The Nation Newspaper

Tag: Africa

  • ‘Our mission is to fight food insecurity in Africa’

    ‘Our mission is to fight food insecurity in Africa’

    Foodpreneurs Hub has secured a $5 million investment from Fusen Funds, led by American billionaire, Chris Klaus, to revolutionise the food industry

    Founded by two United States-based Nigerian women – Olushola Oladejo and Yosola Oke-Akinrinola, Foodpreneurs Hub empowers entrepreneurs in food processing through coaching, mentorship, and strategic partnerships. It aims to drive entrepreneurship, promote food security, and foster development.

    Foodpreneurs offers coaching that covers product development, market research, business planning, and quality control. Its commitment to excellence and sustainability will impact food processing, setting standards for quality and efficiency.

    Read Also: FIRS seeks African-led tax solutions

    One of such coaching programmes is The FoodStars Business Scale-Up, a six-week initiative to empower entrepreneurs involved in all aspects of the industry, including farmers, food manufacturers, restaurant owners and others, through mentorship, training, and access to capital. Participants will pitch their ventures, to vie for funding of up to N1 million, among other prizes.

    According to Oladejo, Foodpreneurs Hub aims to bridge the gap between theory and practical, ensuring students navigate challenges and seize opportunities in the industry.

    “I am passionate about nurturing the next food processing entrepreneurs in Africa. By providing coaching and support, we empower students to innovate, create jobs, and contribute to food security…”

    Oke-Akinrinola said Foodpreneurs is the chance to actualise her dreams of empowering entrepreneurs to prosper.

    “I am thrilled to be part of Foodpreneurs and to work with Olushola in fulfilling our mission. This endeavour is more than a business—it’s a calling to empower food entrepreneurs and drive positive change in our communities.”

  • Africa: Time for sankofa

    Africa: Time for sankofa

    By Oluwole Ogundele

    It is a truism that today’s Africa has almost completely fallen from grace to grass.  Archaeological and ethnographic evidence has it, that ancient Africa made great strides in the search for scientific and technological progress. These peoples also had challenges which they tried to manage with much success. Therefore, we are not giving a romanticized picture of the African past here. Salute to our remote ancestors for crafting an extraordinarily rich and varied heritage during the pre-European period! Thus, for example, these African societies practised cultural astronomy beyond the sphere of “knowledge for knowledge” sake.  Early sailors depended on the behaviours of stars and the moon for a wide range of navigational operations. This celestial knowledge was also applied to agricultural and medical practices.

    Unknown to most Africans today, our remote ancestors were also great soil management experts. The contributions of ancient Egypt to astronomical studies on a global scale cannot be sufficiently appreciated let alone appropriated, without some critical analyses of the roles of the peripheries with a special emphasis on West Africa.

    Apart from the above, African societies (up to the early European period) engaged in mathematics, medicine, and metallurgy among others. In this context, the Ishango bone with some evidence of mathematical calculations in Congo was dated to over 22,000 years ago. Similarly, a discovery of a bone artefact with evidence of the use of numbers (by the settlers of the Lemombo hilltop site between South Africa and Swaziland) was made. This was dated to 35,000 B.C.E.  These traces of mathematical calculations pre-dated the Egyptian civilisation. However, the earliest textbooks on mathematics were written by Ahmes and others around 1650 B.C.E.

    Read Also: AIDO holds 6th convention to celebrate African culture in Nigeria

    Again, a lot of ancient Africans were masters of iron metallurgy-a scientific and technological exercise involving the separation of slag (impurities) from iron ore, inside a combustion chamber otherwise known as a furnace. In this regard, Lejja and Umundu were some of the most popular smelting sites in eastern Nigeria in antiquity. Isundunrin and Taruga in western and northern regions of the country respectively, also had robust archaeological evidence of large-scale iron metallurgy. These were authentic African accomplishments. They were a symbol of evolution from stone age culture to iron age civilisations. These were just a few of ancient Africa’s contributions to science and technology on a global scale.  Africa was not static before Europeanisation.

    These facets of African history have been deliberately buried by the powerful colonial/neo-colonial oligarchs. Most Africans are oblivious of their true cultural selves and/or identities despite the numerous university degrees they possess. Maximum historical ignorance is an anathema to progress. Africans must try as much as possible to capture the drama and excitement among other things, of the different forms of ancient heritage of the continent.

    Africa (the original homeland of all humans, regardless of skin colours and geographical locations) also doubles as the richest continent in the world. This is with respect, to natural resources.  It is on record, that about 40 percent of the world’s gold and 90 percent of chromium and platinum are found in this continent. According to the Food and Agriculture Organisation (FAO), Africa has about 65 percent of the world’s arable land. But painfully, today’s Africans (with the exception of the greedy, corrupt leaders and their gluttonous business associates), are desperately hungry. Indeed, Africa is now the poorest continent in the globe.

    Our robust and diverse natural resources are being cheaply harvested by the developed regions of the world. This is a tragedy of monumental proportions! From the slave trade era to colonisation, and later neo-colonisation, the narrative has remained fundamentally the same. Political and economic exploitation and oppression in new forms continue to bedevil Africans.  Africa’s ancient epistemologies and/or knowledge systems were deliberately paralysed by Europe in order to keep the peoples of the continent in a perpetual state of underdevelopment.  This paves the way for Europe, US, and Asia to continue to exploit our natural resources. African leaders consistently fail to appreciate the centrality of continental cooperation otherwise called, pan-Africanism. Some of these local leaders are afraid of the West, well known for assassinating or frustrating charismatic African leaders. On the other hand, some of these African leaders have a genetic make-up, engineered with threads of insane greed, reactionary ideologies, and callousness. They do not bother about the robust survival of Africa. Looting the public treasury like lunatics is their stock in trade.

    Sometimes, African followers were/are used by the West, against the few serious leaders. That was how Dr. Kwame Nkrumah was finally mowed down after five assassination attempts. He was an irritation to the European political oligarchy for fighting against neo-colonial tendencies. Time has now vindicated this pan-Africanist colossus. Indeed, today’s Africa faces fiercer neo-colonisation due among other factors, to the rise of China to global power.  

    African peoples are not yet in control of their destinies in the face of over-dependence on the developed nations of the world. Therefore, Africa’s independence is an illusion. The continent remains a farmland for the powerful foreign countries. Africa must unite in order to wrestle neo-colonial machinations to the ground. No individual African nation can successfully accomplish this. A divided Africa is a blessing to the developed countries.  Even at the sub-regional level, there is no practical demonstration of seriousness. In this context, the ECOWAS is thoroughly disunited. Some former French colonies like Burkina-Faso and Niger are now approaching Russia for all kinds of imaginary assistance. From the frying pan, into the fire! According to a Yoruba proverb, “the cane that was used for beating the senior wife has been kept in the ceiling of the house for the new wife.” Time will tell! The motive of the developed world is to continue to rape Africa.

    After several decades of paper independence from Europe, African leaders have woefully failed to craft critical Africanisation agendas critically rooted in the continent’s epistemologies. In most cases, they (African leaders) are merely running errands for the neo-colonial overlords.

    Africa has no voice in such global institutions as the World Bank and IMF which are indeed, a Westernisation agenda.

    Historical and cultural education must not be glossed over in the scheme of things. Charity begins at home. Outsiders will continue to treat Africans with disdain, so long as our education is not indigenous culture-loaded, in a critical fashion. That is the basis for self-confidence and creativity. Sankofa (an Akan word in Ghana) means a critical assimilation of the past. In this context, Africans have to exhume or re-capture their deliberately buried glories, in order to remain afloat the turbulent ocean of modern globalisation. Currently, the more educated (in the Western sense) an African is, the more detached he becomes, with respect to his heritage and history. We have refused to appreciate and appropriate the extra-ordinary and of course, transformative capacity of history and culture.  Today’s Africa is like a house without a strong foundation. This has to change through the lens of thoroughgoing de-colonisation and by extension, Sankofanisation. Our leaders should shatter the stereotypical image of backward Africa, as the political clock ticks. No more time for empty rhetoric!

    •Professor Ogundele is of Dept. of Archaeology and Anthropology, University of Ibadan.

  • Fund managers to unlock $2.3tr for Africa

    Fund managers to unlock $2.3tr for Africa

    Fund managers need to, in the next 10 years, unlock $2.3 trillion capital inflows to Africa,  Chief Executive Officer, Africa50’s Infrastructure Acceleration Fund, Vincent Le Guennou has advised.

    He spoke at the African Private Capital Association 20th Annual Conference & VC Summit in Johannesburg, South Africa.

    He said the traditional private equity model replicated in the continent needs to be adapted and advocated for proactive efforts to attract the $2.3 trillion of domestic capital in Africa that needs to be unlocked.

    He said: “This needs to be a key objective for the next 10 years.”

    Institutional investors, fund managers, policymakers, global and local investors and entrepreneurs opened the major international gathering, convening 700+ private capital leaders from over 60 countries to align on strategies to power the next 20 years of Africa’s growth.

    Read also: Google opens applications for Startups AI Accelerator Africa

    During the conference, Chief Executive Officer, AVCA, Abi Mustapha-Maduakor, introduced the flagship forum by noting that despite a challenging macroeconomic environment in recent years, “Africa’s private capital industry has remained resilient and will continue to rise.” She reflected on AVCA’s theme for the conference – “embracing change and shaping the next era of Africa’s prosperity.”

    Phuthuma Nhleko, Chairman and Co-Founder, Phembani Group, followed with an instructive keynote address rallying private investors to back innovative businesses to drive prosperity at scale. Reaffirming the region’s competitive edge, he highlighted the imperative for policymakers, business leaders and investors to harness the fourth industrial revolution, powered by artificial intelligence (AI) and the digital economy.

    Calling for a new plan for the transformation ahead, he argued: “the size of population generates 50 per cent of Gross Domestic Product (GDP). By 2050, we will have 2.5 billion Africans that constitute over a quarter of humanity, with over forty per cent of youth below the age of 18. By this time, Nigeria’s population is expected to be bigger than the US.”

    Characterised by periods of globalisation, innovation and the disruption required, the opening panel, ‘20/20 Vision: Reflections on the Last 20 years’, charted the industry’s evolution over the last two decades. ‘Tokunboh Ishmael, Co-founder and Managing Director, Alitheia Capital, described the exponential growth witnessed throughout the second decade of private capital expansion in Africa.

    Despite clear signs of progress involving the increase in fund managers and assets under management (AUM), industry titans including Wale Adeosun, Founder and Chief Executive Officer, Kuramo Capital Management and Vincent Le Guennou, Chief Executive Officer, Africa50’s Infrastructure Acceleration Fund, aligned that Africa’s private capital industry remains a nascent ecosystem with immense potential.

    Pension funds in Africa were highlighted as a vital source of capital to diversify funding and bridge the finance gap. During the panel, ‘The Long and Windy Road: The Journey to a Successful Fund Close’ Dieynaba Kamara, Partner and Chief Operating Officer, Joliba Capital, expressed that most pension funds needed “education on investing in private equity as an asset class”, especially in Francophone Africa where pension funds prioritise hard assets such as real estate. Jerry Parkes, Chief Executive Officer, Injaro Investments, re-emphasised the need to tap local pools of capital, drawing on Injaro’s launch of Ghana’s first private equity fund, anchored by Ghanaian pension funds.

  • Nigeria leads Africa in startups’ inflows

    Nigeria leads Africa in startups’ inflows

    • One-third of continent’s inflows to Nigeria

    Nigeria got the lion share of the $466 million startup funds that the African startup ecosystem attracted in the first quarter of this year.

    Latest report on startup funding indicated that more than one-thirds of the continent’s inflows were in Nigeria, which attracted $160 million in the first three months of this year

    According to the report entitled: “Africa: The Big Deal”, a total of $466 million was raised through more than $100,000 deals by 121 start-ups, excluding exits. However, this represented a 27 per cent decrease on the previous quarter and only half of the amount that was in the comparable period of last year.

    In absolute terms, Africa represented less than one per cent, about 0.5 per cent, of the $58.4 billion funding raised globally during the period under review.

    The report showed that 87 per cent of the funding went to start-ups with headquarters in the Big Four countries: Nigeria, Kenya, South Africa and Egypt.

    Nigeria, with a $160 million slice of the $466 million, accounted for 35 per cent while Kenya with $108 million followed with 24 per cent. South Africa and Egypt had $72 million and $53 million representing 16 per cent and 12 per cent.

    Sixty per cent of the cash came to Nigeria, two-thirds of which were the Moove deals, and Kenya. Few other countries managed to claim more than $5 million in funding during the period.

    Other countries on the continent with at least $5 million funding include Uganda with $16 million; Ghana-$$10 million; Tanzania-$9 million; and Morocco-$7 million.

    The report noted that equity formed the majority of the disclosed funding, 71per cent, with debt making up the rest, 28 per cent. While equity held up during the period, the amount of debt disclosed was halved between last quarter and comparable period of previous year.

    Seven exits were announced last quarter, including HRtech PaySpace’s acquisition by Deel (amount undisclosed but rumoured to be over $100million) and fintech nCino’s acquisition of DocFox for $75million, both in South Africa.

    Only one start-up raised more than $25 milion during the period under review: Moove, with $110million announced this quarter in total: a $100million Series B round led by Uber, and a $10million debt deal to finance its Indian expansion. Moove alone attracted 24per cent of the funding on the continent in Q1, therefore influencing other trends.

    From a sectoral standpoint, Transport & Logistics snatched the number one spot in terms of total amount raised (the Moove deals,making nearly 3/4 of that amount), followed by fintech. In the number of $100,000+ deals, fintech was top and Agri & Food second. Combined, ClimateTech (cutting across multiple sectors) represented 31per cent of $100,000+ deals and 27per cent of the total amount invested.

    Funding continued to favour male-founded and male-led ventures with less than one per cent allocated to start-ups without at least one male founder, and 6.5per cent to female CEOs, the report noted.

    Start-ups in Africa attracted 100x times less funding than in the United States (U.S.). While it surely feels unfair to compare Africa to the U.S., it is worth reminding that this imbalance is much more acute for start-up funding than, say, nominal gross domestic product (GDP) for instance (8x times less); and that Africa is home to around 4x times more inhabitants than the US.

    Of the $58.4billion global funding which is +11per cent QoQ evolution, the US had $34.2billion which is QoQ evolution +33per cent; Europe had $12.2billion which is +eight per cent QoQ evolution, Asia-$10.2billion representing-20 per cent; Latin America $0.5billion representing -38 per cent while Africa had $0.3billion representing –nine per cent QoQ evolution.

    When it comes to year-on-year (YoY) evolution though, Africa is by far the continent that performed most poorly, with Q1 2024 funding representing just over half of Q1 2023 funding (-47per cent). However, globally and across all regions except Europe (+three per cent), double-digit decrease was also the norm.

    The report observed: “If we compare Q1 2024 funding to the funding heatwave peak (in late 2021/early 2022), start-ups are currently raising 5x times less quarterly than they were when fundraising peaked in Q3 2021. This is a more serious contraction than the global average (3.1x), which is very much influenced by Europe and U.S. numbers (2.7x). It is in line with the Asian trend though, and much less dramatic than the gap registered in LatAm (14x).

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    “If we were to compare Africa to India like we did in the past – a flawed comparison, I know -, we’d see that: Indian start-ups raised significantly more than their African counterparts in Q1 ($1.7billion vs. $0.3billion), that funding reduced a bit more QoQ in India (-15per cent vs. –nine per cent) but held up much better YoY (-15per cent vs. -47per cent). Funding levels are also slightly lower compared to peaks than they are in Africa (6x times less, vs. 5x).’’

     “Finally, if we step back a little, we have seen in the past that the trends observed in the US and Europe usually take a couple of quarters before they impact Africa. For instance, the funding winter started in early 2022 there, while it only struck the continent in mid-2022. As such, the positive QoQ growth – and even the positive YoY growth in Europe – along with the growth in the number of deals on the continent we’ve covered a couple of weeks ago – might be the first signs of a future rebound in Africa? At least that’s what we hope…”

    The report however added that while this might not be the most encouraging read, there is also anecdotal evidence that Africa continues to be on the radar of many investors, and global players, with Uber investing in Moove’s $100million Series B in March for instance. “So we remain hopeful that the numbers will soon start to reflect this,” it added.

  • Enabling nano and micro businesses in Africa

    Enabling nano and micro businesses in Africa

    • By Timi Olubiyi

    The informal economy makes up a significant proportion of the African economy which is characterized largely by nano and micro businesses. Where,  businesses and working conditions are characterized by small or undefined workplaces, unsafe and unhealthy working environments, unregulated, low levels of skills and productivity, low or irregular incomes, long working hours, and lack of access to information, markets, finance, training, and technology. The activities that occur outside the legal framework are considered informal. That said, millions of Africans eke out a living from the informal set-up daily and also vulnerable children. The COVID-19 pandemic consequences have also intensified the difficulties encountered by African workers and this has further increased vulnerable participation in the informal sector.

    From context observation, the informal sector in Africa is larger than the formal sector in terms of employment opportunities and output year on year. In some cases, the informal economy is referred to as a shadow economy if associated with illegality and illicit activities such as internet scams, black markets, crime, production, smuggling of illegal drugs, and money laundering, as the case may be.

    In many of African countries, from Uganda to Burundi, Liberia, Nigeria, Niger, Mozambique and many others, 80 to 90 percent of people work in the informal economy comprising mainly nano and the micro businesses. Agreeably, across the continent, it is easy to notice this informality with street traders, artisans, vendors, nano and micro-businesses, commercial buses, tricycles, and motorbikes (Okada riders) domestic workers, market traders among others all operating informally, broadly speaking you can easily see informality all around the continent. The informal economy has witnessed a massive expansion in the last two decades in Nigeria and the root causes of these include elements relating to the economic context in the continent of Africa, decreasing levels of market regulation, weak policy frameworks, and socio-demographic drivers such as population growth, urbanization, rise in unemployment, widening inequality between the rich and poor, low-level education, including poverty. The key driver of the informal economy, however, is that such businesses in the sector do not need registration with any relevant government agencies and it gives subsistence

    When workers cannot find opportunities in traditional wage employment, the need for subsistence demands they find work somewhere else. Most times the alternative is usually in the informal sector of the economy where there is no minimum wage and workers are unlikely to pay taxes, have no holiday rights or labor rights, and often work in dangerous conditions. Most time it is usually a struggle for them to access microcredit, they lack income security and stable employer-employee relationships. In the midst of all these, it only offers the most vulnerable and often uneducated Nigerians a foothold for survival. This expanded and large informal economy is perceived by the majority of the elite to be at the bottom rung of the economic system when in truth, they are the major drivers of the economic system because they are too large, important, and relevant to be ignored. For instance, it is unclear if the country has reliable data on the National Union of Road Transport Workers (NURTW) activities in the country or the volume of transactions in the Ladipo auto spare part market in Oshodi, Lagos State, and the popular Greater Kampala in Uganda with three visible clusters Katwe, Kasubi, and Masakamention to mention a few. These are visible informal business locations set up within the country with multi-million daily business turnover, yet the operators are unrecognized or uncaptured by policy markers or relevant authorities. This part of the economy is particularly large in Nigeria, with the International Monetary Fund (IMF) estimating it to constitute about 60% of the entire Nigerian economy, yet not subject to full government regulations. Meanwhile, working in the sector is attractive due to the ease attached to operations as a result of the absence of a bureaucratic regulatory framework, and little or no formal educational requirements.

    There are multiple perspectives on the informal economy, some associate it with lost revenue, unfair competition, low productivity, human rights abuses, and environmental degradation; while others associate it with entrepreneurship, flexibility, and resilience. Overall, the informal economy is enduring; but suitable regulations and policies are required to improve the sector and introduce formalization. The decision for these businesses to formalize depends on the benefits that are derived from formalization over the risks of remaining in the informal economy. If the former outweighs the latter, only then does formalization seem like a viable option to the operators.

    Read Also: Building a community of shared future for mankind in China-Africa cooperation

    Clearly, there is a need for the government to embark on a series of measures, interventions, and support to encourage the formalization of these businesses to sustain economic growth and development. As mentioned earlier, this informal sector is too large and important to be ignored, concerted effort to identify and protect them is crucial for sustainability and economic development.

    In recent times inflationary pressures and the Novel Coronavirus (COVID-19) pandemic negatively impacted these informal businesses greatly. Because they rely on daily income and most of them can rarely “work from home”, so the harsh reality is that most of these businesses need government support and adequate regulations. Therefore the current state of nano and micro businesses provides a good avenue for the governments of many of these African countries to have mass registration and identification and equally reach out to them through social interventions and palliative.

    Besides, the International Monetary Fund (IMF) is urging national statistical agencies to gather information on the informal economy to help in policy formulation and for gathering reliable data for economic planning. In this context, careful attenton must be paid to the informal economy, and policy solutions need to be in place to encourage and induce their formalization. These suggestions, if efficiently considered might, in turn, reduce the size of the informal economy in the country.

    • Timi Olubiyi, Ph.D, is an Entrepreneurship & Business Management expert. He can be reached via drtimiolubiyi@gmail.com.  
  • Wild Africa Fund partners Channels TV on increase awareness for wild life conservation in Africa 

    Wild Africa Fund partners Channels TV on increase awareness for wild life conservation in Africa 

    The Wild Africa Fund (AWF), an international environmental non profit inspiring organization in partnership with Channels Television is creating awareness on the protection of African wild life and its species and at the same time tackling illegal wild life trading. 

    In a statement signed by Festus Iyara, a representative of AWF said the new partnership will take on the challenge of popularising the protection of Nigeria’s wildlife and forests, inspiring millions of Nigerians to learn more about the environment, encourage them to protect the country’s natural heritage for future generations. 

    Iyara said: “We are thrilled to announce our partnership with Wild African Fund, a pivotal alliance that underscores our commitment to preserving Nigeria’s rich natural heritage, by harnessing Channels Television’s expansive reach and Wild Africa Fund’s conservation expertise, we aim to ignite a nationwide movement towards wildlife conservation and curb the illegal wildlife trade.

    “Together, we will bring the wonders of Nigeria’s wildlife and forests into the homes of millions, educating and inspiring action to safeguard these treasures for our future generations. Nigeria has emerged as a major transit hub in the illicit wildlife trade in recent years, notably involving pangolin scales and ivory.

    “In the last three years, the Nigeria Customs Service has intercepted about 20,000 kilograms of illegal wildlife products as well as live endangered species about to be smuggled out of the country. Beyond the arrests, 12 convictions have been made at the court within three years, with many pending cases.”

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    Iyara added that to raise awareness and inspire action to address the challenges, Channels TV and Wild Africa Fund will collaborate to publicise wildlife-focused content, such as 30-second public service announcements featuring influential Nigerians in sports, music, business, and more, and short documentaries that support local conservation efforts and educate millions of Nigerians about the need to protect the environment. 

    Speaking, Kingsley Uranta, General Manager, Channels Academy said beyond programming, both organisations recognise the need to build a network of local journalists who will constantly produce in-depth reporting on the environment. 

    This is why, for the first time, the partnership will also introduce conservation-focused media training to improve the capacity of Nigerian journalists at the Channels Academy, a highly respected media training institute in West Africa established in 2017 to train journalists across the region. 

    Channels Television has joined  forces with Wild Africa Fund, it has a history of environmental coverage, and as our environment is under greater pressure than ever before, we can amplify this cause. the two organizations will partner to expand the coverage of its award-winning weekly environment show, Earth-file, which will include more reporting on biodiversity issues and reporting trips outside Lagos to document the pressing challenges confronting Nigeria’s wildlife and forests. 

  • Africa and promises of the future

    Africa and promises of the future

    SIR: Looking at Africa’s future through the lens of progress, evidence, foresight, and optimism – although it’s difficult to predict the future with certainty, several African countries have shown great potential for development. Countries like Ethiopia, Rwanda, Ghana, and Botswana have made significant strides in economic growth, infrastructure development, and social progress.

    Remarkably, Egypt, South Africa, and Nigeria are the top most powerful countries in Africa, according to US News and World Report’s 2019 power ranking. Several African countries, including Mauritius, Botswana, Cape Verde, Seychelles, and Rwanda, are known for good governance. These countries have made significant progress in political stability, rule of law, and fighting corruption. Speaking of issues of uniqueness, diversity, duration of existence, and variety, I would say, that Africa is sufficiently primed for greatness.

    In the profound words of Joshua J. Marine: “Challenges are what makes life interesting and overcoming them is what makes life meaningful”

    To view Africa solely as a hotbed of disease and hunger is to ignore the significant strides that countries and communities have made. There is still much work to be done. But looking to the past can provide some hope for the future: Rwanda, once known primarily for its tragic genocide, is now known as a model of stability and economic growth, while Eritrea and Ethiopia signed a peace agreement this year to end two decades of war and enmity.

    African countries must push for further peace initiatives while they continue to support refugees and populations affected by conflict to improve stability and growth on the continent further.

    Lest one is misunderstood, Africa lacks selflessness in leadership. Unarguably, Africa is the most resourceful continent and the naturally wealthiest in the world. Despite the amazing advantage of having nice weather, massive forests with fruit, vegetation and plantations, wildlife, gold, diamonds, uranium, various metals, and manpower willing to work hard for low wages, Africa is the poorest economically in the world. Because leadership is everything, nearly all African leaders are failing with some few exceptions.

    Collectively, the continent has more to gain pulling together and harnessing its vast natural resources to finance the development agenda towards greater prosperity. It must also ensure that future growth and exploitation of natural resources is results-oriented, climate resilient, and sustainable. Nearly half the world’s gold and one-third of all minerals are in Africa.

    Compared with China with land are of 9.6 million km2, Africa has 30.37 million km2 while United States has 9.8 million km2 and the Europe10.18 million km2.

    Moreover, Africa has 60% arable land with 90% of the raw material reserve. The continent owns 40% of the global gold reserve and 33% of the diamond reserve.

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    Africa has 80% of Coltan’s global reserve (mineral for telephone and electronics production), mainly in the Democratic Republic of Congo. Africa has 60% of the global cobalt reserve (mineral for car battery manufacture).

    She is also rich in oil and natural gas. Africa (Namibia) has the world’s richest fish coastline.

    With its 1.3 billion inhabitants (China has 1.4 billion inhabitants in its 9.6 million km2 space), Africa is under-populated.

    The arable lands of the Democratic Republic of Congo can feed all of Africa. The Democratic Republic of Congo has important rivers that can illuminate Africa.

    Africa accommodates 30,000 medicinal recipes and herbs that the West modifies in its laboratories.

    Africa has a young global population that should reach 2.5 billion by the year 2050.

    It explains why countries such as China are moving quickly to invest in Africa’s future, although the United States and other Western nations appears to have taken more passive roles.

    • Richard Odusanya, odusanyagold@gmail.com
  • CAFET and USAID ATI partner to facilitate African Fashion Trade

    CAFET and USAID ATI partner to facilitate African Fashion Trade

    The United States Agency for International Development USAID and Prosper Africa recently partnered with the Centre for African Fashion Education and Technology (CAFET) to showcase a curated selection of African brands at the “SOURCING at MAGIC” trade show in Las Vegas which held on 13th to 15th of February, 2024.

    “SOURCING at MAGIC” is the largest fashion-sourcing event in North America, offering an unparalleled opportunity to connect with a global community of manufacturers, suppliers, brands, and retail buyers.

    While the path to global recognition and market access is complicated for African fashion brands, USAID is actively paving the way with programs like the African Trade and Investment Program (ATI).

    Aligned with the ATI objectives, CAFET showcased six African brands at the event.

    Buyers admired the premium quality of Aso Oke in Abiola Olushola, the unique woven tapestries of Greenz Style, and the versatility of Domina by Michelle and FiiBii Studio. Fia Factory and Y’Wande Lag’s bold designs showcased the distinct creative spark African fashion brings to the industry. Notably, several buyers expressed interest in private-labeling collaborations.

    The trade show provided the CAFET team with a valuable opportunity to gain deeper insights into the market. Buyers, mindful of the significant investments involved in wholesale purchases, emphasized the importance of the scalability of garments for the retail market.

    Lanre Shonoiki, Partner at CAFET, remarked, “We anticipated many of these potential concerns through our pre-selection quality assurance process. We ensured that brands and products met the requisite quality standards to satisfy buyer demands.”

    Read Also: USAID implementing partners to synergise for greater achievement

    He emphasized that this stringent quality assurance process laid a strong foundation for the subsequent prospecting phase following such trade shows.

    Eme Bassey, representing CAFET at the event, noted that buyers appreciated the handcrafted elements like fabric dyeing and woven embellishments. However, concerns arose regarding high-volume production capacity. Ms. Bassey countered by highlighting Africa’s potential for sustainable sourcing, stating, “Here, buyers can access ethically produced goods that utilize these time-honored techniques while maintaining environmentally friendly production volumes.”

    Looking ahead, Eme Bassey and Lanre Shonoiki, Partners at CAFET, expressed their commitment to collaborating with brands to enhance garment properties through improved technical assessments during sourcing and standardization of pre-production & production processes to facilitate scalability.

    On the administrative front, CAFET anticipates the ongoing collaboration with USAID’s ATI program will better align interventions with industry players’ needs, as necessary to achieve their overarching mission of developing the African fashion value chain for global competitiveness.

  • Firm restates commitment to deepen financial inclusion for entrepreneurs in Africa

    Firm restates commitment to deepen financial inclusion for entrepreneurs in Africa

    The CEO of NoOnes, Ray Youssef, has reiterated the firm’s dedication to advancing financial inclusion and entrepreneurship in Africa through innovative financial communication app.

    Utilising a robust peer-to-peer marketplace, NoOnes offers an integrated solution to tackle diverse economic challenges and open up new avenues for wealth creation.

    Youssef stressed the importance of bridging the Financial Inclusion Gap, noting, “Despite progress, a significant portion of Africa’s population remains excluded from traditional banking services.”

    “NoOnes serves as a beacon of hope, leveraging the decentralized nature of cryptocurrencies to deliver comprehensive financial services accessible via smartphones. This approach democratises financial access, bringing unprecedented convenience and efficiency to millions of Africans,” he added.

    Youssef also highlighted NoOnes’ commitment to facilitating cross-border transactions, remittances and promoting financial literacy with various investment opportunities.

    “Remittances play a vital role for many African families, yet traditional methods often come with high fees and slow processing times. NoOnes addresses these challenges by enabling swift, secure, and cost-effective cross-border transactions,” he explained.

    “The platform’s peer-to-peer marketplace allows for direct fund transfers, bypassing traditional banking systems and ensuring quicker delivery of funds to recipients,” Youssef continued.

    Moreover, the app focuses on educating users about cryptocurrencies and blockchain technology, investing in education initiatives such as building schools in the global south. It also offers a range of investment opportunities to empower users to diversify their portfolios and improve their financial well-being.

    Youssef emphasized that the app serves as both a financial platform and a launchpad for entrepreneurs and startups, with a priority on user security.

    “We prioritize user safety through advanced security measures while maintaining transparency and integrity. Our motto, ‘everyone eats,’ reflects our commitment to providing equitable service,” he stated.

  • Unleashing Africa’s potential

    Unleashing Africa’s potential

    By Haroon Aremu

    SIR: Africa often stands as a canvas of untapped potential, its vibrant hues waiting to be unleashed upon the world stage. Like a dormant volcano, it simmers with creativity and teems with resources, yet awaits the spark of transformation to ignite its full glory.

    When we look at the grand display of global development, Africa stands as a beacon of untapped potential, a continent rich in resources and brimming with creativity. Yet, despite the creativity of its people and the abundance of its natural wealth, Africa continues to grapple with economic challenges that hinder its progress. It is time for a paradigm shift, a reimagining of Africa’s place in the global economy.

    Imagine a world where Africa, like China or America, is celebrated for its innovative spirit and transformative achievements. In the past, colonial powers exploited Africa’s weaknesses, disrupting its resources and leaving behind a legacy of economic disparity. But today, the dynamics of global political economy offer a unique opportunity for redemption.

    Ironically, the very media channels that once perpetuated narratives of Africa’s inferiority can now be harnessed to correct the imbalances of political economy. By shining a spotlight on Africa’s potential and advocating for equitable partnerships, we can pave the way for a future where all nations thrive.

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    It’s time for a reckoning. African leaders who have enriched themselves at the expense of their own people must be held accountable. Instead of seeking refuge in Western capitals, they should be compelled to return home and invest in the development of their own countries.

    But let us not forget the inherent dignity and resilience of the African people. We are not mere pawns in a game of global politics; we are the architects of our own destiny. Imagine a continent where black is not just a colour, but a symbol of strength, ingenuity, and unwavering resolve.

    Africa is blessed with an abundance of resources – gold, palm kernel, coal, crude oil, and so much more. It’s time for white investors to recognize the potential of Africa and invest in its future. Gone are the days of exploitation; now is the time for genuine partnership and mutual benefit.

    Let us remember our history, where the white man traded trinkets for slaves. But we have evolved beyond that dark chapter. Now, let us come together as equals, sitting at the table of global commerce, negotiating partnerships that ensure Africa’s rightful share of the pie.

    As President Bola Ahmed Tinubu extends a warm invitation to foreign investors, the promise of Africa’s burgeoning potential echoes across the continents. With vast reserves of natural resources and raw materials, Africa, and Nigeria in particular, emerges as a prime destination for investment.

    Imagine the allure of establishing manufacturing plants amidst the source of raw materials, where production flows seamlessly from inception to fruition. By investing in Africa, not only do foreign investors secure profitable returns, but they also catalyse a wave of employment opportunities, fostering economic growth and stability for all.

    Moreover, the strategic advantage of proximity to resources translates into cost-saving efficiencies, driving down production costs and ultimately reducing the selling price of finished goods. It’s an enticing proposition that holds the promise of mutual prosperity and long-term success.

    Let us celebrate the diverse uniqueness of Africa – its vibrant cultures, its resilient people, its boundless potential. Together, let us forge a path towards prosperity, where all nations stand tall, united in the pursuit of a brighter future. It’s time to unleash Africa’s potential and usher in a new era of global cooperation and shared prosperity.

    • Haroon Aremu, (NYSC) exponentumera@gmail.com.