets in order to ensure sustained growths, irrespective of challenges in operating environment.

    “We plan to expand into consultancy and secretariat services within Nigeria and commercialise our e-products applications such as Invearn, Greenpole, and Apems.

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    “We will launch a range of new and innovative products designed to meet the diverse needs and expectations of our esteemed investors,” Nwosu said.

    She noted that Africa Prudential recently launched Invearn, an application which allows investors to claim and track their dividends, update their TIN ID, and manage their investments anywhere in the world.

    “This initiative underscores Africa Prudential’s dedication to technology and positions the company strongly for the future,” Nwosu said.

    She pointed out that the significant growths in first half underlined the company’s resilience despite a challenging economic environment.

    During the investor relations call, Chief Financial Officer, Africa Prudential Plc, Taofik Giwa, explained that despite the unbundling of the company’s digital technology business, Africa Prudential’s core registrar operations continue to thrive.

    He pointed out that the registrar business achieved 76 per cent of its budgeted revenue, with a revenue composition of 40 per cent from contract fees and 60 per cent from investment income, which exceeded expectations by achieving 113 per cent of the budget.

    “Our strong commitment to cost management and operational efficiency has led to significant improvements in our Cost-to-Income Ratio (CIR), which decreased from 63 per cent in first half 2023 to 44 per cent in first half 2024. The Return on Average Assets (ROA) remained stable at 3.0 per cent, underscoring our solid financial foundation,” Giwa said.

  • Sygen, ORx Pharmaceuticals forge strategic alliance to transform Africa’s healthcare

    Sygen, ORx Pharmaceuticals forge strategic alliance to transform Africa’s healthcare

    Sygen Pharmaceuticals Limited, based in Lagos, and Canadian ORx Pharmaceuticals Corporation have announced a landmark collaboration to form Sygen-ORx Biosciences, a transformative joint venture aimed at advancing healthcare in Africa. Sygen-ORx Biosciences is set to revolutionise healthcare by addressing pharmaceutical drug security challenges through innovative collaboration.  This partnership merges ORx Pharmaceuticals’ cutting-edge expertise and patented technologies in drug development with Sygen Pharmaceuticals’ commitment to scientific rigour and innovation.

    ORx Pharmaceuticals, affiliated with the Toronto Institute of Pharmaceutical Technology, North America’s leading postgraduate institute for pharmaceutical technology and research—is renowned for its dedication to advancing medical science and enhancing patient care. With a track record of delivering transformative therapies and earning industry recognition, ORx Pharmaceuticals brings a wealth of experience to this venture. Sygen Pharmaceuticals, celebrated for its pioneering approach and commitment to healthcare excellence, complements ORx’s strengths, creating a powerful synergy aimed at delivering groundbreaking healthcare solutions in Africa.

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    Sygen Pharmaceuticals has cemented its role as a leading force in improving healthcare in Nigeria by developing high-quality medications and expanding access to innovative treatments. In a groundbreaking move, Sygen has partnered Canadian ORx Pharmaceuticals Corporation to form Sygen-ORx Biosciences, a joint venture poised to drive significant advancements in the pharmaceutical sector.

    This collaboration unites the vision, expertise, and commitment of both organisations to enhance patient outcomes and address critical challenges in pharmaceutical drug security.

    By combining their resources, knowledge, and capabilities, Sygen-ORx Biosciences Limited aims to accelerate the development and commercialisation of pioneering therapies, meet unmet medical needs, and broaden healthcare access for patients globally.

    As outlined in their agreement, the JV will focus on improving formulations of generic pharmaceuticals. The emphasis will be on products with clinical efficacy, regulatory approval, and a history of commercial success.

    Also, Sygen-ORx Biosciences will spearhead innovative drug discovery programs and work to reduce costs while increasing access to high-quality branded generic medicines throughout Africa. In addition to launching the joint venture, Sygen and ORx will offer substantial support to Sygen-ORx Biosciences, drawing on their extensive experience in global drug discovery, development, commercialisation, and distribution. This support will harness their expertise to foster open innovation in early-stage drug discovery, aiming to expedite the development of novel therapies and drive advancements in the pharmaceutical field.

    “Sygen-ORx Biosciences will build upon the foundation of excellence established by ORx and Sygen, ushering in a new era of healthcare innovation. With a shared commitment to scientific excellence and integrity. Sygen-ORX Biosciences is positioned to make a significant impact in the healthcare landscape, shaping the future of medicine for generations to come,” said Dr Alexander MacGregor, ORx Pharmaceuticals CEO.

    “Collaboration is at the heart of our mission at Sygen Pharmaceuticals, and we are excited to embark on this transformative journey with ORx Pharmaceuticals.  As Sygen ORx, we have the opportunity to amplify our impact and drive innovation in healthcare, ultimately improving the lives of patients in Africa and beyond. Through our partnership, we can leverage our strengths to deliver impactful solutions that address critical medical challenges and advance patient care,” said Charles Ogunwuyi, Sygen Pharmaceutical CEO.

  • Afremixbank unites Africa through music

    Afremixbank unites Africa through music

    African Export-Import Bank (Afreximbank), through its Creative Africa Nexus (CANEX) programme, has announced release of Extended Play (EP), One Drum.

    One Drum bridges cultures and genres, celebrating the rich musical heritage of Africa and its diaspora, a statement by Oscar Mdlongwa (Oskido), who produces the EP in collaboration with Commissioner Gordon Williams, said.

    Mdlongwa notes the EP ‘‘brings together diverse artistes, celebrating Africa’s rich musical heritage and its deep connections across the diaspora to support commercialisation of IP assets’.

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    He added: “As the rave scene in West Africa grows, Afro Wave emerges as the perfect anthem for this vibrant movement.

    “The single, a collaboration between South Africa’s Scorpion Kings (Kabza De Small, DJ Maphorisa) and Oskido, features vocals from Tman Xpress, Phila Dloz, with Bloc-Afro band, Olodum.

    “They blend Afro house with Amapiano beats and isiZulu lyrics.“Afro Wave is the first single of One Drum, with Chinedu Okoli (Flavour) from Nigeria, Olodum and Oskido. Others are Sofiya Nzau from Kenya, Gordon Williams, Stephen Marley, YG Marley, and Jo Mersa Marley from Jamaica. “

  • U.S Elections: How Africa can manage its outcome

    U.S Elections: How Africa can manage its outcome

    • By Charles Onunaiju

    Whatever the outcome of the US presidential election slated for November 5, it will present to Africa with both a challenge and opportunity. Already Donald Trump, former U.S president is the formal nominee of his Republican Party and Kamala Harris, current vice president has inherited the outcome of the Democratic Party nomination of former candidate, Joe Biden and is now presidential candidate of the party. Vice President Harris is on the momentous threshold of history, if she manages to pull off a victory that will see her become the first female U.S President in the over 200 years of the country’s history.

    However, each candidate, like the previous leaders of the country, since Barak Obama, would offer very little in terms of critical tangibles in relations with Africa. That does not mean that Africa would be struck off the maps in the Oval Presidential Office, State Department (Foreign Affairs Ministry), or even the Pentagon (the Defence Ministry). It is just in the nature U.S statecraft that when there is a clash between the choice of values and interest, the rational pick is the later.

    Many countries in Africa, including Nigeria emphasize shared values of liberal democracy with the United States. While this is true, it does not in reality shape the U.S policy. Like every other nation, foreign policy is organized to generate returns of critical aggregates that translate to strength, influence and national power.

    Currently, the United States have quite a number of domestic challenges that would influence the direction of her foreign policy. Despite what appears like a gulf of differences between the candidates of the two major parties, their approach to foreign policy would be the same. The U.S post-industrial economy has failed to deliver broad dividends, thereby massively excluding a huge swath of citizens. The Republican candidate Donald Trump laments the country’s massive deindustrialization, which he said currently stand at 64%. His solution is to massively increase import tariffs in what he thinks would lure industries back to the United States. The flip side of this strategy however, is that imported finished products will be expensive for the working families, he claimed to fight for and due to labour costs and other related factors of production, product manufacturing in the United States will not be reasonably cost effective as to be competitive.  However, these basic economic facts will not deter a President Trump from launching a wide ranging trade war especially with China and even Europe, whose consequences, Africa must proactively anticipate and build the necessary resilience with a view to optimize the opportunities and minimize the risks associated with it.

    The fledgling Africa Growth Opportunity Act, AGOA, established since 2000, but has languished because of extensive political meddling by the U.S successive administrations will further drown into irrelevance as the incoming administration, whether Republican or Democratic, will erect further high walls of tariff. Meanwhile, Africa’s economic prospects of growth and sustainable development lay substantially in trade and investments and only a paltry of this essential economic oxygen can come from the United States and the global West.

    The Democratic Party’s candidate may not have starkly outlined trade policy as her Republican rival has done, but would do much of the same, with the difference being only regards to the intensity of the rhetoric.

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    With ballooning crime, gun violence and rising racial tensions in the U.S, candidate Trump sees the only solution in building high-fence border walls to deter what he called “invasion” of criminals, rapists whom he claimed are deliberately unleashed on the U.S from prisons and mental homes from across the world. He has promised to start from his “Day One” in office to deport undocumented immigrants. Despite that the United States has historically benefitted from being a melting pot, with relative open borders that attracted talents, from across the world, demonizing migrants as the cause of all U.S contemporary domestic troubles, is the new rallying point for U.S political elites across party lines. Vice President Kamala Harris has been uptick in the anti-migrant rhetoric too.

    Largely, a problem of poorly managed economic transition, that left a huge swath of the population at the bottom, the U.S economic and social troubles, for which its elites disproportionately blame on migration, with its consequent policy choices, have ramification for the expectations of U.S-Africa relations. More importantly, the critical inputs to address the structural lacunas in the U.S economy will objectively have little coming from Africa and therefore, the task and challenge of U.S economic recovery will not be considerably consequential to her relations with Africa.

    To this effect, the leadership that would emerge from the November elections will focus largely on dealing with broad range of domestic issues and the consequent foreign policy direction would be essentially transactional. However, no matter the weight and the attention to domestic issues which the administration might be devoted to, the U.S is still the world sole superpower, the wealthiest and even the most influential and therefore, relations with Washington is considerably consequential for any country or region.

    The challenge for Africa is therefore, how to maintain strategic visibility. In recent times, U.S attention to Africa has been largely on geo-political considerations with an only strategic and limited aim of cutting down or reducing what Washington considers the outsize influence and impact of China and to a lesser degree, Russia in Africa. This also offers some opportunity for Africa to leverage her strategic competitiveness as a geo-political entity of interest to major powers.

    But the opportunity for a more inward-looking America for Africa is even more enormous. Africa can pivot to vital global centres most likely to bring the tangible inputs necessary to support durable resilience in African economies for sustainable and inclusive growth.

    An inward-looking America, more pragmatically concerned with economic recovery and other essentially domestic issues, would not only be less sensitive to such pivot, but would not automatically consider such pivot as ideological heresy. Africa can leverage a less meddlesome America to consolidate on the diversification of her international partnerships.

    The U.S Presidential election in November is the country’s internal affair, with doubtless international significance not least because Washington is vital in resolving most of the big global issues. Whether is President Donald J. Trump or President Kamala Harris, what happens in Washington will continue to matter to the world, and Africa’s enormous soft power which consist in the main, the African-American community will remain an important bridge of the U.S-Africa relations. Despite several multi-layered ties with the United States, Africa must recognize that the sole superpower will have only marginal impact in the area of economic cooperation with practical results for the region.

    America’s traditional security concerns in Africa has always focused on the symptoms rather that the root causes and has consequently had little effects on the security challenges in the continent and it will be important that Africa makes the U.S to listen to her, if Washington truly want to be a credible security partner.

    One thing very discernible about America’s international behaviour is that durability of her partnership is contingent on her shifting internal politics and cannot be relied on in the long term. Africa’s long march to economic goal of sustained and inclusive growth, and stability require long-term players who can be trusted through the twists and turns of the evolving international landscape. And in this regards, Africa can borrow a leaf from the sturdy Vietnam’s “Bamboo Diplomacy” which emphasizes flexibility and pragmatism but with independence and national interests as the solid root. Bamboo is a symbol of longevity because of its durability, strength, flexibility and resilience. Africa’s bamboo tree is even sturdier with capability to bend in several directions while deeply rooted in the soil.

    •Onunaijiu is research director of an Abuja-based think tank.

  • Africa’s biggest tech players in Lagos to unveil innovative ideas 

    Africa’s biggest tech players in Lagos to unveil innovative ideas 

    TechCabal is set to gather the brightest minds in Africa’s tech ecosystem for Moonshot 2024, on October 9 at  Eko Convention Centre.

    With the theme: “Building for the World,” this year’s conference promises to be the continent’s huge tech event, bringing together 4,000 guests, 85 speakers, and nine content tracks to spark innovation and foster collaboration in Africa.

    Chief Executive Officer of Big Cabal Media, Tomiwa Aladekomo said, “Moonshot 2024 is a platform where innovators, business leaders, and entrepreneurs network, collaborate, and exchange ideas to shape the future.”

    Hosted by TechCabal, the event has grown. Last year, there were 2,600 people, and this year, Moonshot is doubling down its resolve as global launchpad for innovatiion.

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    The theme reflects the ambition of Africa’s tech sector to create solutions locally relevant and globally competitive. This year’s agenda will feature nine content tracks, each focused on areas driving Africa’s tech revolution: future of commerce, government regulation and policy, cleantech and climate tech, creative economy, emerging tech fest, startup festival, entering tech, big tech and enterprise conference, and fuel: investor conference.

    Sabi, official partner for the event, will play a role in this year, supporting the vision of TechCabal to bring together the continent’s top problem-solvers and innovators.

    “This year’s conference will spur important ideas on how African tech firms can build and service global markets,” said Anu Adasolum, co-founder of Sabi. “Sabi connects African markets to the world, and we hail initiative strengthening African commerce by fostering innovation, collaboration, and sustainable growth across the continent.”

  • Why democracy dividends remain elusive in Africa, by Defence College’s commandant

    Why democracy dividends remain elusive in Africa, by Defence College’s commandant

    The Commandant of the National Defence College (NDC), Rear Admiral Olumuyiwa Olotu, has said internal social contradictions connected with politics, ethnicity, religion, and corruption in many African countries make it difficult for the continent to reap full dividends of democracy.

    He said the social conditions have also impacted negatively on security and development in most African countries.

    Olotu said this in his welcome address at the graduation lecture for Course 32 of the NDC yesterday in Abuja.

    The graduation lecture, titled: Democracy Beyond the Ballot Box: Pathway to Africa’s Unity and Development, was delivered by a former President of Tanzania, Dr. Jakaya Mrisho Kikwete.

    The commandant said there was the need to look at how democracy should be practised beyond the ballot box in order to engender unity and development in Africa.

    He said: “From the foregoing, we need to think out of the box and develop strategies that would enhance national unity and development in Nigeria as well as in other African countries and Africa in general.

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    “As our strategic leaders of tomorrow, we must begin to know that success comes from carefully cultivated attitudes, commitments, and management processes that accrue slowly and steadily. Imbibing these attributes could, therefore, see you contributing positively to the development of your various countries and Africa at large.

    “It is not too late for us to begin to build these attributes to move our continent forward.

    “So, I urge you to listen carefully to the lecture and thereafter self-reflect on how you, your service, or your organisation can better contribute to the society, particularly on the issues surrounding free and fair elections as well as democratic governance to promote regional unity and development.”

  • Education key to Africa’s development, says First Lady

    Education key to Africa’s development, says First Lady

    First Lady Oluremi Tinubu has emphasised the importance of education in Africa’s development, stating that it is the tool to unlock the continent’s potential.

    Receiving the Burundian Ambassador to Nigeria, Edouard Nduwimana, at the State House in Abuja, Mrs. Tinubu expressed gratitude that Africa has recognized the significance of education in empowering its youths to compete globally.

    In a statement by her spokesperson, Busola Kukoyi, the First Lady encouraged youths to seize the opportunities presented to them, urging them to “brace themselves up” for the challenges and opportunities ahead.

    The First Lady also stressed that leaders must set a good example, saying “when we continue to do what is right for them and also lead by example, we will be able to win our youths over so that they can join in how we build the next century.”

    Mrs. Tinubu praised Africa’s natural blessings, lamenting that the continent has not fully harnessed its resources. She urged Africans to appreciate and utilize their God-given assets to drive development and progress.

     L-R Ambassador of Burundi to Nigeria, HE Edouard Nduwimana, First Lady of Nigeria Senator Oluremi Tinubu, CON and the First Counsellor , Embassy of Burundi in Nigeria, Engr. Pancrace Cimpaye during the courtesy visit of the Ambassador to the First Lady at the State House, Abuja on Friday 16th August, 2024

    “Education is the tool for development and I thank God that Africa has known that the way out for us is to make sure that our youths are educated, so that they can really have the right of place in the market place. I also believe that the youth should realize that they need to really brace themselves up.

    “When we continue to do what is right for them and also lead by example, we will be able to win our youths over so that they can join in how we build the next century.

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    “Africa is a continent God has really blessed and I don’t know why we have abused ourselves this long. Everything they want in developed worlds are all situated in Africa. God has really blessed us as a continent and we should not take it for granted,” she said.

    She reiterated President Bola Ahmed Tinubu’s commitment to bringing not only Nigeria to its pride of place but Africa as a whole.

    “We have a lot of responsibility in our country but at the same time, we have to make sure the African Continent takes its pride of place among the other continents of the world.

    “A lot has changed in the way we do things, Nigerians are now accountable. We want to bring the respect Nigeria really deserves,” she stressed.

    Edouard Nduwimana, who spoke through an interpreter said the visit was to register his country’s appreciation for the First Lady’s interest and support for education.

    He acknowledged that Burundi has had its fair share of crisis but noted that the country was back on the path of peace and progress

  • ASR Africa flags off building of press at Babcock

    ASR Africa flags off building of press at Babcock

    • By Tunde Adeniyi

    The Abdul Samad Rabiu Africa Initiative (ASR Africa), the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), has flagged off the construction of a N280 million Abdul Samad Rabiu Integrated Publishing House for Babcock University, Ilishan-Remo, Ogun State.

    This project will enhance the capacity of the University from basic press status to a modern, integrated publishing house to encompass publishing, print production, and other related diversified services. The one-storey building facility will serve as a laboratory and studio for training students of communications, media studies, and allied disciplines as well as other disciplines.

    At the groundbreaking event, the Vice Chancellor, Prof. Ademola S. Tayo, expressed satisfaction at the nomination by ASR Africa, under its Tertiary Education Grant Scheme.

    He added that the choice of the project was a response to the vision to take the Mass Communications Department of the University to a whole new level. According to him, the university’s vision is to produce young men and women capable of critical thinking, and problem-solvers capable of proffering innovative solutions to problems of everyday life, be it social, political, and cultural.

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    In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, expressed his delight at the University’s choice of establishing an Integrated Publishing House. He added that when information is appropriately applied, human society is empowered to liberate itself from limitations and attain its full potential. Dr Udoh reiterated the commitment of the Chairman of ASR Africa, Abdul Samad Rabiu to supporting quality education within the tertiary education system in Nigeria and urged the institution to focus on the sustainability of this noble project. He also reiterated the importance of cooperation and collaboration between the university and the contractor for the timely delivery of the publishing house.

    ASR Africa is the brainchild of African Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu. It was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

  • Way out of Africa’s mounting debt crisis

    Way out of Africa’s mounting debt crisis

    • By Muhammad Mustapha Gambo

    Sir: Africa’s debt stocks have grown significantly in the past decade. Understandably, African governments took advantage of historically low interest rates in the 2010s and borrowed heavily from international capital markets and China.

    However, debt has recently become a lot more expensive. Since 2020, the impacts of COVID-19 and the on-going Ukraine war, coupled with worsening climate conditions have resulted in African governments having credit-rating downgrades, which consequently led to rapidly increasing their borrowing costs and made tapping international debt markets prohibitively expensive.

    According to data by United Nations Conference on Trade and Development (UNCTAD), public debt in Africa reached USD 1.8 trillion in 2022.  In 2024, African countries will pay US$163 billion in external debt service, according to the African Development Bank.

    One in five people globally live in countries that are in debt distress or at risk of it. Two-thirds of low-income countries – most of them in Africa – fall into this category, while eight of the nine countries currently in debt distress are on the continent, according to the United Nations Economic Commission for Africa (UN ECA) 2023.

    Some of the factors that have contributed to the mounting debt crises in Africa are population explosion and rapid urbanization, massive infrastructure needs, declining availability of official development assistance and concessional financing.

    Recently, there have been collective clamour by African ministers of Finance, Planning and Economic Development for decisive action to reform the global finance architecture in light of the mounting debts and to spur the investments needed for achieving sustainable development and climate goals around the world.

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    Pundits hold that the global financial system is structurally unfair to developing countries in general and more so to African countries in particular and that some crucial reforms are urgently needed to address the problem of Africa’s mounting debt stock.

    According to the Italian Institute for International Political Studies (ISPI, 2020), offering African countries debt instruments with more favourable terms or cash, in exchange for existing debt, will not only provide immediate liquidity but also address debt sustainability concerns in the long term.

    In the absence of better mechanisms for debt-distressed countries in Africa, more governments will struggle to service their obligations and limit their ability to invest in providing the necessary development needs of their countries. This is even more pertinent considering the need for enhanced effort in attending to the challenges of climate change in the region, through effective climate adaptation and mitigation measures.

    In the light of these challenges, there is the need for practical engagements anchored by African-led Development Finance Institutions (DFI’s) such as the African Development Bank, to reform the global financial architecture and ensuring a transition from multilateralism to a pluri-lateral system of the global financial system – one that is more nimble, more inclusive, more flexible and realistic in responding to the changing nature of challenges that African countries face today.

    Aligned with these, there is also the critical role of sector specific DFI’s such as Shelter Afrique Development Bank and other relevant institutions that form part of the founding partners of the Alliance for African Multilateral Finance Institutions (AAMFI) – established under the auspices of the African Union, to support the implementation of Agenda-2063.   Its formation underscores Africa’s commitment to self-reliance and sustainable economic development.

     It’s believed that AAMFI , which is an alliance of African-owned and controlled African Multilateral Financial Institutions (AMFIs) whose membership also include African Trade and Investment Development Insurance (ATIDI), African Export – Import Bank, Trade and Development Bank Group, Africa Finance Corporation, African Reinsurance Corporation (Africa-Re), ZEP-RE (PTA Reinsurance Company), East African Development Bank (EADB), and the African Solidarity Fund (ASF) will address Africa’s development finance needs, advocate for Africa on global finance issues, develop innovative finance tools and support sustainable finance strategies. 

    As an adage goes, if you want to go fast, go alone. If you want to go far, go together.

    •Muhammad Mustapha Gambo, 

    Shelter Afrique, Nairobi Kenya.

  • Capacity building and skills development: Preparing Africa’s next generation of leaders

    Capacity building and skills development: Preparing Africa’s next generation of leaders

    • By Noah Nuhu Dallaji

    I find the above topic interesting because the inherent issues are at the core of major thoughts and conversations not only in Africa but also around the world for some time now. These issues are currently dictating our realities and will surely shape the future in some very remarkable ways. In this regard, present and future African leaders especially those in business cannot afford to overlook the impact of globalization which describes “how trade and technology have made the world into a more connected and interdependent place”.

    Thus the net effect has equally made the whole environment so competitive requiring so much innovation to stay in business or stay ahead of competitors.

    My framework here is to briefly identify the twin elements of the topic (capacity and skills and the next generation of leaders) and then delve into the nitty-gritty of what it will take in the preparation of the next generation of leaders with the challenging dictates of the 21st Century in an age of critical thinking and innovations.

    Both skills and empowerment are allied components in practical terms since they are tailored towards equipping individuals, organizations or communities with the resources, skills and opportunities they need to improve their lives or businesses and achieve their goals for the betterment of societies. I want us to note that the basic empowerment we talk about here is majorly in the context of economic empowerment and the critical concern is the question of needed skills and the very important role it plays in the overall development process.  Here we can look, for example, at job training, loans for starting a business, financial literacy, science and technology-based education, strong drive and enterprise, the right exposure and mentality, network or mentorship.

     On the other hand, we examine the next generation of leaders as those who are interested and eager to increase their capacity to thrive in their individual lives or organizations, particularly those who are experiencing change, challenges and growth concerns. We have to understand that the next generation of leaders is not bound to a specific generation. Importantly, next generation of leaders challenge themselves to remain relevant, forward thinking and hungry to do better in an era we have so far seen as very competitive.  For the above reasons, they seek to identify ways and means to equip themselves with relevant skills, knowledge and networks that will enable them operate more effectively in their chosen spheres of influence.

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    Having said that, however, and for the sake of my preference and convictions, I want to somewhat restrict the definition of who are the next generation of African leaders to the youths who are heavily tilted to this topic than any other age groups or demographics. As President of the African Children Talent Discovery Foundation (ACTDF), I have had the pleasure of working closely with African youths and I can feel their pulse, challenges and aspirations. So, the youths constitute the bulk of the future leaders in Africa and we should see it as such and as a fundamental imperative to make every efforts to address their issues be it in policies and programmes.

    With about 400 million population, dynamic energy and ambition, African youths stand at the forefront of shaping the future of the continent in diverse ways. It is estimated that these young people are between the ages of 15 to 35 (youngest continent in the world) and by 2050, one in four people on the planet will be African.  In their burning desire for transformation, therefore, education and skill development are basic in equipping them to thrive. Even amidst challenges like poverty, poor access to education (I mean relevant and technology based education in the age of Artificial Intelligence AI and robotics), unemployment and underemployment and leadership constraints, the need for skilling and supporting emerging opportunities for Africa’s vibrant youths is now a major engagement and key to this topic. African youths want impact equity not aid. So let us join them to advance their hope and their ambitions and aspirations.

    We must emphasize that Africa’s youthful population offers vast potential for economic growth but to fully capitalize on this demographic advantage, it is crucial to provide young people with the necessary skills and meaningful job and investment opportunities. They surely need and deserve broad based incentives either at the level of government, private sector or just public spirited organizations and individuals. At the African Children Talent Discovery Foundation (ACTDF), this is exactly what we have been doing over the years by discovering and harnessing the potentials of the African youths which we nurture for individual development. Every year, we conduct a merit-based selection process to pick some really talented youths from the arts, music and entertainment and sports particularly football and basketball for camp training and practical orientation and development. We do this by engaging experts and legends in the various fields who serve as mentors and at the end of the day, assessment is done and they are empowered in various forms to pursue their individual interest. Many of them are now thriving and that is the joy we derive from these endeavours as an organization.

    I must add, too, that we have equally supported many brilliant students through educational scholarships in various institutions of higher learning at home and abroad. These are all our self-appointed responsibilities as philanthropic gestures and we believe the society is far better for it. Lest I forget that aside our successes and impact in Nigeria, ACTDF has also replicated this programme of youth empowerment in Liberia, Ethiopia, Congo and currently in Lusaka, Zambia and we hope to do more for the African youths. 

    So empowerment and skills development are basic to the preparation of the next generation of leaders in Africa and I quite agree with organizers of this forum in this perspective. But such empowerment programmes should be those that focus on creating lasting essential skills, economic opportunities and fostering a mind-set of self-reliance which could help in tackling the root causes of poverty and inequality and must be sustainable in a rapidly changing world where innovation is the force driving most successful businesses.

    We also emphasize natural abilities, determination to make a difference and that the youths must not give up because the future of the African continent is in their hands This is how we can have more of the youths doing better than what we see in their current remarkable innovative leadership like in the fintech business, industrial entrepreneurship, the thousands of start-ups in various areas especially in Nigeria, Ghana, South Africa, Morocco, Tunisia and  Kenya and creating such other large scale businesses and making their marks .

    The takeaway here are basically that we should emphasize the vital roles of quality education and skill development, strong drive and enterprise, global exposure and networking, mentorship and entrepreneurial mind-set and innovation which are key to the empowerment of the emerging African leaders.

    •Excerpts of speech delivered by Engr. (Dr.) Dallaji, chairman, African Children Talent Discovery Foundation (ACTDF) at the 100 Most Notable Africans Business Investment Summit, Kigali, Rwanda.