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Tag: Africa’s growth

  • ‘Homegrown food key to Africa’s growth’

    ‘Homegrown food key to Africa’s growth’

    Experts and policymakers have called for increased investment in homegrown food systems as key to Africa’s sustainable growth and transformation.

    This call was made at 2025 Changemakers Conference, organised by Sahel Consulting Agriculture & Nutrition. in partnership with Mastercard Foundation, Heifer International, and GIZ.

    With the theme: “Designing for Legacy: Building Resilient and Impact-Driven Food Systems,” the conference focused on shifting from short-term agricultural interventions to long-term, people-centred, and sustainable systems.

    Minister of Budget and Economic Planning, Abubakar Bagudu, stressed that transforming Africa’s food systems must remain central to national development strategies.

    He said: “Building resilient and impact-driven food systems should be hardwired into any economic plan as a demonstration that our food system has evolved.”

    Minister of Agriculture and Food Security, represented by Head of Nutrition, Nuhu Kilishi,  noted the need to strengthen agric value chains and cut post-harvest losses.

    “We must prioritise the inclusion of women, youth, and marginalised farmers in the growth process,” he said.

    Co-founder of Sahel Consulting, Mezuo Nwuneli, underscored the urgency of preparing Africa’s food systems for its rapidly growing population.

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    “Over 500 million people will be added to Africa’s population in the next 10 years, and these individuals need to be fed. We’re either going to do it with homegrown food or with imports. We must boost yields, improve efficiencies, and develop homegrown solutions — not copy-and-paste models from elsewhere,” he warned.

    In her remarks, Temi Adegoroye, Managing Partner at Sahel Consulting, emphasised the importance of designing agricultural programmes that are sustainable and impact-driven.

    She said: “It’s about building systems that begin with people and shifting from short-term fixes to long-term transformation. True impact isn’t about how much we spend, but about programmes that continue to create change long after funding has stopped.”

    Co-founder of Sahel Consulting, Ndidi Nwuneli, spoke about leadership, accountability, and the importance of local sourcing in strengthening Africa’s food value chain.

    “Sourcing locally builds our farmers, strengthens the value chain, and delivers healthier food. The shorter the value chain, the better the result for our people,” she said.

    She added that building a lasting legacy requires intentional design and commitment to sustainability.

    “Legacy is enduring impact—it’s what a leader leaves behind, and it applies to all of us,” she said, urging participants to embrace local sourcing as a strategy that benefits both people and the planet.

    The event, which brought together policymakers, business leaders, farmers, and development partners from across the continent, aimed to chart a new course for Africa’s agricultural transformation.

  • Experts optimistic about Africa’s growth potential

    Experts optimistic about Africa’s growth potential

    Despite the economic headwinds assailing Africa on the back of a combination of factors such as the USA tariff imposition and other external forces at play in the global sphere, the continent still holds a lot of promises in terms of investment potential, experts have said.

    This was the submission made by a cross-section of experts during the interface and discussion session at 21st Annual Africa Venture Capital Association Conference held in Lagos with the theme: “Bold Moves: Powering 10x in Africa.”

    Addressing journalists on the sideline of the summit, Kola Aina, Founding Partner, Ventures Platform, Olusola Lawson, Co-Managing Director, African Infrastructure Investment Managers, Danladi Verheijen, Managing Partner, Verod, Andrew Alli, Non-Executive Director, British International Investment, Genevieve Sangudi, Partner, Alterra Capital Partners, addressed key challenges that are likely to shape emerging opportunities in Africa’s private capital landscape.

    Firing the first salvo, Aina said Africa; and indeed Nigeria is well positioned to attract the quantum of investments that would turn its economic fortunes around.

    While noting that the country remains a top choice as an investment destination, he urged international and local investors to seize the opportunity to invest in Nigeria.

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    Echoing similar sentiments, the Co-Managing Director at African Infrastructure Investment Managers (AIIM), Olusola Lawson enumerated sectors considered promising including but not limited to assets management, infrastructure, energy, telecommunications, logistics, to mention just a few.

    This is just as Lawson shared insights on AIIM’s $3.2billion infrastructure portfolio, thus showcasing the firm’s commitment to long-term investments in Nigeria despite ongoing economic challenges.

    Also speaking at the event, the Managing Partner at Verod, Danladi Verheijen, acknowledged that though the country is assailed by legion of crisis but in the midst of all these challenges, sectors such as technology and consumer goods present significant opportunities for investors with a long-term focus.

    In his own submission, the Non-Executive Director at British International Investment, Andrew Alli restated his firm’s continued commitment to Nigeria, where it has invested $700million in sectors including financial services, agribusiness, and infrastructure.

    In her remarks, the Partner at Alterra Capital Partners, Genevieve Sangudi, stressed the importance of resilient investments, particularly in emerging sectors such as artificial intelligence (AI).

    Speaking earlier, the CEO of AVCA, Abi Mustapha-Maduakor, stated that holding the conference in Nigeria comes at an opportune time. She noted that the country has experienced depressed deal activity over the past three years due to macroeconomic pressures and geopolitical factors affecting many nations in Africa.

    “We have seen stability in the exchange rate for a sustained period. Exit activity is beginning to occur in Nigeria, and investors who had previously not invested in the country are now starting to do so,” Mustapha-Maduakor emphasised, adding, “The time is now for capital to start coming to Nigeria” thus expressing optimism about the investment landscape.

  • ‘Alternative investment key to Africa’s growth’

    A global alternative investment, corporate & institutional, private client service provider, Ocorian, has stressed the need for Africa to seek alternative funding channels to unlock its growth potential.

    The firm gave the advice during its first forum in the country at Four Point by Sheraton, Lekki, Lagos.

    Declaring the event open,  its Regional CEO, Africa Middle East and Asia (AMEA),  Richard Arlove, said the developmental impact of alternative investment on corporates, financial institutions and the development of the  continent cannot be overemphasised.

    He said: “For any nation to make remarkable progress, there must be an alignment of the business community and government. There should also be an alignment of human capital, financial capital, and government capital. There is a need for all of the capital to be aligned properly to allow businesses grow in Africa.”

    In his opening remarks,  Founder, The Nehemiah Youth Empowerment Initiative, Tonye Cole, drew attention to the role of the investment banking community to the attainment of the Sustainable Development Goals (SDGs).

    Cole who is also a former Executive Director & Co-Founder, Sahara Group, said: “The financial and economic liberation of Africa and Nigeria specifically is critical for business growth. I have over time worked with the team in charge of meeting the Sustainable Development Goals 2030 target for the economy. The United Nations estimated the capital required for the period to be $11.5 trillion. The issues related to poverty, hunger and malnourishment and zero access to basic healthcare are some of the global challenges.”

    The forum which brought together investment bankers, investors and policy makers highlighted the importance of alternative investment, corporate governance and adequate risk management to growing African companies and countries.

    A panel discussion on: Adding Value to International Business in and out of Nigeria – the role played by an International Financial Centre was also held.

    The panel emphasised the need for companies on the continent to build sustainable businesses by seeking capital from the most efficient sources for growth.  The panel also identified constraints faced by businesses as they try to raise expansion capital and proffered solutions to the problems.

    Moderated by the Regional Head, Ocorian AMEA, Business Development, Nousrath Bhugeloo, on the panel were Wola Asase, head of Syndication and Trade Finance, Africa Finance Corporation; Tokunboh Ishmael, Co-Founder and Managing Director, Alitheia; Adesuwa Okunbo, Partner & Managing Director, Syntaxis Capital Africa; Ari Sengupta, Group Managing Director, Chicason Group and Richard Arlove, Regional Director AMEA, Ocorian.

     

  • Nigeria should lead Africa’s growth, says Akufo-Addo

    Ghanaian President, Nana Addo Dankwa Akufo-Addo, has called on Nigeria to lead Africa’s industrialisation process.

    He said Nigeria’s resources and population place her in a vantage position to grow the economy of the continent through industrialisation.

    He was Guest Speaker at the 46th Annual General Meeting of the Manufacturers’ Association of Nigeria (MAN) in Lagos.

    Akufo-Addo urged that stock be taken of the prevailing policy framework, while measuring them against the current industrialisation, to determine if there is need to deepen the policy initiative.

    He said the continent’s biggest challenge was her inability to transform the abundant natural resources into opportunities for the creation of jobs and wealth.

    He urged policy makers on the need for right mix of policies to fully unearth and develop the entrepreneurial talents that abound in Nigeria in particular, and Africa generally.

    The Ghanaian president criticized what he described as the lazy approach of African countries in always rushing to the international market selling products in their raw state rather than adding value to them.

    Akufo-Addo: “It is far better to leave our resources untapped till our future generations rise up to the challenge and conscientiously develop the best policy-mix that prioritises industrialisation as the most convenient cause to drive the much-needed socio-economic development.”

    On the need to addinf value to raw materials, Akufo-Addo, who was represented at the AGM by a Senior Minister, Hon Yaw Osafo-Maafo, recalled a situation where his country and Cote D-Ivoire, produce 60 per cent or more of the world’s annual cocoa beans and yet earn less than six per cent of the global value chain activities of the cocoa industry.

    He said: “Ghana and Cote D’Ivoire, with their collective production of 60 per cent of global cocoa beans, earned only about $6.0 billion in 2016, but the chocolate industry earned at the same time about $120 billion.”

    He harped on the need to ensure that the continent has the capacity to support effective value addition, to enhancing her revenue position in the international market, pointing out that this calls for policy harmonization, coordination, and effective collaboration between the public and private sectors to drive effective and time-tested industrial framework to fully utilise Africa’s natural resources.

    The Ghanaian leadere regretted that Africa has a combined population of 1.3 billion people and a Gross Domestic Product GDP of $2.2 trillion, while  USA with a population of about 328 million, has  a GDP of about $18.3 trillion. He noted that Africa is about four times that of the USA, yet, USA’s GDP is about eight times that of Africa.

    Akufo-Addo urged the continent to begin to trade among ourselves, concentrating on areas of comparative advantage. According to him, the continent must begin to break the trade barriers among ourselves and form alliances with the various countries’ associations of industries and chambers of commerce

  • Why Africa’s growth must be private-sector driven, by Elumelu

    Why Africa’s growth must be private-sector driven, by Elumelu

    PRESIDENT of Africa’s leading philanthropy the Tony Elumelu Foundation (TEF) , Mr. Tony Elumelu, has canvassed the need for Africa’s growth to be private-sector driven by young African innovators and their transformative ideas to create millions of jobs for the continent.

    He spoke during the foundation’s forum, which ended in Lagos at the weekend.

    The meeting hosted more than 1,300 participants from 54 African countries.

    Launched in 2015, the forum was born out of the foundation’s $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs, over a decade, through the TEF Entrepreneurship Programme.

    Elumelu said: “Africa’s development, which must be private-sector led and entrepreneurially-driven, will have at its heart, young African innovators and their transformative ideas.  Only they will create the millions of jobs Africa needs. The forum has brought together Africa’s most important developmental force, its young entrepreneurs, who will become catalysts for Africa’s economic liberation.”

    The two-day event, which involved plenary panels and masterclasses, provided the Tony Elumelu Entrepreneurs with a platform to network and connect with business leaders, policymakers and investors.

    Focusing on the forum’s theme of training and mentoring, speakers discussed topics that educated, empowered and inspired the entrepreneurs, addressing the key stages needed to successfully launch a business.

    The programme emphasised the foundation’s role of uniting entrepreneurs and policymakers, as a means of ensuring that private and public sectors work together to create the best possible operating environment for entrepreneurship to thrive.

    Political and private sector leaders from across Africa, including Katsina State Governor Aminu Bello Masari; Zamfara State Governor Abdul’aziz Abubakar Yari; former Prime Minister of Republic of Benin Mr. Lionel Zinsou; Chairman, Honeywell Group Oba Otudeko and Chairman, Dangote Group Alhaji Aliko Dangote directly addressed the conditions needed for stimulating entrepreneurial growth.

    Senior members of global development institutions, including Wale Ayeni, Senior Investment Office, International Finance Corporation; Stephen Tio Kauma, Director Human Resources, Afrexim Bank and Andre Hue, Deputy Country Director, Agence Française de Développement, spoke of a new paradigm, driven by the need for a private sector-led change.

    Vice President Yemi Osinbajo, who addressed the 3rd cohort of TEF entrepreneurs, said: “This generation of young people will do the exceptional. You are the reason Africa will work. The length and breadth of display of talent have shown that there is indeed hope”.

     

     

     

  • Africa’s growth offers U.S. an opportunity, says Obama

    Africa’s growth offers U.S. an opportunity, says Obama

    President Barack Obama has said Africa’s fast-growing economies represent a great opportunity for United States (U.S.) companies to expand their investments if governments curb corruption and human rights abuses.

    According to Bloomberg, Obama said Africa represents a great opportunity for American companies to expand their investments, as the U.S. competes with China to tap some of the world’s fastest growing economies.

    “Africa’s rise means opportunity for all of us,” Obama told heads of state gathered for a morning session yesteray at the State Department in the final day of U.S.-Africa Leaders Summit.

    He promised them “a partnership of equals that focuses on African capacity to solve problems, and on Africa’s capacity to grow.”

    The president is seeking to shift the U.S. focus in Africa toward fostering investment and trade, instead of the traditional emphasis on providing aid. The new approach is being taken as China has surpassed the U.S. as Africa’s biggest trading partner with a relationship that exceeded $200 billion last year, more than double that of the U.S.

    At yesterday’s U.S.-Africa Business Forum in Washington, the U.S. president drew an indirect contrast y to China’s approach, saying that the U.S. wants to work with African nations to promote their expansion. “We don’t simply want to extract minerals from the ground for our growth.”

    That prompted a response yesterday from the Chinese government.

    “China’s African policy has always featured sincerity, friendship, equal treatment, mutual benefit and common development,” Foreign Ministry spokeswoman Hua Chunying said, according to a report by the official Xinhua News Agency.

    “This is the fundamental reason why China-Africa cooperation is welcomed by African countries and people.” China, the spokeswoman said, hopes the U.S. “can play a greater role” than it does now in supporting African development.

    China’s state-owned enterprises have rolled out projects in every country on the continent, including hydroelectric dams, highways and rail lines linked to the extraction of natural resources.

    The U.S. is seeking to expand its commercial footprint in Africa. At yesterday’s forum, which included more than 90 U.S. companies, Obama highlighted $33 billion in commitments to Africa: $14 billion in investments by companies including General Electric Co. (GE) and Coca-Cola Co. (KO), $7 billion in financing to promote U.S. exports and $12 billion for an initiative to double availability of electricity in sub-Saharan Africa.

    Obama said he wanted to focus leaders’ attention today on factors that encourage investment and economic stability: governance and rule of law, expanding trade and steps to deepen security cooperation.

    To draw more U.S. investment, the administration is pressing African leaders at the summit to protect human rights, especially for women, curb corruption and foster more transparent financial systems. It has been a recurring theme from the president and top administration officials over the three days of the summit.

    Obama said: “Capital is one thing. Rule of law, regulatory reform, good governance? Those things matter even more because investors want to be able to do business without “paying a bribe or hiring somebody’s cousin.”

    Africa’s biggest need, he said, is “laws and regulations and structure that empower the individual” and don’t simply preserve “power for those at the very top.”  

    Obama will return to that message during the final session of the summit today titled “Governing for the Next Generation.” The White House, in a statement, said that discussion at the State Department will include emphasizing that accountable and transparent government promotes development.