Tag: Africa

  • France: Friend or foe of Africa?

    France: Friend or foe of Africa?

    • By Olabode Lucas

    Recently, I came across a video recording by the newly elected president of Senegal, Bassirou Diomaye Faye, which I presumed was recorded before the presidential election in his country which he won decisively. In the video recording, the 44-year old Faye condemned in an impeccable English language, France’s interference in the affairs of its former colonies in Africa. He urged France in an unmistakable term, to loosen its oppressive grip on Africa as he alluded to years of human trafficking, exploitation, colonialism and neo-colonialism by France that had brought nothing but misery to Africa. Faye urged France to emulate Germany that does not have any colony to exploit and yet it is the economic powerhouse in Europe and the third largest economy in the world. He further urged France to stop its inference in political development in Africa through imposition of unpopular leaders, who are nothing but lackeys of France.

    With this explosive exposition of French atrocities in Africa, coupled with the recent open and unapologetic rejection of France in Mali, Guinea, and Niger by the patriotic new young military rulers of these countries, the days of reckoning have come for France in Africa especially in its former colonies. France is no longer at ease in Africa as its heinous policy in Africa is now unravelling.

    In the sixties, the imperious President De Gaulle of France gave paper independence to French colonies in Africa and corralled them into an unholy French community. In doing so, he imposed puppets as new rulers of these so-called independent countries. Some of these puppet leaders were, Leopold Senghor of Senegal, Houphouet Boigny of Ivory Coast, Ahmadu Ahidjo of Cameroons, Maurice Yameogo of the then Upper Volta, now Burkina Faso, Ahmani Diori of Niger, Hubert Maga of the then Dahomey now Benin, Tombalbaye of Chad, imbecilic Jean Bokassa of Central African Republic and other pliable leaders. These leaders could see nothing wrong with France and they were installed as leaders to take care of French interests instead of the interests of their countries. They were simply French people in black skin who wholly imbibed French culture.

    The terms of independence given to these leaders by France were punitive. All the foreign exchange earnings of these countries were domiciled in Paris, where they were linked to French Franc. They could only withdraw their legitimate earnings only with permission of the French government. It is also known that all French former colonies in Africa are paying back to France colonial tax for money France claimed to have used for the infrastructural development of the colonies, as if people in these colonies did not pay any tax when they were under the oppressive tutelage of France. At present, this colonial tax amounts to $500 billion. In order to ensure compliance with terms of independence, the French kept paratroopers in these former colonies at independence for the purpose of ousting any recalcitrant leader. This was the lot of Sylvanus Olympio of Togo who rebelled against these heinous terms of independence immediately after his country’s independence. France, eventually after some years was able to impose Eyadema as president of Togo, and who throughout his oppressive 38-year reign, was a lackey of France.

    The two leaders who defied De Gaulle and refused to join the suffocating French community with its punishing terms for independence were Sekou Toure of Guinea and to some extent Modibo Keita of Mali. For his audacity, De Gaulle unleashed all French colonial venom on Sekou Toure. Overnight at independence, he withdrew from Guinea, all French technicians and administrators leaving the newly independent country high and dry. De Gaulle wanted to cripple Guinea but for the prompt intervention of Osagyefo Dr. Kwame Nkrumah of Ghana, who provided necessary assistance to Guinea. For this heroic role of Nkrumah, he became a marked man for destruction by De Gaulle and his co-oppressors in the Western world.

    Apart from the atrocities committed in its former colonies, France has never meant well for Africa, It is on record that despite all the entreaties, France under President De Gaulle tested atom bomb in the Sahara Desert in the sixties. These tests caused a lot of serious health problems in many countries in Africa including Nigeria, where the new independent government under the conservative and cautious Tafawa Balewa cut diplomatic relation with France. De Gaulle could not stand this, as he was irked at the temerity of Nigeria in giving diplomatic snub to France. De Gaulle had his revenge during the Nigeria civil war when he tacitly gave support to the ill-fated Biafra and encouraged Ivory Coast to recognize the secessionist Biafra. It is also on record that France did all within its power to frustrate the formation of ECOWAS because it thought that such a union would lessen its influence in its former colonies in West Africa.

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    Far afield, France is responsible for the present poverty and economic dislocation in the hapless Haiti through the punitive reparation it imposed on Haiti at independence. After the people of Haiti revolted to have their independence, France callously made Haiti to pay it 90 million gold francs which presently is equivalent to $21 billion. Up till now, no French government has come to the aid of Haiti by paying back the money extorted from that country.

    It is an irony that France that has been turning black people into serfs in their continent, collapsed like pack of cards under the onslaught of Germany, just nine months after the commencement of the Second World War that lasted for good six years. France was humiliated and forced to sign an armistice agreement on June 22, 1940. Also, the same France that is flexing its muscle in its former colonies in Africa was booted out in disgrace from its colonies in Indo-China, after it was decisively defeated in the battle of Dien Bien Phu in 1954.

    French policy in Africa is collapsing and it is gratifying to note that young Africans in the former French colonies in Africa are throwing away the suffocating toga of French neo-colonialism. By July this year, eight former French colonies in Africa would stop using CFA but will have their own independent currency called Eco, which would be tied to Euro instead of French Franc. This is a welcomed development. It is a pity that the youthful French president, Emmanuel Macron fails to see the handwriting on the wall and instead of initiating new French African policy based on collaboration between equal partners, he is still pursuing the imperious policy of the De Gaulle era which is archaic and subjugating. This policy is now roundly rejected by leaders in French former colonies in Africa.

    In his reaction to the new development, Macron arrogantly asserted that Niger and other Sahel countries would collapse without French support. The policy of France in its former colonies is a mockery of the French motto of Liberty, Equality and Fraternity. It has not extended this to its former colonies in Africa where many people now regard France more as a foe.

    •Prof Lucas writes from Old Bodija, Ibadan.

  • Nigeria is fourth in Africa’s aircraft  fleet

    Nigeria is fourth in Africa’s aircraft  fleet

    The number of aircraft in the fleet of global airlines, including carriers in Nigeria, is projected to grow to 35, 000 in the next three years.

    The projected  in-service commercial airline fleet is adding 10,000  more  airplanes from the figure of  25,000 about a decade ago.

    According to information gleaned from global industry database PlaneStats.com, aircraft deliveries to airlines will total about 20,000 as carriers implement  programmes for the  retirement of older technology airplanes, expected to pull  out of service  about 10,000.

    Experts said the  accelerated rate of new aircraft deliveries would result in a massive technology shift in the coming years.

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     By 2027,  about  58 per cent  of the fleet will be new-generation aircraft, according to information contained in the global data base.

    An  inventory of registered aircraft operated by global carriers Planespotters.com, ranks Nigeria with the largest fleet of aircraft among 10 African countries.

    With South Africa leading the pack with 195 aircraft averaging  21 years  on its fleet, Kenya trails in the second position with 177 aircraft with the average age of 26.4 years.

    Egypt parades an aircraft fleet of 166 , averaging 11 years, whereas  Ethiopia has 142 aircraft with the youngest fleet of 8.8 years.

    The database puts the aircraft in the fleet of Nigerian carriers at 140, averaging 21. 2 years, while Algeria is trailing Nigeria with 80 aircraft averaging 15.3 years.

    In the North African fringe, Morocco has a fleet of 64 aircraft with average age of 12.8 years.

    Libya is eighth with 56 airplanes averaging 18.7 years.

    Angola has 41 aircraft averaging 16.8 years, followed by Tunisia with 40 aircraft with the fleet parading average 13.5 years.

  • ‘Nigeria has potential to drive Africa’s manpower development’

    ‘Nigeria has potential to drive Africa’s manpower development’

    More than 300 experts from across Africa have said Nigeria has the potential to spearhead an educational transformation that would position the continent to become the global economy’s future manpower resource base.

    This was the conclusion at the inaugural African Leadership University’s Reimagine Education Conference in Lagos.

    The stakeholders deliberated on innovation capital in higher education on the continent. The theme of the one-day conference was, “What a transformative education can do for Nigeria”.

    Chief Executive Officer, African Leadership University (ALU), organisers of the event, Veda Sunassee, said the importance of higher education in Africa’s socio-economic development cannot be over-emphasised, especially as 40 percent of the global population is projected to be African at the turn of the century.

    However, only a paltry 9.2 per cent of the African population is in higher education, the very bedrock of manpower development, noting that this situation makes it imperative to invent and power Africa-centric innovation in education.

    To achieve this goal, Sunnassee said archaic educational regulatory frameworks need to be jettisoned and replaced with ones that prepare people for an ever-changing labour market.

    Such paradigm shift underscored the establishment of the ALU, which offers bankable innovation capital, as well as the launching of the Reimagine Education series as a platform to facilitate conversation and collaboration that will enable all stakeholders to embrace innovation in education, he further stated.

    Keynote speaker, Mrs. Ayopeju Njideaka, CEO and Lead facilitator, NurtureHouse Consulting, recalled quotes by South African legend and former president, Dr. Nelson Mandela, which identified education as the most powerful weapon for development of both the individual and society at large.

    She identified gaps in the current education system which needs to be addressed, especially by regulators, with emphasis on making the learner the centre of any educational system.

    To accomplish this goal, against the backdrop of evolving Artificial Intelligence, Njideaka admonished that Nigeria does not need to reinvent education, but rather to step back and relearn to approach innovation with creativity and malleability.

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    She said empowerment, innovation and social change are the major elements to drive the transformation we seek, while concerted efforts should be made to address several challenges, ranging from inadequate funding and infrastructure, poor conditions of service and working environment, insecurity and the poor quality of teachers.

    Making similar calls for a paradigm shift in Nigeria’s and Africa’s tertiary education system were Senators Garba Musa Maidoki of Kebbi South Senatorial District and Iya Abbass of Adamawa Central Senatorial District, who made impressive appearances at the event to the delight of the huge audience.

    Senator Abbass noted that since Adamawa State adopted innovative approaches to governance and policies, it has recorded considerable improvements in socio-economic development and wellbeing of the people.

    Further elaboration on plotting the way forward for Nigeria’s education system was made during the panel discussion by six seasoned experts.

    The session, moderated by Kayta Nyangi, director, Marketing, Strategy and Outreach, ALU, had as panelists, Dr Joy Isa, Ify Obidi-Essien, Jesus Alleluyanatha, Charity Tony-Ubani, Yemisi Ogunlade and Bolanle Njideofor.

  • Over 100 SMEs for Africa foods, products exhibition

    Over 100 SMEs for Africa foods, products exhibition

    Over 100 Small and Medium Enterprises (SMEs) are expected to exhibit at the African Foods and Products Exhibition scheduled for April.

    The exhibition, which is organised by the Nigerian-American Chamber of Commerce (NACC), will showcase SMEs across various sectors of the economy including health, manufacturing, agriculture, telecommunications, oil and gas, energy, renewables, among others.

    With the Theme: African Food & Product Exhibition, Actualizing Sustainable Economic Growth, “Think Global, Be Local” is also expected to attract more than 3,000 attendees and participants.

    The National President of the Chamber, Dame Adebola Williams who stated this at a media briefing in Lagos explained that the only thing that would improve the nation’s situation at this crucial moment is production.

    According to her: “We need to become more productive and that is part of what we do here as the Chamber of Commerce. We encourage production and we have a committee and so many other committees that look after this aspect of our business”.

    Williams said: “When you think global, whatever you are producing, you want to make it to a finished state, not something that is in a semi-state of exportation, we want to make sure that what we are exporting are finished products”.

    According to her, that’s the only way that we can derive maximum value from what we export as Nigerians. “It is either to take a cocoa product for example, semi-finished, but if we can finish it up, finish the products and export, we find that we are going to derive and generate more revenue for our members, and for the country as a whole. That is people coming in, investors coming in to the exhibition, finding what is attractive to them, what they are looking for, and making deals with the exhibitors”, she explained.

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    On food insecurity: Williams said that food insecurity was one area that has taken front stage with the Nigerian American Chamber of Commerce adding that every month that Chamber holds a breakfast meeting where it invites specialists in different areas of interest to the members and they come and talk to them on how to improve their businesses, what and what to do to get better yields of their agric-produce.

    ”There is a lot of work going on there; it’s an area we are very interested in. We collaborate with government in this area to ensure that what needs to be done and what value needs to be delivered to our members is attended to,” she stated.

    The Acting Director-General of the Chamber, Wafai Samuel, while explaining the motive behind the African food and product exhibition said that Nigeria needed to maximise the impact of the African Continental Free Trade Agreement (AFCFTA).

    Yomi Kuti, Member of the African Foods & Products Exhibition Committee (AFPE), Yemisi Ogundipe – Vice Chairman of AFPE, Ayo Stuffman – Chairman of AFPE, Adebola Williams – President of NACC and Wofai Samuel, Acting Director-General of the Nigerian-American Chamber of Commerce at the Briefing in, Lagos. 

  • Africa attracts $5.4b venture capital in 12 months

    Africa attracts $5.4b venture capital in 12 months

    AVCA – the African Private Capital Association has announced the release of its anticipated 2023 Venture Capital in Africa Report, which showed that Africa attracted $5.4 billion venture capital and debt in 2023.

    The industry-leading annual report on venture capital performance in Africa is a comprehensive overview of Africa’s innovative ecosystem, providing critical insights into the sub-regions, countries, and sectors that have cemented Africa’s rising position as a region for venture capital (VC) activity. It provides an analysis of the latest trends and development of Africa’s start-up investment landscape and the profile of the investors active on the continent.

    The report said 2023 was a year of significant socio-political and economic upheaval, which led to a global funding winter that saw investors prioritise safer assets rather than VC investments. The global VC ecosystem has seen a steady global decline since 2022, falling to $285 billion in deal value last year, compared to $690 billion in 2021. The cumulative effect is a market size that represents 41 per cent of capital invested in 2021, signifying a contraction of venture funding around the globe in 2023.

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    In response to these market headwinds, some trends in Africa’s VC ecosystem – which have remained relatively consistent year-on-year (YoY) – have been disrupted while other trends remained the same. For the first time in almost a decade of consistently strong growth, the number of venture capital deals in Africa decreased by 31 per cent YoY to 545 last year from the record-setting 787 deals struck in 2022. Added to the global downward trend of venture capital, investors faced currency volatility and continued high inflation in Africa, prompting investors to back prospects in portfolio companies with an established track record rather than new ventures.

  • Nigeria to become Africa’s first to adopt global sustainability reporting standard

    Nigeria to become Africa’s first to adopt global sustainability reporting standard

    Nigeria at the weekend launched its pathway to adoption of the International Sustainability Standard Board (ISSB)’s Sustainability Financial Reporting Standard, the first country in Africa to focus on such disclosures.

    The Financial Reporting Council of Nigeria (FRCN) and the NGX Regulation (NGX RegCo) expressed readiness to implement the roadmap with the ISSB assuring that it would provide necessary technical assistance to ease the adoption.

    At a special session organised in Lagos by FRCN and NGX RegCo for the Chairman, International Sustainability Standard Board (ISSB) and IFRS Foundation, Mr Emmanuel Faber, all parties said the adoption would improve Nigeria’s prospects as a global investment place.

    Faber outlined that financial reporting must encompass sustainability standard which addresses climate change and transition risk, which is inevitable for businesses and nation.

    According to him, it is not enough to report financial reporting in accounting alone, because accounting is counting a lot of things that counts, but not everything that counts.

    He noted that accounting does not  considers long term, national assets, human capital and other aspects of resilience of macroeconomic models and micro economic business models, which sustainability standard covers.

    “If accounting really envisages, the naira will not be sitting where it is, because investors, credit rating, banks and many financial operators would look through the current challenges into the incredible richness of Nigeria’s human and natural capital and resources,” Faber said.

    According to him, the ISSB sustainability financial reporting standard would help Nigeria community and corporations to becoming the most transparent and credible in supply chains and before investors, using appropriate metrics.

    Faber pledged that the ISSB would fully support Nigeria in the implementation of the roadmap of the sustainability standard to build business model for a more resilient and economic stability.

    He commended the FRCN, NGX RegCo and other working team members for their hardwork that led to the adoption roadmap for the Sustainability Financial Reporting Standard in Nigeria.

    Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), Mr Rabiu Olowo said the launch of the roadmap asserts Nigeria leadership role in the adoption of the ISSB’s sustainability standard.

    He noted that President Bola Tinubu had during a visit of the ISSB’s team to him in Abuja earlier, expressed his commitment to the adoption of ISSB’s proposition and framework for the sustainability standard in Nigeria.

    Olowo said the unveiling of the roadmap was in line with ISSB’s launch of its two inaugural sustainability standards, namely; IFRS S1, for disclosure of sustainability related financial information and IFRS S2 for climate related disclosure in June 2023.

    According to him, the FRCN also issued the exposure draft on the roadmap for sustainability reporting in Nigeria on February 1, which period of exposure ended on March 14.

    Olowo said sustainability financial reporting standard unlocks capital flow, improve transparency across value chains, leading to greater and healthy competitiveness for companies.

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    He noted that the financial reporting standard also lead to increase Foreign Direct Investments(FDIs), portfolio investment, job creation, promote economic and social resilience, in line with the economic policies of the present government.

    He pointed out that the visit of Faber to Nigeria underscores the importance Nigeria attaches in aligning with global framework, especially as it affects corporate practices, of which sustainability has become a critical component.

    “This event is the third in Nigeria’s sustainability journey and signifies a remarkable one, following the unveiling of the roadmap for sustainability reporting in Nigeria.

    “The visit of Emmanuel Faber and his team, is not only a testament to Nigeria’s support of the ISSB, but also an encouragement to all stakeholders.

    “Nigeria has become a good reference point in the globe, which has a good practice to be emulated,” Olowo said.

    He commended the Adoption Readiness Working Group (ARWG) and other stakeholders for coming together to build the framework that would help the country unto its journey of sustainability financial reporting standard.

    According to him, the roadmap for the implementation of the sustainability standard reporting is in different phases, between 2024 and 2030 for big and small businesses; in the area of sustainability reporting and assurance of timeline.

    Olowo assured that FRCN would provide resources and support for the seamless transition into the new financial reporting through advocacy, technical support, capacity building, training for easy preparation of financial reports to attract investors confidence in businesses.

    Chief Executive Officer, NGX Regulation (NGX RegCo), Mr Femi Shobanjo said the lauch of the roadmap was historical as it signifies a new dawn in Nigeria’s sustainability journey.

    He expressed optimism that all financial market stakeholders would remain committed to good corporate governance practices and abide by the rules of NGX and other extant laws in the country.

    “At NGX RegCo, we remain committed to promoting a fair transparent and fair orderly market that thrives on full and timely information disclosure for the operation of an efficient capital market where investors are adequately protected, ’’ he added.

  • Firm to celebrate top advisors in Africa

    Firm to celebrate top advisors in Africa

    DealMakers Africa is to host, for the first time in, Nigeria the Mergers & Acquisition Awards for 2023, to celebrate achievements of advisory firms in West and East Africa, Marylou Greig, head of CE Gleason Publications (Pty) and editor-in-chief of DealMakers AFRICA.

    Marylou said DealMakers AFRICA were first launched in 2008 and record mergers and acquisitions, corporate finance activities, such as equity raising, listings, debt financing, and private equity transactions in Africa.

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    DealMakers AFRICA Annual Awards started as a standalone event in Nairobi in March 2019, sponsored by Ansarada and Brunswick.

    It builds close relationships with advisory firms, initially in East and West Africa but expanding to North and southern Africa.

  • Emerging Africa Capital seals agreements for Africa, Asia, Arabia fund

    Emerging Africa Capital seals agreements for Africa, Asia, Arabia fund

    • Impact investments across three continents

    The Emerging Africa Group has entered into partnership with two Asian financial institutions for the establishment of a global fund that will invest in life-enhancing projects across Africa, Asia and Arabia.

    Two Asian financial institutions-Titan Financial Services Limited of Hongkong  and  China and Fleur Capital of Singapore and Emerging Africa Group, will jointly oversee the fund, known as Africa, Asia Arabia (AAA) Impact Fund.

    Emerging Africa, a pan-African investment bank and fund manager with a successful track record of over $1 billion raised, will be the domain expert for the African market.

    The AAA Impact Fund was conceived with the innovative goal of linking Africa, Asia and Arabia through impact investments in sustainable projects, technology companies and funds, including but not limited to the Emerging Africa Technology Fund.

    At the signing ceremony,  Emerging Africa was represented by its Founder and Executive Vice-Chair, Dr. Toyin Sanni and Head, Corporate Finance and Venture Capital, Toni Sanni.

    Titan Financial Services Ltd, with over $7 billion in assets, was represented by Director of Business Development, Ms Meng Yingzhi. Fleur Capital, a Singaporean fund manager with $450 million under management, was represented by its Co-Founder, Mr. Yap Chee Wee.

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    The ceremony, held during the New Chinese Lunar year, was witnessed and co-chaired by Lord Marland, Chairman, Commonwealth Enterprise and Investment Council (CWEIC) and Minister of State, Republic of Singapore, Alvin Tan. Also present at the signing were the Host and Adviser to consortium, Mr. Raymond Huang, Country Chair for Singapore at Commonwealth Enterprise and Investment Council (CWEIC), Dr. Boh Soon Lim and other representatives of the investor community.

    Stakeholders lauded the initiative as a formidable partnership between member nations of the Commonwealth.

    They described the agreement as an opportunity to leverage on growing technological inventions and green investment initiatives using Singapore’s capabilities as a financial hub, Hong Kong and China’s significant financial resources and Africa’s young and vibrant economies and growing middle class.

    Sanni said the AAA Impact Fund will go a long way to bridge funding gaps for critical infrastructure and other resources caused by inadequate information, trust deficit and inadequate structures to support cross-border investments thus perpetuating poverty, inequality and inequities.

    She said with the partnership with Fleur Capital and Titan Financial Services, there is a strong optimism that the AAA Impact Fund will connect Africa with global financial centres and investments as well as impactful investment opportunities.

    She assured that the Emerging Africa Group is committed to advancing Africa’s economy through innovative financing and investment solutions, with a strong focus on environmental, social and governance (ESG) principles, leveraging its talent, innovation and collaborative efforts.

  • Africa CEO Forum: How to turn Africa’s $3tr GDP to $30tr by 2025

    Africa CEO Forum: How to turn Africa’s $3tr GDP to $30tr by 2025

    As global crises cast long shadows, Africa stands at a critical crossroads: Will the continent remain on the side lines of history or will its leaders band together to forge a new path?

    IFC’s Vice President for Africa, Sérgio Pimenta, said, “Turning Africa’s $3 trillion GDP into $30 trillion by 2050 will require an unbridled African private sector, enabled by the continent’s policymakers to forge partnerships that create markets, increase intra-African trade and advance investment on the continent .”

    He spoke ahead ofthe 2024 Africa CEO Forum, set for 16 and 17 May in Kigali, Rwanda. This year’s theme, At the table or on the menu? A critical moment to shape a new future for Africa, underscores the important juncture at which the continent finds itself amidst global economic shifts and challenges.

    This year’s 11th edition of the landmark Africa CEO Forum marks more than a decade of unparalleled gatherings of Africa’s most influential leaders, innovators, and policymakers.

    The Forum will tackle four transformative agendas: leadership, digital transformation, continental integration, and financing. Through a series of panel discussions, workshops, and roundtables, participants will explore strategies to achieve the highest public policy standards conducive to growth; to ensure African business is at the forefront of disruptive innovation; to leverage Africa’s collective weight through the African Continental Free Trade Area (AfCFTA); and to creatively overcome obstacles to financing Africa’s ambitions. Designed to spur actionable solutions, the summit will accelerate the rise of new African success stories.

    President of the Africa CEO Forum, Amir Ben Yahmed, emphasises, “We call on our community of leaders shaping the future of Africa to recognise the structural and enduring consequences of the actions they take at this critical time. The forum will be a crucible for innovative strategies and partnerships, propelling the continent into the opportunities of tomorrow.”

    IFC’s Vice President for Africa, Sérgio Pimenta, said, “Turning Africa’s $3 trillion GDP into $30 trillion by 2050 will require an unbridled African private sector, enabled by the continent’s policymakers to forge partnerships that create markets, increase intra-African trade and advance investment on the continent .”

    The Africa CEO Forum is the continent’s premier gathering, uniting Africa’s top executives, global investors, and government leaders annually. In partnership with IFC, this year’s flagship event will host more than 2,000 public and private sector decision-makers, including over 900 CEOs.

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    Confirmed attendees include high-profile individuals such as H.E. Wamkele Mene, General Secretary of the African Continental Free Trade Area (AfCFTA ), Makhtar Diop, Managing Director of IFC, Mesfin Tassew, Group CEO of Ethiopian Airlines, Jean-Pascal Tricoire, Chairman of the Board of Schneider Electric, James Mworia, Group CEO & MD of Centum Investment, Sudhir Ruparelia, Chairman of Ruparelia Group, Clare Akamanzi, CEO of NBA Africa, Rostam Aziz, CEO of Taifa Gas, Hardy Pemhiwa, President & CEO of Cassava Technologies or Patricia Poku Diaby, CEO Plot Entreprise Ghana, Karl Olutokun Toriola, MTN Nigeria’s CEO, Faith Mukutu, CEO of Zambeef, Diane Karusisi, CEO Bank of Kigali , Patty Karuaihe-Martin, CEO of NamibRe.

    Their presence underlines the forum’s status as a critical convener for those looking to shape Africa’s business landscape.

    In addition, several Heads of State are expected to attend, further signifying the Forum’s pivotal role in fostering high-level dialogue and partnerships. These leaders will join forces with attendees to contribute to a collective endeavour that promises to chart a new course for Africa’s economic future.

  • Japanese minister ‘pledges support to Africa’s growth’

    Japanese minister ‘pledges support to Africa’s growth’

    Japanese Vice Minister of Finance and International Affairs, Masato Kanda, has said his country will partner African Development Bank to drive development in Africa.

    Kanda, in a statement by the bank yesterday, spoke when he visited the bank’s president, Dr Akinwunmi Adesina.

    He praised his leadership skills while affirming the bank’s strategic importance to Africa’s growth.

    Kanda affirmed Japan’s intent to continue supporting the bank’s poverty reduction and resilience-building interventions amid global challenges.

    “Japan is committed to helping AfDB to mitigate challenges.

    “The world is facing poverty reduction challenges, combating climate change, and infrastructure needs.

    “The situation is difficult. Now, the strategic importance of AfDB is even more enhanced.

    “The status of AfDB has increased globally under p resident Adesina’s strong leadership; and we have strong confidence in his leadership of the bank,’’ he said.

    Responding, Adesina lauded Japan’s substantial contributions to the bank and Africa in general.He said: “Japan provided a significant amount of money for us for the African Development Fund, 604 million dollars.

    “Additionally, Japan donated over 421 million dollars in the form of concessional donor loans, which allowed us to have a very successful ADF 16th replenishment.”

    According to Adesina, part of the discussions centred on innovative approaches like hybrid capital and Special Drawing Rights to enhance the bank’s impact.

    He said the visit fell on Japan’s National Day, adding that this was the first time that a Vice Minister of Finance of Japan would visit the headquarters of the AfDB.

    “So, I feel tremendously honoured that the minister is here.

    “In August 2022, AfDB and Japan inaugurated a five billion dollar financial cooperation under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative covering 2023-2025, which is progressing well.

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    “There is also a 100 million dollar Japanese impact fund which the AfDB will contribute 10 million dollars of equity.

    “The fund was inaugurated by Ken Shibusawa, the Chief Executive Officer (CEO) of Shibusawa and Company Inc., who is also a director of Keizai Doyukai, the Japanese association of corporate executives.’’

    According to Adesina, Japan’s support extends to co-creating an investment ecosystem with the bank.

    He said this effort gathered momentum at the 8th Tokyo International Conference on African Development (TICAD8) held in Tunisia in August 2022.

    “My follow-up visit to Japan in April 2023 further strengthened ties. During that visit, I addressed the Japan-Africa Investment Ecosystem Co-Creation Forum while calling on Japanese businesses to invest more in Africa,’’ he said.

    The News Agency of Nigeria (NAN) reports that the meeting was attended by the Japanese delegation, which included aides and advisors.

    It was also attended by the Bank Group’s Executive Director for Japan, Brazil, Argentina, Austria, and Saudi Arabia, Takaaki Nomoto.