<blockquote class="wp-block-quote">
“I seek a nation founded on justice, peace, prosperity for all, regardless of religion, region, ethnicity, and class,” H.E. Bola Ahmed Tinubu, President of Nigeria.
</blockquote>



A country with over 200 million people, Nigeria boasts a large consumer market and a thriving startup ecosystem. The West African nation has witnessed a consistent rise in the number of its startups from 2019 to 2023, with over 3,360 startups entering the market in 2022. With funds from local and foreign investors, the startups generated US$565 million in 2023, a 216% increase from the value generated in 2019.



Nigeria is making developmental progress on multiple fronts, including infrastructure. Its largest city, Lagos, launched a new electric-powered 13-kilometer-long metro rail service in September 2023. The metro’s blue and red rail lines are expected to ease traffic congestion in Nigeria’s economic hub. The blue line connects Lagos city with Lagos Island, the central hub for most businesses, while cutting-down the two-hour travel time to only 15 minutes.



“We want to make Lagos an African model mega city that is safe, secure, and resilient. We want it to be a pride of Africa. We will ensure that Lagos embodies everything that a mega city, anywhere in the world could be,” says Governor of Lagos state, Babajide Olusola Sanwo-Olu.



Infrastructure is one of the sectors attracting foreign investment as well as manufacturing, oil and gas, and agriculture. After assuming power in May 2023, Nigeria’s President, Bola Ahmed Tinubu has introduced reforms to enhance the nation’s economic growth by removing a decades-long fuel subsidy and boosting tax revenue. Nigeria is expected to benefit from the current global surge in oil prices, given its status as one of the largest oil-producing nations in Africa.



“The president is trying to create an environment where Nigeria is considered a top investment destination. The oil sector has enormous potential. It has been successful over the years but I think there&#8217;s a lot of unlocked potential. It’s a dollar-denominated sector and the export of oil is a significant source of foreign exchange coming into the country,” says Roger Brown, CEO of Seplat.



According to the World Bank, the reforms being undertaken in Nigeria will propel the nation’s growth to an average of 3.4% between 2023 and 2025. The International Monetary Fund has also projected accelerated economic growth in the West African nation, as the country witnesses positive progress in different sectors including service and agriculture.



“If you look at the FAO data, Nigeria is about the 10th or 11th biggest producer of corn in the world. There are about 13 to 14 million metric tons of corn being produced in the country. I am very happy to see the ambition that the country has set to have a one trillion economy in the next seven to eight years, 50 million jobs focusing on agriculture, revamping monetary and fiscal policy, and pulling 100 million people out of poverty. That’ll make Nigeria become a big non-oil exporter and with a good chunk of GDP coming from agriculture,” says Muyiwa Gbadegesin Country Head and Managing Director of Olam Agri.



As President Tinubu pledged during his campaign, Nigeria anticipates a future of renewed hope. The country is focusing on promoting investment as a means to create jobs. The president has introduced different measures, such as liberalizing the exchange rate to address hard currency-related challenges in promoting trade and investment.



“If this economy is going to grow at the level of GDP that the president anticipates, the various sectors of the economy will have to grow. Financing must be provided largely by the banking sector to fuel the growth. When that happens, if you invest in any segment of the financial service sector, then you are going to reap bountifully,” says Adesola Adeduntan, CEO of First Bank.



Nigeria’s National Development Plan has set an ambitious goal to achieve private sector-led economic growth, which will generate 21 million jobs and lift 35 million people out of poverty by 2025. The World Bank projects that if the current reforms continue, Nigeria will be able to improve its business environment and create robust economic growth.


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An aerial image of the shores of Victoria Island, Lagos

Nigeria: Embracing New Developments For A Brighter Future

<blockquote class="wp-block-quote">
“Changing the economic future of Kenya demands making growth and the creation of opportunities our number one priority.” H.E. William Ruto, President of the Republic of Kenya
</blockquote>



As the fourth largest sub-Saharan economy and the third fastest-growing GDP in the region, Kenya has positioned itself as a major economic power in sub-Saharan Africa. Over recent years, Kenya has adapted its economy to become a manufacturing, logistics, and technology hub.



This diversification forms a solid platform from which the government can generate cross-border economic growth over the coming years. As a land of endless opportunities, one of the main advantages Kenya enjoys is its strategic location in East Africa, serving as a gateway to the African market with a population of over 1.4 billion people. The African Continental Free Trade Agreement (AfCFTA) ensures that Kenya is now better positioned than ever to take advantage of the vast opportunities that the African market has to offer.



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In addition, East Africa is also the fastest-growing region on the continent. &#8220;With DRC joining the East African community, the market is sizable and new opportunities arise. Kenya may not prosper and grow further by just sitting in Kenya, so many companies are now looking into the neighboring markets,&#8221; says Manoj Shah, Owner of Osho Chemical Industries.



With the recent election of His Excellency President William Ruto, the nation is marked by a transformative period with new milestones to push forward Kenya&#8217;s development. Although the Kenya 2030 Vision was enacted by the previous government, it will be enhanced with the new presidency’s measures to create an even stronger, industrializing, middle-income nation. President Ruto is keen on attracting Foreign Direct Investment by enacting business-friendly policies. As part of his manifesto, Kenya Kwanza Plan, the President focuses on five pillars of the economy including agriculture, Micro Small, and Medium Enterprises (MSME), affordable housing, healthcare, and the digital economy. “We intend to give comfort to investors through credible and effective institutions and reactivate our dormant Central Depository investor accounts,” the President confirms.



Kenya boasts a dynamic and thriving private sector, driving economic growth and employment. &#8220;Kenya is privileged to be a private sector-led economy. The Kenya Private Sector Alliance (KEPSA) plays a big role to ensure the interlock between the private sector, government, and development partners,” explains Carole Kariuki, CEO of KEPSA.



The country’s Vision 2030 emphasizes six priority sectors important for the nation&#8217;s growth, one of which is manufacturing. “We have agreed that we need to increase the contribution of manufacturing to GDP from 7.5% to 20% by 2030. That is a threefold increase in growth which is very ambitious,” states Anthony G. Mwangi, CEO of the Kenya Association of Manufacturers.



As a country where only a small portion of the population earns enough to afford a mortgage, Kenya is also working to curb the issue of housing deficits. “We want to build fantastic world-class housing estates at affordable pricing. If you look at Vision 2030, current and previous governments, have been working on infrastructure. It means that people can live a bit farther and get quality housing,” notes Andrew Muthee, CEO of AMG Realtors. Given that there is a growing trend for urbanization and a demand for housing, there’s a vast potential for the real estate industry to thrive in the Kenyan market. “We have a good relationship with Kenya. We know that the country is the best place for investment. It is the economic heart of Africa,” notes Gong Yuxian, General Manager of Avic International Real Estate Kenya.



Sectors poised for exponential growth and investment opportunities are aligned with President



Ruto’s five pillars, where his manifesto priorities agriculture, micro, small and medium enterprises, housing and settlement, healthcare, as well as the digital superhighway and the creative economy, which include software engineering and artificial intelligence.



In Kenya, ICT has been established as the key to growth. As such, President Ruto plans to lay 100,000 kilometers of internet fiber nationwide over five years to ensure Kenya stays on this upward trajectory. Through investments of US $400 million, nurturing ICT talent, supporting education in technology fields, and lowering the cost of the internet, Kenya is poised to be Africa’s new digital hub and a hotspot for ICT. Meanwhile, its tech ecosystem offers an attractive space for entrepreneurs and investors.



President Ruto has stated that one of his government’s central concerns will be climate change and renewable energy, areas in which Africa has the potential and opportunity to lead the world. Kenya’s development is supported by its progress in its energy sector which has a dual objective of providing affordable and dependable power to all and driving Kenya&#8217;s shift towards a low-carbon economy.



“We are looking at the energy transition for the future because our company’s target is to reach full decarbonization by 2050. Based on this target, ENI Kenya and Kenya have found a way to work together because Kenya also plans to have a 32% reduction of its greenhouse gas emission by 2030,” notes Enrico Tavolini, Managing Director of ENI Kenya. As the country continues its journey towards becoming a middle-income nation, its boundless potential and endless possibilities wait to be tapped by potential investors.

Aerial,View,Of,Nairobi,Skyline,With,Light,Trails,During,Sunset

KENYA: Creator Of Opportunity

<blockquote class="wp-block-quote">
“It is our firm belief that domestic and foreign direct investment brings the much-needed capital, technology, management techniques and knowledge of foreign markets,” Hakainde Hichilema, President of Zambia.” H.E. Hakainde Hichilema
</blockquote>



Since the election of His Excellency President Hakainde Hichilema in August 2021, Zambia has become unrelenting in its drive to expand the economy and become a mining and energy hub of Africa. By creating favorable investment policies and business-friendly reforms, Zambia has realigned with international best practices and generated renewed confidence in the investment climate of its mining and energy sectors.



As many nations are facing opportunities in the energy transition, Zambia has worked to position itself to capitalize on the global drive for essential minerals to facilitate these green transitions. These efforts lend to the nation’s dedication to renewable energy resources and have resulted in the ambitious goal to increase Zambia’s copper production to 3 million tons each year. To push this agenda forward, the country’s top copper producer, Canadian First Quantum Minerals (FQM), has finalized a general investment of US$1.35 billion for mining expansion in Zambia, the nation’s largest since the Sentinel project was approved in 2012. This investment includes the US$1.25 billion expansion of the Kansanshi copper mine in Zambia, which was initiated in January 2020.



These investments continue to push forward Zambia’s renewable energy solutions to further support the green transition. Ana Hajduka, founder and CEO of Africa GreenCo, confirms, “Renewable energy in Zambia is an inevitable undertaking owing to the fact that Zambia boasts of significant renewable energy resources such as adequate wind, irradiation, and a well-structured river network backed by good hydrology. This allows Zambia to draw closer to claiming its title as the regional renewable energy trading hub.”



Indeed, around 85% of Zambia’s electricity comes from hydropower, and its potential continues to grow, offering attractive propositions for investors. Zambia boasts the largest hydropower plants, generating almost 2,000 MW combined. Hon. Peter Chibwe Kapala, Minister of Energy, adds, “Renewables are the way forward. By 2030, we should be able to achieve most of the things that are set out in our party manifesto and encourage more private investment.” As the northernmost region of Zambia receives more rainfall, the Ministry of Energy is shifting its focus to emphasize hydropower in the north. Solar energy is another source of renewable energy, as Zambia has solar resources in abundance. Ultimately, the nation’s plan is a balanced and complementary energy mix to eliminate intermittency and offer uninterrupted power generation.



To reach its fullest potential, Zambia relies on its strategic position and interconnectivity with neighboring countries, which offer many opportunities in terms of trade and power generation. Caroline Royer, Managing Director and Country Chair of TotalEnergies Zambia, states, “Some people say that Zambia is landlocked, but others say it is land-linked. There are many countries around and many possibilities.” Victor Mapani, Managing Director of ZESCO, adds that interconnectivity is essential for the energy and mining sectors. He says, “You must have interconnectivity with neighbors, and we are in the center. We are land-linked. If we have interconnections with neighboring countries, we can export and import power comfortably. In terms of hydropower, we want to exploit the hydro potential we have. We are very well



positioned with water and now also centrally located.” Through upcoming Memorandums of Understanding, Zambia is set to interconnect with nations such as the DRC, Tanzania, Zimbabwe, Namibia, and Angola.



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Skyline photo of Lusaka city at night

The Mining and Energy Hub of Africa

<blockquote class="wp-block-quote">
“We are committed to a modern Botswana that is not only open to but is also able to compete with the rest of the world” – H.E. Dr Mokgweetsi Eric Keabetswe Masisi, President of the Republic of Botswana
</blockquote>



In less than four decades after its independence, Botswana has quickly climbed the ranks from a poor country to an upper middle-income country, proving to be a development success. Setting out a compelling vision for the nation, the government has now introduced Vision 2036, placing strategies to take Botswana even further from an upper middle-income country to a high-income country. “Our National Vision 2036 is anchored on four pillars of sustainability–economic development, human and social development, sustainable environment and governance, and peace and security,” says His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, President of Botswana. “If you look at the Standards and Poor rating, I think the short-term rating is A2 and the long-term investment is triple B plus. Botswana has been growing for about 5% per annum over the last 30 years and the employment market has grown by about 10% over the last 30 years,” says Reinette Van der Merwe, CEO of First Capital Bank.



Botswana’s rich mineral resources are often credited for its strong economic performance, with 80% of export earnings coming from diamond mining. “Botswana is significantly endowed with mineral wealth, whether you&#8217;re talking about base metals like nickel or copper, precious metals, coal, not just thermal coal, but also metallurgical coal, which is used in steel making,” notes Matome Tsholetsa Malema, CEO of Minerals Development Company Botswana. The nation has been working on a project that aims at establishing a mineral exploration fund to drive more benefits from mining.



Botswana has made use of its wealth to build a robust social welfare system in the country, providing free education to its citizens and availing reliable health care. The mere existence of diamonds, however, is not the secret to Botswana’s miraculous growth. Oduetse Motshidisi, CEO of Non-Bank Financial Institutions Regulatory Authority says the role of Botswana’s institutions made the definitive difference in the country’s success. “Our institutional strength and legitimacy assures that there is proper governance, rule of law and most importantly, stops corruption and other activities that are harmful. The institutional structure and the resilience of those institutions and their ability to withstand challenges and threats makes a great difference,” he says.



Apart from mining, Botswana also relies on tourism and agriculture. Combining a land of rugged and untamed beauty, pristine landscapes, spectacular wildlife and river deltas, the country is truly a place of enchantment. “We have a strong heritage and culture, not just heritage sites to visit. We have a culture that is inclusive and convenient for investors and tourism. We have a history of prudent management of our natural resources,” says Hon. Philda Kereng, Minister of the Ministry of Environment, Natural Resources Conservation and Tourism. In terms of the agriculture sector, the government has introduced different programs that are geared at supporting people cultivate their land and promote food security. “Early this year, we imposed a two-year import ban on horticultural products. Now tomatoes, ginger, garlic, potatoes are locally produced and it is encouraging how people have responded to the ban,” states Fidelis Molao, Minister of Minister of Agriculture, Development and Food Security. “The agricultural sector currently contributes 2% to the GDP. The sector is undergoing transformation and there are a lot of opportunities. We are targeting communities who seem to be low on the economic ladder because agriculture is a major employer for these groups of people,” mentions Professor Julius R. Atlhopheng, CEO of National Agricultural Research and Development Institute.



Botswana has a business landscape that is remarkably friendly. The government has been providing incentives for investors with a focus on the export sector. “We allow investors a 99-years land lease. We also allow investors to continuously train their teams with a training rebate of 200%. Any raw materials or machineries we need to start businesses are imported duty free,” notes Lonely Mogara, CEO of Special Economic Zones Authority.



“We&#8217;ve run prudent macroeconomic policies over the years such that we can run deficits that are sustainable in the medium to long term. We have been able to build a buffer of foreign exchange reserves,” says Andrew Maatla Motsom, Managing Director of Debswana Diamond Company, explaining that the government is committed to building a knowledge economy, providing opportunities for investment in digitalization.



Digitalization expanded significantly during the COVID-19 pandemic with the government functioning online, and the education sector delivering much of the curricula and teaching through digital technologies.



“We are working very hard to bring down the cost of data in this country. We are now second after Morocco in terms of reaching the target for 2% of gross national income,” says Hon. Thulagano M. Segokgo, Minister of Minister of Communications, Knowledge and Technology. This successful practice in digitalization has expanded to the investment sector. “We have set up an online business registration system, which is linked to people’s IDs. We have also ratified the Trade and Industrial Development Act, which established the One Stop Service Centre for all investment authorisations. We’re granting permanent residence to investors who have value. We have decentralised the visa issuance to our embassies across the world, so they can do it instead of us,” states Hon. Mmusi Kgafela, Minister of Investment, Trade and Industry.



Botswana holds access to international markets through the Southern African Development Community (SADC), the African Growth and Opportunity Act (AGOA), the EU and SADC economic partnership agreements and the African Continental Free Trade Area Agreement. This is one of the many appealing elements of Botswana as a business destination for foreign investors. “As a foreign company, we have easy access to our funds with no restrictions, and the government is the least corrupt government in Africa. The government facilitates everything and things get done in the right manner. We pay our investors dividends with no issues,” says Naseem Lahri, Managing Director of Lucara Diamond. “We have a very good system and structure in place. Everything works in this country. The laws and the systems are much more business friendly in the region,” adds Ramachandran Ottapathu, CEO of Choppies.



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Gaborone, South East, Botswana 27 April 2017 aerial panorama of  Main Mall

Botswana: A Hidden Gem Of Africa

<blockquote class="wp-block-quote">“We are a country where investments are secure and protected under a governance system. Ghana is ready for business and a land of opportunity for private capital and is creating a business-friendly economy.Nana Akufo-Addo, President of Ghana</blockquote>



Located at the centre of the world where longitude zero degrees crosses latitude zero degrees, Ghana is a pleasant country where the sun shines bright and its music, dance and culture please the mind and soul. The country’s recently launched tourism campaign, “Destination Ghana”, invites visitors to explore this spectacular land with rich culture, heritage and welcoming people. Beyond its famed hospitality, Ghana offers a favourable investment climate with a stellar reputation as the largest foreign direct investment recipient in West Africa.&nbsp;“Ghana was the first country to gain independence in Africa,” says Philip Tieku, the Chief Executive Officer of Star Oil, one of the top four market leaders in Ghana’s oil industry. “The various ethnic groups in Ghana coexist peacefully, even when people try to raise ethnic differences. The peaceful environment is favourable for business. Every business wants to be located where they can be sure of the long-term outlook for their growth.”



Ghana has worked towards sustained economic recovery after the pandemic, and ranks as the best investment destination in West Africa and sixth best in Africa. The nation has created a favourable environment for investors to explore the nation’s vast opportunities with a dynamic economy upheld by diverse industries including agriculture, oil and gas and mining. In addition, its participation in the African Continental Free Trade Area (AfCFTA) makes it ideal for investment. “The economy is very good for services, manufacturing, mining, retail, tourism, hospitality and many other sectors. Investors should be strategic and choose a sector that is ideal for them. Besides, Ghana has a high quality of human resources with a lot of local potential,” notes Charles Antwi-Boahen, Chief Executive Officer of Kab Fam.&nbsp;



This sentiment is shared by Roberta Annan, the Chief Executive Officer of Annan Capital Partners, an international firm focused on building new businesses in Africa with its mantra “people, planet and profit.” “We&#8217;re blessed with natural resources and we just recently discovered oil. We have gold, cocoa and other amazing natural resources, but I believe the most important natural resource we have is our human capital. Ghanaians are very educated, very motivated, have morals and are generally more honest when it comes to doing business than other countries,” she says.



The Ghanaian government’s transparent, friendly and less bureaucratic administration is often credited for the successful operations of businesses in the country. Daniel Christopher Hesse-Tetteh, Executive Director of Harlequin, a company engaged in the mining industry and providing engineering services across a range of industries, describes Ghana as one of the easiest places to do business in Africa. “Many internationally renowned companies are setting up facilities in Ghana because it’s convenient for business. We have BMW, Toyota, Isuzu and a few other brands. As a nation, we should focus on developing the industry considering that we have a highly skilled population. We need to try to be less reliant on other people – work with them, but not be reliant,” he says.&nbsp;



While Ghana is boldly pursuing its mission to attract investment, it also recognises the importance of sustainability and mitigating the impacts of climate change. Ghana is mapping its energy transition journey, and companies like Harlequin are pushing its agenda forward. Daniel Christopher Hesse-Tetteh, Executive Director of Harlequin International, states, “Our motivation is to move from oil and gas and enter industries where the future is good, such as renewable energy, where we can add value as a fabrication engineering company.” With the growing demand for energy and the country’s dependence on fossil fuels, the government is eager to tap renewable sources to diversify the energy mix.



From an investment standpoint, it is clear that Ghana has a multitude of natural and legislative endowments that lend to its investment capacity, including its ease of doing business, political stability and safety. Ramesh Sadhwani, Joint Managing Director of Melcom, states, “In terms of peace, Ghana is the place to be. The quality of living is higher compared to other West African countries. Here, everything is available.” On top of it all, Ghana boasts a transparent government that is working to create an enterprising atmosphere to foster innovative ideas that will lead to lucrative enterprises.



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COVER IMAGE Ghana

Ghana: A Land Of Opportunity

“This is the time to stand together and get connected. It’s time to bury our differences, show love to one another and look forward with confidence.” H.E Samia Suluhu Hassan, President of Tanzania&nbsp;



Located on the east coast of Africa and south of the equator, Tanzania is home to some of the world’s first human settlements, with fossils dating back as far as 3.6 million years. Today, the country has set further precedence and given Africa its first Muslim female president, further cementing Tanzania’s positive legacy on the world stage. &nbsp;



Today, Tanzania is thriving; the country’s GDP in 2021 demonstrated an increase of over five million dollars compared to 2020. Strategically designed and flexible policies that pay heed to the importance of the private sector are contributing to the country’s economic growth. President Samia Suluhu Hassan’s leadership is marking a positive new beginning for the country and a brighter future. “Her Excellency strongly believes in the private sector and understands that for this country to prosper, the government must be able to work very closely with them. She has been very clear that all policies which are limiting or hindering investors must be reviewed. She&#8217;s pushing the agenda of creating a one-stop centre for investments in Tanzania, to get everything in one place,” says Abdulmajid Nsekela, Group CEO &amp; Managing Director of CRDB Bank.&nbsp;



The most notable impact of H.E Hassan’s administration is the change in investment parameters that have made Tanzania an appealing investment destination. Hosea Kashimba, Director General of Public Service Social Security Fund states, “Madam Samia has been advocating to unlock barriers to investment like getting working permits. The government’s initiative to review the country’s policies is providing reassurance to investors.”&nbsp;



The President has also done a remarkable job in finishing projects which were started by the late President Magufuli, one of which is the Tanzanite Bridge which has quickly become symbolic of Tanzania’s growth and prosperity. Ruth Zaipuna, Chief Executive Officer of NMB Bank, describes the President’s first year in office as impressive, “Her Excellency is completing key and strategic infrastructure projects that were started by her predecessor, but she is commissioning new projects as well. She is attracting new foreign direct investments. The recent one, almost US$1.3 trillion from IMF, has transformed the country in terms of infrastructure development.” &nbsp;



H.E Hassan has also worked hard to rebrand Tanzania, opening up the country to attract foreign investment and tourism. In 2021, the country attracted a total of US$4.144 billion in foreign direct investments with 237 new projects. Minister of Finance and Planning, Dr Mwigulu Nchemba states, “Her Excellency is marketing Tanzania abroad; you can easily access land for investment in Tanzania and at a relatively low cost compared to most African countries.” In terms of the tourism sector, in 2021, Tanzania was voted Africa’s most beautiful tourist destination by the World Travel Awards.&nbsp;



The Tanzanian President has brought together and unified neighbouring nations, securing political stability and economic growth. She ratified the African Continental Free Trade Area in 2021, enabling Tanzania to tap into a market of 1.2 billion potential customers. In addition, she has actively taken part in many worldwide conferences to help put Tanzania back on the map. CEO of Stanbic Bank, Kevin Wingfield says, “The energy and passion that she has shown in terms of the number of visits she&#8217;s done in a very short period of time to unlock and open doors for the country is hugely positive.” The President has reportedly secured a record TSh 18.75 trillion in MoUs at the Dubai Expo in 2021.&nbsp;



In just one year, the President has become an iconic figure in Tanzania’s history, particularly for driving positive changes in the country. Managing Director and CEO of NCBA Bank Tanzania Limited, Margaret Karume says, “As the first female head of state in Tanzania, the president has been an inspiration for women. For the first time, Tanzania has women in many strategic government positions, ministry of foreign affairs and East African cooperation, minister of defence and national service, among others. This has great implications, especially for young women who are looking up to our beloved president.”&nbsp;



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Dar es Salaam city scape

Tanzania: Changing Perspective To Create Unity And Opportunity 

“As President of Nigeria and the Pan African Great Green Wall, my commitment to working assiduously towards addressing land degradation, food security, desertification, climate change, depletion of the forest ecosystems and biodiversity in Nigeria, Africa and the world remains a top priority.” H.E. Muhammadu Buhari, President of Nigeria&nbsp;



According to the United Nations Department of Economic and Social Affairs, Nigeria is predicted to replace the USA as the third most populated country on the planet by 2050, an important factor driving its national policy on climate change and its focus on guaranteeing national food security while fostering a low-carbon, high growth economic development. Indeed, it is with this in mind that the largest oil and gas producer in Africa is currently on a mission to fortify its prosperity through diversity, inclusion, sustainability and a shift towards the inexhaustible potential of renewable energy. H.E. President Muhammadu Buhari states, “As we walk along the path of revival, recovery, resilience, recycling and restoration, the importance of protecting our resources is key to guaranteeing the peace, security and prosperity of our nation for present and future generations. Only by protecting our planet and its biodiversity can we effectively secure our collective survival.” &nbsp;



President Buhari’s vision for sustainability was set in motion through Nigeria’s Agriculture Promotion Policy which has worked relentlessly to revive the nation’s agricultural sector’s capacity for self-sufficiency. Nigeria’s Green Alternative works to consolidate partnerships with key stakeholders in order to build a long-term agribusiness economy that not only meets Nigeria’s domestic food security demands but boosts exports and promotes sustainable income and job growth.&nbsp;&nbsp;



Population growth is also a major factor driving the nation’s digitalisation agenda, ensuring Nigeria’s thriving growth trajectory remains on track and its enabling economic transformation is in full compliance with climate-friendly policies while boosting job creation. In February 2022, the EU announced its plan to invest €820 million in support of the country’s digital economy over the next three years to nurture Nigeria’s enormous potential for digitalisation. At the same time, the effects of the pandemic have acted as a catalyst in accelerating the push for digital services offered, particularly in public administration, healthcare, financial services and education. “Nowadays, everything has gone digital,” declares Mofid Karameh, Chairman and CEO of Mikano International. “This is the future and, for an organisation to survive, it needs to keep up with the trend. At Mikano, we are continually improving our processes and digitisation is how we are setting the pace.” &nbsp;



Furthermore, Nigeria has made innovative progress with the repositioning of Lagos State as a smart city, and in November 2021, Nigeria became Africa’s first nation to introduce a digital currency when it launched the eNaira, an electronic version of the paper naira currency, issued by the Central Bank of Nigeria. “We are trying to promote an African Silicon Valley in Lagos in the hope that a lot of investment happens,” explains Samaila Zubairu, President and CEO of the African Finance Corporation. “We think there&#8217;s a massive opportunity for digital infrastructure and we are driving that significantly.” The government’s Strategic Economic Roadmap and Action Plan 2021-2024, which is contained in the Nigerian National Digital Economy Policy and Strategy, is facilitating digitisation through the promotion of digital literacy, cybersecurity, digital innovation and entrepreneurship. Emerging technologies and services such as cloud solutions, Intelligent Connectivity and IoT are in place while Nigeria is set to become Africa’s highest 5G subscriber by the end of 2022. The Nigerian administration also plans to migrate all government paper activities to paperless by 2030. Paperless activities concentrate the focus and impact of digitalisation in all sectors, including power-generation operations and real estate, where an online electronic conveyance system is currently underway. “The whole idea in Nigeria and for us, as a Group, is to keep abreast with global trends,” declares Chairman and CEO of Cosgrove, Umar Abdullahi. “We are leveraging technology and the internet to improve our lives, and this is what Cosgrove is all about; we have already started venturing into full automation.”&nbsp;



Determined to reset Nigeria’s economy and in response to the COVID-19 pandemic, in 2020 President Buhari’s government has additionally approved the US$5.9 billion Nigeria Economic Sustainability Plan (NESP). The plan’s main objective lies in revitalising and diversifying the economy while securing employment and boosting job creation through the implementation of strategic investments in sectors that guarantee longstanding economic growth. With a focus on renewable energy and its potential to electrify and guarantee off-grid sources, the plan pivots upon 10 key projects, two of which focus on the energy sector. The first of its energy projects is a US$619 million commitment to Solar Homes Systems Project which aims to install solar home systems for up to five million households while serving 25 million individual Nigerians who are currently unconnected to the national grid. The second project is a ₦113 billion scheme that looks to advance the implementation of gas (CNG and LPG) in order to bridge the passage from fossil fuels to a cleaner source of energy. The plan aims to create 250,000 new jobs in the energy sector, empowering communities and stimulating the domestic manufacturing industry.&nbsp;



Thirty-seven million Micro, Small and Medium Enterprises in Nigeria contribute to 48% of the country’s GDP, the definitive confirmation of the role MSMEs play in stimulating Nigeria’s economy. With this in mind, the Economic Sustainability Plan has also incorporated a national MSME Survival Fund to provide support following the repercussions caused by the pandemic, while guaranteeing the ideal environment for independent ventures to flourish. &nbsp;



Nigeria’s response to the world’s environmental emergency combined with its drive for diversity, promotion of inclusion and commitment to poverty reduction, is both powering and empowering the nation. The Giant of Africa is taking huge strides along the path of sustainability to reach prosperity while harnessing health, opportunity and a new economic model for the world to admire.&nbsp;



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LAGOS-nigeria

Nigeria: The Giant Of Africa’s Huge Strides Towards Sustainability 

<blockquote class="wp-block-quote is-style-large">“The time has come to renew the founding values of our beautiful Ivory Coast, and to reunite&nbsp;Ivorians. Let us celebrate peace, without which there can be no development.” H.E.&nbsp;Alassane&nbsp;Ouattara, President of Côte d&#8217;Ivoire&nbsp;</blockquote>



Host to UNESCO sites such as the Biosphere Reserve, the&nbsp;Comoé&nbsp;National Park, the Grand&nbsp;Bassam&nbsp;historic town, the breathtakingly beautiful Mount&nbsp;Nimba&nbsp;Strict Natural Reserve and the richly bio diverse Tai National Park, Côte d&#8217;Ivoire is a nation&nbsp;brimming with&nbsp;&nbsp;variety&nbsp;in its&nbsp;beach resorts, rainforests and quirky architectural landmarks such as La&nbsp;Pyramide&nbsp;and St. Paul’s Cathedral.&nbsp;“Côte d&#8217;Ivoire&nbsp;is a tourist and business destination,” explains&nbsp;Daniel&nbsp;Karbownik, Regional Director West &amp; Central Africa, Accor. “Developing a&nbsp;tourist&nbsp;destination creates direct and indirect jobs and promotes&nbsp;economic development and prosperity of the country.”&nbsp;With a view to this, in 2018, the government launched its ‘Sublime Côte d&#8217;Ivoire’&nbsp;flagship tourism project. Due for completion in 2025, Sublime’s initial phase looks to transform the tourism landscape via a number of projects and schemes and the creation of 700,000 new jobs aimed at its youths.&nbsp;&nbsp;



The government’s&nbsp;National Development Plan&nbsp;2021-2025&nbsp;is intent&nbsp;in maintaining a stable socio-political environment while&nbsp;mobilising its domestic resources following the&nbsp;ramifications&nbsp;of the pandemic.&nbsp;It targets the private-sector&nbsp;investment&nbsp;and construction&nbsp;needed to spur productivity, advance diversification and inclusive growth while boosting job creation, in particular regarding the nation’s youth.&nbsp;With&nbsp;solid relations with international institutions and bilateral partners,&nbsp;Côte d’Ivoire&nbsp;is committed to making its&nbsp;business environment ever more attractive and&nbsp;its economy more competitive by relaxing&nbsp;economic policies&nbsp;in a bid to&nbsp;attract foreign companies and promote business creation, especially in the digital,&nbsp;information&nbsp;and&nbsp;technology sector.&nbsp;Paul-Harry&nbsp;Aithnard,&nbsp;CEO of&nbsp;Ecobank&nbsp;Côte d’Ivoire&nbsp;says, “The private sector&nbsp;is a&nbsp;driving force because all ideas&nbsp;not only&nbsp;come from the state but also come from the private sector.&nbsp;At&nbsp;Ecobank, we believe that digitisation and the digital economy make it possible to have an inclusive economy and that&nbsp;with technology we are capable of anything today.&nbsp;Technology allows for a true inclusive economy and true inclusive development.”&nbsp;



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Another important driver to the nation’s development,&nbsp;and indeed its economic backbone,&nbsp;is its natural resources,&nbsp;such as fossil fuels and ores and agriculture. The government has&nbsp;expanded its vision&nbsp;to the&nbsp;encompass the&nbsp;enormous&nbsp;potential&nbsp;inherent in the production of&nbsp;added-value&nbsp;solutions, thereby increasing its&nbsp;manufacturing and processing industries.&nbsp;With a focus upon Green Tourism and carbon neutrality,&nbsp;Côte d&#8217;Ivoire’s government is well aware of the importance of boosting sustainability and creating supply chains.&nbsp;Over the last two decades, the world’s largest cocoa bean producer and exporter, has&nbsp;expanded its range to the cultivation of cashew nuts with impressive results.&nbsp;As part of the government’s National Development Plan, the nation is now&nbsp;looking&nbsp;to process its crops&nbsp;so as&nbsp;to harness a new source of income&nbsp;and promote the&nbsp;‘Made in Côte d’Ivoire’&nbsp;label. “We have great agricultural potential in the country.” declares&nbsp;&nbsp;Issiaka&nbsp;Savane, Interim Administrator of UNACOOPEC-CI. “If we want&nbsp;a&nbsp;dynamic and strong growth, we must participate&nbsp;in the transformation of agricultural products.”&nbsp;



In 2014, the Ivorian government&nbsp;also&nbsp;implemented one of the most favourable mining codes on the continent, which introduced greater transparency, the extension of exploration permits to ten years, strengthened local development and enhanced mining investment, particularly in the gold sector. As a result, mining activities increased 43% in 2019, generating a revenue of US$1.3 billion and creating almost 55,000 jobs. To this effect, training the local workforce is critical to the continued growth of the mining sector.&nbsp;Abdoulaye&nbsp;Diallo, General Manager of SFTP Mining, is proud to be a part of this initiative that improves the lives of&nbsp;Ivorians.&nbsp;Diallo&nbsp;says, “SFTP mining operations are sustainable and provide a position between the communities and the stakeholders. We train the local community in order to have international standards skills.”&nbsp;



True confirmation of&nbsp;Côte d&#8217;Ivoire’s stable outlook and the promise of its strong economic development occurred when&nbsp;Fitch&nbsp;assigned&nbsp;Côte d&#8217;Ivoire with a&nbsp;BB rating&nbsp;in July 2021, forecasting&nbsp;GDP growth to average 6.2% in 2021-2022.&nbsp;Léonce&nbsp;Yace, Managing Director of NSIA&nbsp;Banque&nbsp;CI, believes the nation’s multiple achievements is due to a number of factors. “Côte d&#8217;Ivoire&nbsp;has&nbsp;a dynamic economic fabric, players, opportunities, well-trained young people and booming banking sector. The&nbsp;government&nbsp;is&nbsp;made up of experts and competent people who understand the issues well and who manage to take the initiatives that drive development under the leadership of His Excellency President&nbsp;Alassane&nbsp;Ouattara.&nbsp;Investors&nbsp;who come to Côte d’Ivoire&nbsp;will find a business hub where their&nbsp;interests&nbsp;will be&nbsp;preserved.”&nbsp;&nbsp;



A gateway to West Africa,&nbsp;Côte d’Ivoire is well positioned as a hub for international trade&nbsp;and a story of success as one of Africa’s most resilient economies promoting inclusive and sustainable growth within a peaceful environment. As&nbsp;Côte d’Ivoire’s record results guarantee its trajectory towards economic recovery, the nation is also firmly moving forward towards a new era of growth, opportunity and a bright and shining future.&nbsp;&nbsp;

Yamoussoukro

Côte d’Ivoire: Unlocking The Potential Within

<blockquote class="wp-block-quote is-style-large">“It is from this human capital that the genius of tomorrow will emerge capable of inventing solutions adapted to the equations of our own future. I ask them to become aware of their irreplaceable role in the construction of Africa, of its regional communities and of each of its States.” AU Chairperson, H.E. President Félix Antoine Tshisekedi of the Democratic Republic of Congo</blockquote>



Africa’s achievements throughout its history are indicative of the impenetrable spirit of the African people from all corners of the continent and beyond. Founded in 2002, the African Union is a continental body consisting of the 55 member states of the African continent with the main objectives of eliminating remaining remnants of colonization from the continent; promoting a unified Africa; coordinating socioeconomic development; safeguarding the territorial integrity of the Member States and promoting international cooperation. With these missions at the forefront of the AU’s development plans, the continent is approaching a future ripe with opportunity in the social, economic, political, and equality spheres.



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Since the establishment of the AU, Africa has been working collectively toward its potential in an ever-changing world economy. A large part of this journey is represented through Agenda 2063, Africa’s blueprint for economic development, and the African Continental Free Trade Area (AfCFTA) agreement, which will create the world’s largest free trade area and connect 1.3 billion people across 55 countries. These two monumental plans will further Africa’s collective economic development, regional integration, innovation, security, political and cultural influence across the world.



Agenda 2063 is designed to deliver sustainable development for Africa through wealth creation, collective progress, gender equality, opportunities for Africa’s youth, and a high standard of living for all. On the national level, many countries have developed similar visions that are catered to their local economies that still push forward Agenda 2063 and continue to transform Africa into an empowered world player. AU Chairperson, H.E. President Félix Antoine Tshisekedi of the Democratic Republic of Congo, recently emphasized the Agenda and its role in the rebirth of the continent and the potential it brings to Africa’s children. H.E. Tshisekedi says, “It is from this human capital that the genius of tomorrow will emerge capable of inventing solutions adapted to the equations of our own future. I ask them to become aware of their irreplaceable role in the construction of Africa, of its regional communities and of each of its States.&#8221;



In conjunction with the AU’s Agenda 2063, the AfCFTA agreement is accelerating intra-African trade, expanding Africa’s trading position in the global market, and strengthening Africa’s common voice. The AfCFTA will create a combined GDP of about US$3.4 trillion for the benefit of African nations, inspire a 7% increase in African income by 2035, create an increase in exports to US$560 billion, and increase wages that will lift millions of Africans out of poverty. Wamkele Keabetswe Mene, Secretary-General of the AfCFTA, adds, “The recovery from COVID- 19 will come from the implementation of the AfCFTA. We will work very aggressively to make sure that we implement the agreement to the best of our abilities. It will be difficult and challenging, but we owe it to millions of Africans who are expecting that, in these positions, we make a difference in their lives.”



Over the years, Africa’s historic steps in equality have set the global standard in gender inclusion. In 2018, Ethiopia proudly welcomed Sahle-Work Zewde, the country’s first female



president. This year on March 1, Nigerian-born Ngozi Okonjo-Iweala became the first female and first African Director-General of the World Trade Organisation in a monumental appointment that demonstrates to the world that Africa is more than prepared to lead the world economy. While we mourn the untimely passing of His Excellency President John Pombe Joseph Magufuli, Tanzania made history this year with the inauguration of Tanzania’s first female president, Her Excellency Samia Suluhu. These advancements in inequality are a signal to the collective African spirit and pursuit of the Africa that future generations deserve. H.E. Suluhu says, “If your children will be touched by the coming changes, you should understand that we have done so for the good of the country, and not otherwise.”



Other notable examples of gender inclusion and women empowerment are inspiring all and inciting change on national and local levels. In Nigeria, philanthropist and businesswoman Apostle Folorunso Alakija founded the Rose of Sharon Foundation, a non-profit, faith-based, non-governmental Organisation focused on easing the burdens of existence for widows and orphans. In Madagascar, Pure Vanilla is a female-run company founded by two sisters, Naomy and Rosemine Rasolofonirina, who understand the importance of highlighting the invaluable role that women play in the African and global economies. Naomy Rasolofonirina says, “Our company is 99% women, and in our context, where women are usually not that self-reliant, this is incredible. We want to achieve equal pay; our women are already paid over 50% more than they would be in other companies. We aim to continue to grow their salaries alongside the company’s own development. In this way, our women can be financially independent and programme their future as well as those of their children.”



Equipped with a young and skilled labour force to make the production hub for the world, Africa remains an important resource and is key to global economic progression. “We have a tremendous workforce that is going to be the base of the future of Mozambique,” explains José Parayanken, Founder and CEO of Mozambique Holdings Limited. The advent of the 4th Industrial Revolution presents numerous opportunities for Africa; investing in skilling her youthful population and leveraging home-grown and external technological advancements will position Africa on a sustainable development trajectory. H.R.H. Prince Lonkhokhela, CEO of the Eswatini National Provident Fund, says, “Africa is diversifying and can lead in sustainable development. Africa has the ability to look at what works elsewhere then fashion its own answers. It can openly embrace new technology and ideas, with no historical imprint from which to break free.”Through the strength of the African Union and the dedicated guidance of the continent’s leaders, Africa represents a beacon of possibilities that have emerged from perseverance, unity and African pride.

Business people putting their hands together

The Africa We Want, The Future We Deserve

<blockquote class="wp-block-quote is-style-large">“Let us rather see Africa not as a land of humanitarian emergencies and a recipient of public aid for development but as a continent on the build, a pole on the cusp of progress. Such is the Africa of roads and highways, of bridges and railways, an Africa of dams and power plants, of industrial parks and agricultural farms. We will realize this ambition not through aid but by massive and urgent investments in those sectors that bring growth and development” <cite>President Macky Sall</cite></blockquote>



Senegal has been described as one of the most welcoming, peaceful, tolerant and friendly countries on the continent, with the World Economic Forum ranking it sixth most welcoming country in the world. Driven by its philosophy of teranga, the Wolof word for hospitality, Senegal has focused on boosting trade and investment opportunities on the West African regional market while prioritising a consistent improvement of its business climate.



<figure class="wp-block-image size-large"><a href="https://cms.forbesafrica.com/wp-content/uploads/2021/07/FORBES-SENEGAL_2021_26pags_v09_online-1-1.pdf" target="_blank" rel="noopener"><img loading="lazy" decoding="async" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1.jpg" alt="" class="wp-image-51707" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1-150x150.jpg 150w" sizes="(max-width: 591px) 100vw, 591px" /></a><figcaption><a href="https://cms.forbesafrica.com/wp-content/uploads/2021/07/FORBES-SENEGAL_2021_26pags_v09_online-1-1.pdf" target="_blank" rel="noreferrer noopener">Download the report here</a></figcaption></figure>



<h3 class="wp-block-heading" id="h-plan-s-n-gal-mergent-pse">Plan Sénégal Émergent (PSE)</h3>



The nation’s high level of Foreign Direct Investments (FDI) is irrevocably linked to President Macky Sall’s Emerging Senegal Plan (Plan Sénégal Émergent, PSE) launched in 2014. The Plan aims to drive the national economy with a new impetus and direction, growing the GDP 8%, creating 600,000 formal jobs and becoming a middle-income nation by 2035. In order to do this, the PSE has focused on boosting four key sectors of its economy: agriculture, ICT, transport and energy. Indeed, regarding the latter, Senelec’s MD, Pape Mademba Biteye, states: “Senegal&#8217;s energy sector is currently a booming sector and is an essential engine for improving the country&#8217;s economic performance, as seen in the PSE.”



In April 2021, President Macky Sall launched a US$ 827 million youth employment scheme as part of the government’s emergency programme for the socioeconomic integration of the nation’s youths. Spread over a time period of three years, it includes initiatives such as: the recruitment of 5,000 youths in the education sector, recruitments in the road maintenance and paving sectors, 15,000 jobs for subsidised jobs through the state-employer agreement with the private sector, the injection of CFAF 15 billion into the agribusiness, the creation of 25,950 jobs as part of the National Agency for Integration and Agricultural Development (ANIDA)’s numerous projects, training of 30,000 young people and a further 40,000 youths targeted for vocational training, amongst others.



<h3 class="wp-block-heading" id="h-a-technological-hub">A Technological Hub</h3>



With Dakar placed amongst the top 10 digital cities in Africa with incubators for start-ups, Senegal is well placed to become a technological hub for the whole of West Africa as its business landscape flourishes under its digitalised telecommunications network. “If this is the century of Big Data, Africa is the place to be because we have a population that is mostly made of young people,” affirms Samba Bathily, Chairman of ADS Group. “It is up to us, the business people and government, to come together to prepare the ground for these innovators to innovate.” The government has also launched a plan to create 35,000 new jobs in the field of technology by 2025, with the nation’s youths and women playing a key role in driving the technological revolution.



In June 2021, President Macky Sall also announced governmental intention to move all government data and digital platforms from foreign servers to a new national data centre in a bid to strengthen digital sovereignty. The state-of-the-art data centre will be built in Senegal’s Digital Technology Park in the city of Diamniadio and will tap into global networks through an undersea cable and Senegal’s existent 6,000 kilometre fibre optic network.



<h3 class="wp-block-heading" id="h-a-regional-business-hub">A Regional Business Hub</h3>



Over recent years, Senegal has significantly invested in the upgrade of all of its transport infrastructure in order to further promote its potential as regional business hub for logistics, services and industries, providing Africa with the link to the rest of the world. With the Autonomous Port of Dakar at the crossroads of three key trade routes, Senegal serves major shipping lines as well as a transhipment centre for landlocked counties in West Africa. Major modernisation and extension plans are currently underway while a US$ 1 billion investment is developing a colossal new deep-water port at Ndayane. Alongside large-scale road construction and rehabilitation projects, Senegal is also looking into improving connectivity through rail with work on the Regional Express Train (TER) currently underhand. “This is the flagship project for the PSE and will connect the city centre of Dakar to the Blaise Diagne International Airport in 45 minutes,” explains Mountaga Sy, CEO of APIX. “This train will be operational at the end of 2021.”



<h3 class="wp-block-heading" id="h-economic-diversity-sustainability-and-inclusion">Economic Diversity, Sustainability And Inclusion</h3>



Senegal’s large range of economic drivers, including mining, renewable energy and agriculture, are of great attraction to investors and the PSE Priority Action Plan has identified a funding gap of US$ five billion spread across several diverse projects. “The private sector is pivotal for the industrial development of the country,” says Youssef Omaïs, CEO of Patisen. “We have gold, gas and oil, which will increase the purchasing power of our young population and contribute to our targeted growth.”



Senegal is a land of opportunity and abundance offering ideal living and working conditions, access to advanced technology, ease of doing business, modern infrastructure interlocked in an ambitious vision that has proved successful in unlatching economic transformation and growth while enhancing prosperity to both Senegal and West Africa. “I am convinced that the PSE will secure Senegal as one of the pillars of Africa,” declares Omar Cissé, CEO of InTouch. “It will be key to our operations, development and future.” There is no doubt that Senegal is a nation burgeoning with opportunity for all, while driving economic growth and development in the region.”

african-renaissance-monument-de-la-renaissance-africaine-senegal

FOCUS ON SENEGAL: Welcoming Opportunity And Promoting Emergence

Ghana is a prosperous nation whose economic outlook and stable democratic system is powering its way to becoming West Africa’s regional powerhouse. Guiding the nation’s progress and transformation is the nation’s twice-elected President Addo-Akufo and his long-term National Development Plan, a four-decade strategy devised to provide a comprehensive framework to Ghana’s medium-term economic plans which aims to lead the nation to becoming a high-income country by 2057, on its centennial anniversary since its independence. This new development scheme aims to drive industrialisation, diversification and an export-oriented economy and is modelled upon a scenario for the country to achieve a per capita income of over US$60,000 by 2057.



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2021/03/FORBES-GHANA_2021_60pags_v08.pdf" target="_blank" rel="noopener"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01.jpg" alt="" class="wp-image-50441" width="248" height="248" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01-80x80.jpg 80w" sizes="(max-width: 248px) 100vw, 248px" /></a><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2021/03/FORBES-GHANA_2021_60pags_v08.pdf">Download the full report here.</a></figcaption></figure></div>



Ghana’s growth trajectory is indeed promising and rooted on realistic ambitions; the country’s GDP has been on the rise since 2015, a trend which continued on into 2019, with an estimated 7.1% growth according to IMF figures. This noteworthy outcome has meant that Ghana is consistently placed amongst Africa’s ten fastest-growing economies. “Ghana is not only the best place for doing business in West Africa but it is also the fastest growing economy in the world according to the World Bank’s Ease of Doing Business Report 2019,” explains Hon. John-Peter Amewu, Minister of Energy and Petroleum. “The country has developed into an established business destination for investors seeking a conducive business environment, committed and progressive government-private sector participation, political stability, transparent regulations and a dynamic private sector ready for partnerships.”



Most of Ghana’s recent prodigious results have been due to its exceptional endowment of mineral and natural resources. Ghana’s oil production is expected to double over the next four years, peaking at a rate of over 400,000 barrels per day, while the country’s mining industry in a wide range of minerals such as gold, diamonds, manganese and bauxite accounts for 5% of the GDP. According to &nbsp;Solomon Asamoah, CEO of the Ghana Infrastructure Investment Fund (GIIF), it is “a country with huge growth potential and opportunities.” Industry accounts for 31.5% of its GDP and sits at the very core of Ghana’s governmental plans in its potential to transform the economy from one reliant on its resources to one driven by value-added exports. Key to this shift is President Akufo-Addo industrial agenda and his enterprising ‘One District, One Factory’ (1D1F) flagship initiative which aims to establish a factory in each of the nation’s 216 districts. The initiative has established a widespread network of factories across the nation, secured job creation for Ghana’s abundant and well-qualified human resource base and encouraged fair wealth distribution amongst its people. “In terms of industrial transformation we are looking at bringing together all these efforts in a way that brings about a massive transformation to the economy and puts Ghana onto the path towards growth and transformation in a way which leads to better jobs, livelihoods and overall development,” affirms Michael Ernest Ansah, CEO of Ghana Integrated Aluminium Development Corporation (GIADEC). While the 1D1F initiative has increased the nation’s capacity for self-sufficiency, its programme for Planting for Food and Jobs has remodelled the nation into becoming&nbsp; a net exporter of food. Ghana is developing industrial exports and high-value manufacturing and in order to decentralise development the government has created industrial zones across the nation, with the goal of opening a park in each of Ghana’s 10 regions.



<blockquote class="wp-block-quote">“The talents, energies, sense of enterprise and innovation of the Ghanaian can be harnessed to make Ghana the place where dreams come true.” <cite>President Akufo-Addo</cite></blockquote>



Ghana’s implementation of its national single window has also been key in the automation and consolidation of all trade processes through an e-payment system and single paperless system. According to the World Bank, Ghana’s service sector has proved to be the largest player in the economy and comprises 43% of its GDP while employing 48% of the population. The country also has one of the highest financial inclusion rates (58%) and mobile data penetration rates (88.8%) in the whole region. Policies such as the ‘ICT for Accelerated Development’ (ICT4AD) programme have also been launched in order to ensure a friendly regulatory environment for ICT businesses and the development of IT products, propelling Ghana towards becoming an information-rich knowledge based society. Digitalisation is playing a crucial role in driving Ghana’s transformation towards becoming a regional powerhouse while ensuring its youth are active participants. “One of the roles we play is bringing modernity through technology and increased interest from youth,” declares &nbsp;Tucci Goka Ivowi, CEO of GCX.



As global economies around the world pick themselves up and shake themselves free of the challenges imposed by the pandemic, Ghana continues to shine its light upon the continent and show itself to be the beacon of positivity, success and stability for sub-Saharan Africa that it is. President Akufo-Addo confirms this, going further to add: “I am of the firm conviction that this nation, the Black Star of Africa, is on the brink of a decisive step into a brighter future, which will deliver progress and prosperity to all the peoples of our country”

PHOTO-COVER-GHANA REPORT

Ghana: Blazing A Trail For Sub-Saharan Africa

<figure class="wp-block-pullquote"><blockquote>“This resilience of our economy is by no means accidental. It has been a deliberate focused effort by the NRM Government to build an independent, integrated and self-sustaining national economy, that is able to feed its people, generate the resources it&nbsp;&nbsp; needs, both human and financial, provide security to its people and their property and&nbsp;&nbsp; develop a prosperous nation.” <cite>H.E. Yoweri Museveni/President of Uganda</cite></blockquote></figure>



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/03/UGANDA-MPU-NEW-01.jpg" alt="" class="wp-image-50238" width="351" height="351" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/03/UGANDA-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/UGANDA-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/UGANDA-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/UGANDA-MPU-NEW-01-80x80.jpg 80w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/UGANDA-MPU-NEW-01-100x100.jpg 100w" sizes="(max-width: 351px) 100vw, 351px" /></figure>



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Following his visit to Uganda, Winston Churchill famously stated, “For magnificence, for variety of form and colour, for profusion of brilliant life – bird, insect, reptile, beast – for vast scale – Uganda is truly ‘the Pearl of Africa.’ Today, its unique land linked location at the heart of sub-Saharan Africa and its steady economic growth has further added to its shining potential. According to the UNCTAD’s 2020 World Investment Report, Uganda also happens to be one of the countries in East Africa to have attracted the most Foreign Direct Investment (FDI), reaching an unprecedented record of US$1.3 billion in 2019 (a stunning 20% increase from 2018), the result of developing construction, manufacturing and agriculture projects.



<h2 class="wp-block-heading" id="h-energy">Energy</h2>



Crucial to engaging FDI in Uganda is its focus in expanding major oil fields and in September 2020, a host government agreement was signed with Total for the lucrative East African Crude Oil Pipeline (EACOP) project. The US$3.5 billion 1,445 kilometre long pipeline will be the longest electrically heated oil export pipeline in the world and the FID is due to be signed during the first quarter of 2021. “The crude oil pipeline will cross 90 kilometres of Ugandan land and more than 100,000 kilometres of Tanzania land to reach the Tanzanian coast,” explains Pierre Jessua, Managing Director of Total CP Uganda. “It is a big landmark and it is the longest pipeline in the world and a big investment for both Tanzania and Uganda and also for the international oil companies who are going to be the shareholders. So, this project, along with the Tilenga and Kingfisher ones are going to develop the economy of both countries and produce indirect effects and jobs through the contractors and subcontractors.” The Minister of&nbsp; Energy and Mineral Development, Hon. Mary Goretti Kitutu, has disclosed that the project will create as many as 10,000 jobs and that proceeds will be invested back into the economy in order to promote and develop other key sectors such as infrastructure, education and health. “The FID related to the exploration of oil production is a big deal not only for Uganda but for the continent as well,” declares Mumba Kalifungwa, Managing Director of Absa. “A lot of work has gone into preparing the country to get to a certain point of production.” Proscovia Nabbanja, CEO of Uganda National Oil Company Ltd agrees, “The achievement of FID paves the way for a lot of things: number one, of course, is that &nbsp;it makes our crude hit the international market and gives visibility to our future refinery project.”



<h2 class="wp-block-heading" id="h-vision-2040-and-industrialisation">Vision 2040 and Industrialisation</h2>



Through the implementation of President Museveni’s Vision 2040 strategies and policies, Uganda transformational trajectory towards becoming a competitive upper middle income economy is on track. Ranked 10th best in the world in curbing the spread of COVID-19, H.E Museveni has buffered the blow by activating a focus on import-substitution in a bid to boost job creation, self-sufficiency and local skills. Indeed, in October 2020, President Museveni revealed that Uganda no longer needed to import buses into Uganda due to state enterprise, Kiira Motors Corporation’s (KMC), capacity to assemble and manufacture vehicles locally. “When we speak about securing the future we believe the strategy lies in industrialisation, mechanisation of agriculture to improve productivity and the automotive industry, as well as value addition such as agri-industrialisation,” states Paul Isaac Musasizi, CEO of KMC.



<h2 class="wp-block-heading" id="h-ict">ICT</h2>



ICT is Uganda’s fastest growing sector and contributes majorly to its GDP. Its Digital Uganda Vision promotes a unified programme for ICT development and provides an enabling environment for investment. In liberalising communication services and improving the legal and regulatory environment as well as rolling out high-standard ICT infrastructure, such as the national fibre optic network, the government has diligently worked towards expanding the nation’s digitalisation in&nbsp; a number of fields. “Uganda has updated the regulations on telco and fintech in 2019 and 2020, creating the framework and the foundation to attract new investments clarity, transparency and visibility,” states Wim Vanhelleputte, CEO of MTN Uganda. According to the Global National Cyber Security Index, Uganda was also ranked as the most secure cyberspace in Africa while the increased use of digital technologies, such as mobile money, during the COVID-19 lockdown displays how ICT is proving to be a key player in economic recovery and in boosting resilience.



<h2 class="wp-block-heading" id="h-tourism">Tourism</h2>



Home to 55% of the world’s gorilla population, 11% of its bird species and Africa’s largest lake, the chief reservoir of the Nile, Lake Victoria, Uganda is a high-value tourist destination. “The diversity of culture in Uganda is vast,” says Lilly Ajarova, CEO of the Uganda Tourism Board. “Uganda is still very pristine, a territory to discover and we have the best conservation laws in Africa, so although we are developing fast we are very cautious of the impact on the environment, 20% of tourism revenue is being provided to local communities.” Recently, the Uganda Airlines was also rehabilitated. With a fleet comprising of four Bombardier CRJ900 planes, Uganda Airlines has also recently acquired the Airbus A330-800 neo as part of its fleet for international long-haul flights. “It felt important to provide direct access and connectivity intra-Africa and with the rest of the world,” explains Cornwell Muleya, CEO of Uganda Airlines.



Opening up to the immense potential inherent within interregional trade as well as reining in its vast capacity to generate economic growth, Uganda has taken a grain of sand and produced a pearl that reflects hope, solidity, vast opportunity and a shiny bright future.&nbsp;

PHOTO-COVER-UGANDA REPORT

Focus on Uganda: Securing Long Lasting Lustre And Resilience To The Pearl Of Africa

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<h2 class="wp-block-heading" id="h-60th-anniversary-since-independence">60th anniversary since independence</h2>



On October 1st 2020, Nigeria celebrates its 60th anniversary since independence and, as it looks back at its triumphant journey to becoming Africa’s largest economy, it also looks positively ahead to the promise of increased prosperity and growth. “We have seen our challenges and learnt our lessons,” explains Adetokunbo Ogundeyin, GMD and CEO of Proforce Defence Limited. “We realised that if we do not work together as a team, there is no way that we can be a success story.” As His Excellency President Muhammadu Buhari has been re-elected for a second term, Nigeria finds itself on a path of unity and integrity, with the World Bank’s Doing Business 2020 index witnessing it make a breathtaking leap of 15 places. “Over the years, we have provided a very enabling environment,” affirms Alhaji Garba Abubakar, Registrar General of Corporate Affairs Commission (CAC). “We have made the process of registration easy, cheaper and accessible to everybody.” This has had the chain effect of providing foreign direct investment a reliable space in which it can comfortably unfold within the economy. “Nigeria is a credible investment destination for international investors and providers of FDI,” declares Alex Okoh, Director General and CEO of BPE. “As far as the investment destinations of Africa are concerned, Nigeria stands above all the other economies.” The AfCFTA will also open enormous opportunities for local and international investors. “The AfCFTA for me is a revolutionary decision of African leaders,” explains Adesola Adeduntan, CEO of First Bank. “Africa as a continent cannot develop without Nigeria. Roughly 20% of Africans are here. It&#8217;s a critical mass of people, with resources.” Indeed, opening trading borders will improve productivity, result in job creation and power Nigeria’s commitment to diversification.



<blockquote class="wp-block-quote">
“This year marks the 60th year of Independence of our country. It is a time of hope, optimism and fresh possibilities. We look forward as a nation to the opportunity to build on the foundations we have laid together on security, diversification of our economy and taking on the curse of corruption.” 
<cite>President Muhammadu Buhari</cite></blockquote>



As Africa’s largest oil exporter and home to the largest natural gas resources, Nigeria looks to boost its economy further by tapping into this great well of potential. Indeed, natural gas has the capacity to diversify and power industries and homes, create wealth and jobs and develop petrochemical industries. “Gas is a transition fuel for the whole world,” explains Mele Kolo Kyari, GMD of NNPC. “For our country, the quickest way to prosperity in industrial growth is through investment with gas. That will give us the cash we need to build the domestic market and allow the country to prosper.” The Ajaokuta-Kaduna-Kano (AKK) US$2.8 billion natural gas pipeline project is the single biggest gas pipeline project in Nigeria’s history and will boost domestic gas consumption, power generation and industrialisation by unlocking 2.2 billion cubic feet of gas to the domestic market while adding 3,600MW of power to the national grid.“We are very excited about AKK. Once the gas is here, we have plans to build more power stations and fertiliser production plants,” explains Nasir Ahmad El-Rufai, Governor of Kaduna State. “It will open up great opportunities for industrialisation and the provision of electricity that is necessary for development.” In December 2019, with a view to diversify its power input, Nigeria also allocated N61 billion for the Nigeria Electrification Roadmap developed in partnership with Siemens AG.



President Buhari’s bold policies has placed diversification at centre stage with Nigeria expanding its economic reach through investment and involvement in a number of different sectors such as mining, agriculture, ICT and banking. “I keep telling people that Nigeria is going to be a centre for solutions for the continent,” declares Habeeb Okunola, CEO of TILT Group of companies. “It is going to be a hub.” Indeed, the potential of Nigeria’s abundant untapped mineral reserves has led President Buhari’s administration to set a target for the mining sector to contribute 3% of the nation’s GDP by 2025. “Nigeria has invested N50 billion to generate mining data, which is beginning to generate interest, and we are seeing the results,” declares Hon. Olamilekan Adegbite, Ministry of Mines and Steel Development. The government has also provided numerous initiatives to add value to the entire chain within the agricultural sector. “From every angle you look at it, Nigerian economy is an agriculture economy,” claims Hon. Sabo Nanono, Federal Minister of Agriculture and Rural Development. “Agriculture employs about 70% of the population.”



The initiatives implemented blend sectors in a way that combine and evolve the sectors so that the next generation of young, tech-savvy entrepreneurs can become involved in the agriculture sector to create a better and sustainable future for Nigeria. &nbsp;With one of the fastest-growing population of youths in the world where the number of people aged between 18 and 40 years forms 65% of the Nigerian population, Nigeria’s youth population is indeed proving to be its most valuable asset. “Looking ahead, we shall consolidate on the gains in the agribusiness, capitalising on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology,” claims Oluwatomi Somefun, CEO and MD of Unity Bank Plc. “We have the talent in Nigeria,” affirms Kashifu Inuwa Abdullahi, Director General and CEO of National Information Technology Agency (NITDA). “We are building the infrastructure in terms of the digital infrastructure and the recent ratification of the African Continental Free Trade Area will open up the market. Nigeria&#8217;s startups will capture Africa.” The role women are playing is also shaping Nigeria’s future as they take on important leadership roles in the country. “I am conscious of the fact that my actions are not just limited to me “but affect the perception and opportunity of any young woman.” explains Hadiza Bala Usman, MD of NPA.



Diversification solidifies an economy, and this proves to be true as Nigeria has again surpassed South Africa as an economic power. “Nigeria is the biggest market on the continent,” declares Hon. Babtunde Raji Fashola, Minister of Works and Housing. “She is the diamond of the continent and the best kept secret from investors. Today, Africa’s diamond is not only celebrating its Diamond Jubilee but the consolidation of a legacy of hope and prosperity for all future generations.

PHOTO COVER NIGERIA 60TH ANNIVERSARY

Focus on Nigeria: Unravelling The Evolution And Progression Of Nigeria’s Economy On The Eve Of Its Diamond Jubilee

BY DANTE DI IULIO 



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Since 2015, the Tanzanian Fifth Phase Government, under reform-minded President Dr. John Pombe Magufuli, has set an ambitious industrialization agenda in pursuit of the goals articulated in its National Development Vision 2025. To achieve that, and in addition to focusing on industrial products, President Magufuli has emphasized the need for attracting foreign investments into the country to drive economic development while implementing the Vision 2025 to become a middle-income nation.



Despite the global COVID-19 pandemic, Tanzania has achieved its middle-income vision five years ahead of schedule. Tanzania achieved the status, with a GNI per capita of USD $1080 up from an average of USD $622 in the previous administration. &#8220;I congratulate all my compatriots on this historic achievement. We had envisaged to achieve this status by 2025 but with strong determination, this has been possible in 2020. God bless Tanzania,&#8221; Dr. Magufuli posted on Twitter when the World Bank had just announced the new status for Tanzania on 1st July, 2020. &nbsp;This development was markedly celebrated by authorities, patriots and the common citizens, an outpour of joy from its ambitious population following years of strong focus on delivery, hard work and determination.



<blockquote class="wp-block-quote">
I congratulate all my compatriots on this historic achievement. We had envisaged to achieve this status by 2025 but with strong determination, this has been possible in 2020. God bless Tanzania




<cite>President of Tanzania, Dr. John Pombe Magufuli </cite></blockquote>



According to the World Bank, Tanzania was among seven countries that moved to a higher category, the lower middle-income level, from the least developed category, demonstrating a definite step forward in the national development process. In five years, Magufuli doubled the national GDP twice to TZS 124.0 trillion (about USD $60 billion), up from an average of TZS 52.4 trillion (USD $25 billion) attained between 2005 and 2015. &nbsp;



<h2 class="wp-block-heading" id="h-middle-income-status-has-its-benefits">MIDDLE-INCOME STATUS HAS ITS BENEFITS</h2>



As a coastal economy bordering eight countries, six of which are nearly or completely land-locked, Tanzania is well situated to become a regional economic and transit hub. The country is endowed with&nbsp;rich renewable and non-renewable resources that can power not only its own economic transformation but that of its neighbours as well.



Tanzania’s transition into a lower middle-income status also boosts its credit worthiness, which will ultimately benefit a nation with such ambitious growth plans. The nation’s task ahead is to continue translating that middle-income status into the realities of the lives of the people, something President Magufuli is already doing by focusing on people-centered initiatives such as health, education, water and infrastructure reforms.



The entry into middle-income status was also good news for industrialists and the business community who were part of the success. Confederation of Tanzania Industries (CTI) Director of Policy and Advocacy, Akida Mnyenyelwa said:



&#8220;This means that our country&#8217;s credit worthiness will improve and industrial investors will get an opportunity to borrow externally. I believe more lenders will trust us, and Tanzania will attract more investors.&#8221;



<h2 class="wp-block-heading" id="h-projections-and-projects">PROJECTIONS AND PROJECTS</h2>



While this achievement has done wonders for international credibility, the global pandemic will still have an effect on the economy as many of its economic and development partners still grapple with Covid effect. Currently, the International Monetary Fund (IMF) and the Economist Intelligence Unit (EIU) both assert that Tanzania’s economic growth will slow down to 2% and 2.7% respectively but will rebound and trend upwards in proceeding years.



Tanzania’s projections are however optimistically higher to between 5.5% and slightly above 6% growth as it didn’t lock down most of its economy. The promising prospects are also supported by a growing services sector, planned public investments in infrastructure, staggering gold prices and a tourism sector that is returning to normalcy.



The Tanzanian sky is open with tourist chartered and non-chartered planes rerouting to the country’s unforgettable destinations such as the Kilimanjaro, the Serengeti, the Ngorongoro Crater and the Spice Islands of Zanzibar. Sky giants like Emirates, Fly Dubai, Qatar Air, KLM and Ethiopian airlines are flocking Dar es Salaam, Kilimanjaro and Zanzibar Airports.



During the apex of the Covid pandemic, Tanzania did not act carelessly rather they implemented significant health and other scientific measures plus local experience to curb it. Today, there cases are minimal and the country is close to being declared Covid-free, allowing its strategic economic projects to carry on.



Some major projects under the transformation-minded President Magufuli include the construction of the USD $2.9 billion Julius Nyerere Hydropower Project, Africa’s fourth largest dam, the construction of the first two lots of the USD $3.0 billion Standard Gauge Railway (SGR), East Africa’s longest and ultra-modern speed train lane, the expansion of the Dar es Salaam, Tanga and Mtwara ports and a new liquefied natural gas plant at Likong’o-Mchinga worth over USD $30 billion.



Tanzania is also partnering with neighbor Uganda to realize another remarkable dream; construction of the 1,443 USD $3.5 billion East Africa’s Crude Oil Pipeline plus a&nbsp;new electric railway line&nbsp;between Dar es Salaam and Dodoma, where a new international airport is being built.



<h2 class="wp-block-heading" id="h-mining-reforms-that-worked-well">MINING REFORMS THAT WORKED WELL</h2>



Mining is among the key sectors that have been touched by reforms which have contributed to the growth of Tanzania’s economy during Magufuli’s first term. The National Bureau of Statistics (NBS) showed that mining contributed 15.3% to the country’s GDP in the first quarter of 2020.



Ultimately, these reforms have benefitted small-scale miners, especially as a recent law enactment relieved them of the burden of paying the withholding tax of 5% and 18% VAT. Choosing to shift towards national small-scale miners, Magufuli withdrew licenses belonging to few non-performing investors to allow more than 5000 small-scale miners to gain access.



Magufuli also built a wall around Mirerani, the Tanzanite mining and marketing small town. The results in the growth of national gross mining revenues and personal earnings among small minors speak for themselves with gross national revenues from mining doubling in size. Of course, the tale of a small Tanzanite minor, Saniniyu Laizer, who became a multi-billionaire, speaks volumes on the Magufuli transformation effect in the sector.



<h2 class="wp-block-heading" id="h-closing-the-gap">CLOSING THE GAP</h2>



While other sectors are currently booming, Tanzania’s&nbsp;agriculture&nbsp;remains a weak spot. The agriculture sector which largely remains underdeveloped provides livelihoods directly to about 55% of the population. Three quarters of Tanzania’s poor subsist in agriculture, while a further 15% is indirectly related to the sector through value chain functions such as traders, transporters and processors.



President Magufuli has stated recently that the situation was caused by shortage of processing industries in Tanzania as is the case for the most of the African countries. Now, with a booming manufacturing sector, Tanzania will work to close the gap and help take the rural Tanzanian to the next level.



<h2 class="wp-block-heading" id="h-diversification-is-key">DIVERSIFICATION IS KEY</h2>



The home of the Serengeti and the Kilimanjaro, Tanzania continues on its path to become an African economic giant, partly due to its strategic location, diverse resources and political stability.



Its significant progress over the past half-decade can be directly attributed to its current leader, President John Pombe Magufuli, a scientist who turned into politics. His consolidation of several national resources combined with economic diversification has been the key to achieving his 2025 vision, five years ahead of planned schedule.&nbsp;



So far, during his tenure, Tanzania has become one of the top five gold producers in Africa. Manufacturing has gathered momentum after years of decline resulting now in the production of cement, textiles, ceramics, tools, and simple machinery.



The country has attracted about USD $1 billion in foreign direct investment (FDI) in the past five-years, specifically geared towards the manufacturing sector. Due to significant improvements in processing and the delivery of goods to countries like Burundi, Rwanda, Democratic Republic of Congo, Uganda and Zambia, Tanzanian ports became a relevant source of income.



As a result of expansion in these sectors, financial services, telecoms and construction have experienced impressive growth, coinciding with Dar Es Salaam becoming the largest city in Eastern Africa.



For its 55+ years, Tanzania has always been a peaceful country with a predilection for political stability. The Bulldozer, as Magufuli is affectionately known, has taken great strides and achieved much during his tenure. Up for re-election in October this year, the country’s goal will be to maintain and exceed its 2025 vision.



While the nation is certainly ahead of schedule in transforming from a&nbsp;quasi-socialist to a market economy, now is not the time to rest on laurels. Rather, Tanzania should choose Mt. Kilimanjaro as its point of reference and move unrelentingly until the country reaches the apex of the African economy.

5158d149-edc6-4829-95c7-a13dc0c7deb3-1

TANZANIA IS AHEAD OF SCHEDULE

Through the AfCFTA and their own Vision 2030 blueprint for economic enhancement, Egypt is preparing to emerge as a world leader in the global economy.



<blockquote class="wp-block-quote">
 “We have a lot of determination and we own a lot of capabilities and natural resources that can put us in the lead in the world.&#8221; 
<cite>H.E. Abdel Fattah President al-Sisi</cite></blockquote>



            As Egypt embraces the initiatives behind the African Continental Free Trade Area Agreement (AfCFTA) and H.E. Abdel Fattah President al-Sisi ‘s Vision 2030, the country is on track to completely revitalise its economic landscape. Vision 2030, Egypt’s blueprint for transforming the economy into a global powerhouse, is focused on specific pillars that are aimed at empowering sectors and enhancing the country’s potential through youth development, technology, ICT, urban development, industry and infrastructure. On Egypt’s efforts to become an economic world leader and its commitment to the AfCFTA agreement, H.E. President al-Sisi said, “We have a lot of determination and we own a lot of capabilities and natural resources that can put us in the lead in the world.” Vision 2030 seeks to take advantage of Egypt’s natural resources and its key geographical location in Africa to remove barriers to intra-African trade and increase the investments across the continent. Adherence to the agenda will improve connectivity to link the continent by rail, road, sea and air and will boost trade, spark growth and create jobs.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01.jpg" alt="" class="wp-image-46798" width="295" height="295" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-80x80.jpg 80w" sizes="(max-width: 295px) 100vw, 295px" /></figure>



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In order to realise these goals, Egypt must first prepare its most valuable asset: its people. Egypt has a growing young population, where about 62% of the population is under age 29. This creates near limitless opportunities as the country strives to penetrate new markets and develop its “Made in Egypt” brand. Not only that, but Egyptian youth are also unique in their worldview. The post-revolution generations in Egypt are empowered with visions to change the future of their country, and companies are meeting this passion with training opportunities and education. Mohamed Shalbaya, CEO of PepsiCo, says, “The DNA of Egyptians, especially after the revolution, is ‘I want to achieve something’. Once you give them the right education, the right training, they excel. In the past two, three years, we have had 33,000 training hours for employees, and that gives us the edge because once they train, they can excel. Generation Z wants to be entrepreneurs, and we help them with that.”



In addition to training, many initiatives to nurture ideas and invest in talent are in place, such as innovation centres and incubators for entrepreneurial growth. Hala El Gohary, CEO of ITIDA, says, “In 2013, ITIDA established TIEC: the Technology, Innovation and Entrepreneurship Centre. Its main mandate is to develop the entrepreneurship ecosystem by developing talent from the universities, giving them the basic education around how to create their own companies and to develop business plans.” Technology centres exploit the youth’s propensity for technology, creating opportunities to innovate business and penetrate new markets via the internet.



The TIEC also houses an incubator and an accelerator to help establish start-ups in the country. Gohary continues, “President al-Sisi launched a programme for capacity development for 10,000 African youth and 100 start-ups. ITIDA has been mandated to deliver this initiative. Last year, we worked with about 3,000 youth out of Africa and Egypt and we delivered 30 start-ups. The idea is to have these 3,000 make their own company, and some of them did. In the first year, we helped the most prominent start-ups showcase their products.” With a driven and dedicated youth that are ready to become entrepreneurs, Egypt’s future is in good hands.



Technology development and the ICT sector not only appeal to the capabilities of Egypt’s youth but have also proved to be invaluable in the country’s human capital development endeavour. Egypt has been working diligently toward innovation and digital infrastructure for the benefit of all. H.E. Amr Talaat, Minister of ICT, says, “What is driving the telecom growth are internet penetration, more fixed broadband and more households with a computer. As for the IT sector, that’s a transformation on which Egypt is embarking impressively.” H.E. Talaat continues, “We need to create an ecosystem that encourages innovation and entrepreneurship. We are inviting start-ups into ideation camps, matchmaking forums, creating innovation hubs across the campuses of universities so that students can form teams, aggregate their solutions and focus on specific goals.” A strong digital infrastructure opens many opportunities and plays an innovative role in the overall wellbeing of the African continent.



In terms of urban development and infrastructure enhancement, the Central Bank has launched an EGP 50 billion programme to aid real estate developers to finance housing units for middle-income families. As the sector influences other industries, supporting real estate development and the local industry is one of the government’s priorities. For the 2020/2021 fiscal year, Egyptian government investment expenditures have been increased from EGP 150 billion to EGP 230 billion to expand various development and service projects nationwide. The New Urban Communities Authority fiscal budget has also been increased, amplifying construction company expansion.



The goals of the AfCFTA and Egypt’s Vision 2030 is to empower African industries, accelerate intra-African trade via a continental geographic zone in order to boost the continent’s position in the global market. Overall, the initiatives seek to strengthen the common African voice in global trade negotiations, a position that is long overdue. The Minister of Industry and Trade, H.E. Naveen Gamea, says, “The AfCFTA is a big step towards the economic integration through the actual liberalisation of trade, as it achieves major strides in the rates of economic development, and regional and continental integration through the productive and commercial integration based on competitive edges and building value-added chains across the continent. Egypt is keen to achieve tangible results in the fields that can lead to the regional economic integration and development, connecting civilisations and cultures of the African countries and deepening the cooperation with the international partners, as well.”

Panorama of Cairo

Egypt’s Blueprint For A Better Tomorrow

On 21 March 2020, Namibia’s President Hage Gottfried Geingob was sworn in for his second term on the very same day the nation celebrated its 30 years of independence. Present at the celebration, a sure sign of Namibia’s peaceful and stable governance since independence, were the nation’s two prior presidents His Excellencies Dr Sam Nujoma and Dr Hifikepunye Pohamba, as well as the Presidents of Angola, Zimbabwe and Botswana. A grand and worthy augury for the future of continued progress, collaboration, growth and freedom for the nation.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01.jpg" alt="" class="wp-image-46801" width="308" height="308" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-80x80.jpg 80w" sizes="(max-width: 308px) 100vw, 308px" /></figure>



<a href="https://cms.forbesafrica.com/wp-content/uploads/2020/08/FA-2020-NAMIBIA-24pags-FORBES-vONLINE_00.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>



Indeed, under President Hage Gottfried Geingob’s guidance, Vision 2030, the nation’s long term plan for industrialisation, is taking a very defined shape. Aided by the complementary Harambee Prosperity Plan fast-tracking the nation’s development, Namibia’s fifth National Development Plan  (NDP5) highlights four pillars in order to target growth “In our development plan, we are trying to create an inclusive financial sector,” Hon. Carl-Hermann Gustav ‘Calle’ Schlettwein, Minister of Agriculture explains. An emphasis on education and a focus on SME development has been key to this inclusivity. “We allocate quite a few funds to our training programmes for SMEs,” states Baronice Hans, MD of Bank Windhoek. In recent years, Namibia’s Ministry of Education has highlighted the importance of vocational training. “At Letshego Bank, we are dedicated to improving livelihoods and promoting financial literacy initiatives,” claims Ester Kali, CEO of Letshego Bank. CEO of the Development Bank of Namibia, Martin Inkumbi details the Bank’s dedication in supporting the nation’s youth: “We have introduced a special lending product for targeting youth.”  This, combined with a dedication to improving ease of doing business has been crucial to growing Namibia’s industries. “We have very favourable tax laws as well as lots of incentives,” confirms Patty Karuaihe-Martin, CEO of NamibRe. Vetumbuavi Mungunda, CEO of Standard Bank concurs, “Namibia has the key pillars of stability that are imperative for any business. There is political stability, social stability, a strong rule of law and a good judicial system.”



<blockquote class="wp-block-quote">
“We will live with the concept of &#8216;unity in diversity&#8217; with diverse languages, cultures and religions. We live in harmony and celebrate each other with love. We welcome people from other countries with respect and care that is our valuable tradition as Namibians.” 
<cite>President Hage Gottfried Geingob’s inauguration speech, March 2020</cite></blockquote>



Namibia is also extremely well established within the global economy with excellent market access from an export point of view. It is a member of the Southern African Development Community (SADC) and the Southern African Customs Union and has preferential trade agreements with SADC, the Common Market for Eastern and Southern Africa (COMESA) and East African Community (EAC). With&nbsp; borders on Angola, Botswana, South Africa, Zimbabwe and Zambia, the role of transport and logistics in Namibia has also been key to its economic development. Strategically located half way down Namibia’s coast, Port Walvis Bay, Namibia’s largest commercial world-class deep-water port, provides the SADC region with the quickest and shortest route to Europe and North and South America and a gateway for export and import of goods by neighbouring countries. “The government has invested quite a lot of money to extend and put a container terminal in Walvis Bay so that this hub can handle more containers and enhance trade,” reveals Hon. John Mutorwa, Minister of Works and Transport.



Awarded top position for the best roads in Africa by the World Economic Forum (WEF) for several consecutive years, Namibia’s road network has also been key in its contribution to the economic growth of other SADC countries. “We have about 47,000 km of road network of which 9,000 is bitumen road. In addition to that, we have four transport corridors, which are mostly serving our neighbouring countries and, by implication, the rest of Africa,” confirms Conrad Lutombi, CEO of Roads Authority of Namibia. &nbsp;Namibia’s ICT instrastructure, ranked one of Africa’s best, provides a different sort of connectivity to neighbouring countries.&nbsp; “Telecom Namibia also provides data connectivity to neighbouring countries via the SAT3 and WACS submarine cables,” explains Armando Perny, Acting CEO of Telecom Namibia.



As part of Vision 2030, Namibia is also determined to promote its Blue Economy Strategy 2017-2022 which addresses the development of marine mining, tourism, port infrastructure and services in an ecologically sustainable manner. . “We have a very long coastline and a very large maritime area which has a lot of potential,” states Immanuel Mulunga, MD of NAMCOR. Currently, Namibia’s fisheries contributes to about 15 % of total exports and is the country’s second biggest export earner, after mining and the third largest contributor to GDP. Namibia is also world leader in recovering diamonds from the sea. “Namibia has been a diamond mining economy for a long time,” elaborates &nbsp;Tom Alweendo, Minister of Mines and Energy . “We are currently exploring the sea through the development of unique technology.” Indeed, in May 2019 Namibia pioneered a distinctive form of marine diamond recovery which is also highly environmentally sustainable.



Namibia has a long history in mining and is replete with several minerals. “Namibia is a big country with a low population and lots of natural resources. Name it and we have it: minerals, fisheries, tourism, natural resources,” concludes Reinhard Gärtner, CEO of Namibia Civil Aviation Authority (NCAA).Today, due to first-class infrastructure and the ease of doing business, it is the nation’s best performing economic sector through the production of diamonds, uranium, copper, magnesium, zinc, silver, gold, lead, semi-precious stones and has the potential to lead the way towards the Fourth Industrial Revolution. “The great potential the country has as far as mining and mineral resources are concerned is evident,” claims Mark Dawe, Country Manager of B2Gold Namibia. “Everything is about re-establishing a natural environment.”&nbsp;



Farming also supplies nearly two-thirds of the population with an income, undeniably highlighting the importance of agriculture for Namibia’s economy. Ian Collard, CEO of Namib Mills states: “Namibia is currently a net importer, so we grow our business based on import substitution.” In February 2020, Namibia became the first African country to export red meat to the United States with state-owned Meatco’s shipment to Philadelphia of 25 tonnes of beef. “We penetrate the most advanced markets, like the US and China because we have made serious investments in our infrastructure,” declares Mwilima Mushokabanji, CEO of MeatCo.



Namibia’s horizons are limitless and today provide nation and continent with the opportunity for expansion as its policies and strategies work to crack open the nation’s immense capacity for potential and possibility.

Focus on Namibia: The Vision Which Is Breaking Down Boundaries To Expand Namibia’s Infinite Horizons

<blockquote class="wp-block-quote">
The world is looking at us with a different perception. Madagascar has regained its notoriety on the international stage because we have a company project, we have a vision, we have dynamic and determined leaders
<cite> H.E. Andry Rajoelina, President of Madagascar</cite></blockquote>



<a href="https://cms.forbesafrica.com/wp-content/uploads/2020/05/FORBES-2020-MADAGASCAR_12_16PAGS_vOnline-Edition.pdf" target="_blank" rel="noreferrer noopener">Download full report here</a>



Madagascar is the fourth largest island in the world, making it larger than Spain, Thailand, Sweden and Germany, with a population of 26.2 million&#8211;more than Australia, the Netherlands and Greece. Thanks to its largely undisturbed ecosystems, Madagascar is also one of only 17 countries that is considered “megadiverse” by Conservation International. Overwhelming with natural beauty, flora and fauna, as well as natural resources, Madagascar is quickly coming onto the scene as an investment paradise.



&nbsp;Madagascar is poised to penetrate the investment landscape even further with the implementation of the Initiative for the Emergence of Madagascar (IEM). His Excellency President Andry Rajoelina has ignited a nationwide plan to improve 13 crucial sectors that will usher Madagascar into even more economic prosperity. Among the plan’s specifics are specialised attention to the island’s main industries, mining, tourism and agriculture, as well as measures to aid in the facilitation of foreign investment and job creation.



With all the unique biodiversity that the island has to offer, it is no surprise that tourism is a major industry in Madagascar. Not only does the country rank number one in Africa with 90% in biodiversity but Madagascar also boasts over 5,000 kilometres of maritime coasts and healthy oceans and registers about 280,000 annual tourists. As this number is steadily increasing, President Rajoelina and his administration have focused more attention to the tourism industry to spur the economy and create jobs. The annual tourism growth is 20% and offers over 640,000 jobs, about 11% of total employment and 13% of overall GDP. Madagascar’s natural beauty is an alluring asset to the economy.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The abundant natural resources in Madagascar make it a haven for many industries, especially the mining sector, offering great investment opportunities. Mining is an important economic sector, where small-scale and artisanal mining alone generates 1.5 million full-time and seasonal jobs for locals in the country, proving that the communities are one of the mining industry’s greatest assets. Conservation of Madagascar’s unique biodiversity is a top priority in the mining sector, as well. As a diversity hotspot, the sector works with local communities to define sustainable ways to make a living and harvest natural resources.



The Initiative for the Emergence of Madagascar also closely focuses on the energy sector as it moves forward. The IEM places new energy policies at the forefront of the administration as they seek an electricity access rate of 70% and further implement renewable energy resources through hydro, solar and wind power. The potential of Madagascar in terms of renewable energy has been detailed: it is immense. The future is headed toward an energy transition through a hybridisation strategy based on the locally and naturally available potential and a financially viable “pay as you go” system to overcome the difficulties in the short and medium-term.



The technology sectors of Madagascar are also expanding at an incredible rate. Madagascar now boasts the second-fastest internet service in Africa, which is a great asset for telecommunications companies such as NextHope. Tsilavo Ranarison, CEO of the company, speaks of Africa’s success and potential in the telecom sector: “The growth of Africa on the technological level is unavoidable. We will not stop innovating, just like any other company, so that we can be the best. We think that in the future we want to be a skill centre for the whole continent. We want to be a skill centre for IT expertise.”



In other sectors such as agriculture, Madagascar is the world leader and largest exporter of vanilla, and the sector holds immense opportunity for the potential investor. The agriculture sector represents 40% of GDP and 80% of jobs in the active population. The country is also leading in cocoa production, where Malagasy cocoa is considered to be of exceptional quality. The fertile landscape contains over 36,000,000 hectares of arable land and the favourable climate creates various agricultural and farming opportunities. In an effort to create jobs, nurture the agriculture industry and guarantee food security, the administration is focusing on a modernisation of the sector that uses innovative techniques while respecting the environment. This transformation of agriculture will only be possible with the professionalisation of the sector.



Not to mention, Madagascar exhibits incredible opportunity in the oil sector, as well, with the development of the Tsimiroro field. Madagascar Oil is dedicated to an expansion project which will contribute 100,000 barrels per day of oil production, increasing revenues by roughly US$2 billion per year. Russell Kelly, CEO of Madagascar Oil, says, “This will have a huge impact on the economy. Tsimiroro is one of the world&#8217;s largest oil developments at the current time. Future is looking very good. The resources are there. It&#8217;s only about getting them out of the ground and into the market. I see this emerging East Africa economy developing, and it makes sense for us to develop it and get our oil into East Africa, which is a huge market.”



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madagascar is a haven of investment opportunities with ample resources, strong sectors and a predominantly young population where 70% of the population is under the age of 25. Matthieu Mace, CEO of MVola, says, “Madagascar is a young country. Our human resources are good; Malagasy people are very resilient. We speak very good French, and people are very well educated. Under the guidance of President H.E Andry Rajoelina and the Initiative for the Emergence of Madagascar, the country is creating an attractive business environment. Various regulatory reforms and public investments in infrastructure, as well as significant public and private investments in infrastructure, such as roads, ports, airports, telecommunication and energy, have reduced the costs of doing business. Access to many markets and strategically located to facilitate trade agreements and the exportation of goods and services through international business. With the current extension of the port of Toamasina in the East and the construction of Port d’Ehoala in the South, Madagascar provides world-class facilities for transportation of goods. As a peaceful and stable country, Madagascar is welcoming to investors to energise an inclusive and sustainable economic transformation.

Antananarivo, Madagascar: skyline

FOCUS ON Madagascar: Emerging Into The Investment Landscape

“Let us provide the business community with the necessary tools to carry out their operations in a predictable, transparent and fair manner and let the private sector walk alongside us by taking a measure of responsibility for growing a prosperous, empowered and equitable society. Let the public-private sector alliance be built on good governance, transparency and accountability.” H.E. Pravind Kumar Jugnauth, Prime Minister of Mauritius



<figure class="wp-block-image size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2020/05/FA-2020-MAURITIUS-20pags-FORBES-vok-1.pdf"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00.jpg" alt="" class="wp-image-45249" width="281" height="281" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-80x80.jpg 80w" sizes="(max-width: 281px) 100vw, 281px" /></a><figcaption>Download the report <a href="https://www.forbesafrica.com/wp-content/uploads/2020/05/FA-2020-MAURITIUS-20pags-FORBES-vok-1.pdf">here</a>.</figcaption></figure>



Mauritius is a breathtakingly beautiful tropical island of 1.3 million inhabitants and an upper middle-income economy positioned in the Indian Ocean at a strategic converging point for Africa, Asia and Australia. “Mauritius is a gateway to Africa, and is one of the superior places in terms of establishing your services,” says Sanjiv Bhasin, Chief Executive Officer, AfrAsia. “The service industry can penetrate any economy from here.” The nation set out about reinventing itself after its independence in 1968, becoming not only one of the most stable democracies in Africa, but one whose prosperous diverse economy aims to achieve high-income status by 2025.



<blockquote class="wp-block-quote">“Let us provide the business community with the necessary tools to carry out their operations in a predictable, transparent and fair manner and let the private sector walk alongside us by taking a measure of responsibility for growing a prosperous, empowered and equitable society. Let the public-private sector alliance be built on good governance, transparency and accountability.” <cite>H.E. Pravind Kumar Jugnauth, Prime Minister of Mauritius</cite></blockquote>







With only half a century since its independence, Mauritius has come a long way due to the implementation of its diversification policies which have fortified its local economy. The accomplishment of its Sustainable Development Goals (SDGs) have played a key role. Using a social platform, the SDGs address youth unemployment, while implementing technology and innovation to push Mauritius to the next level, with a specific focus upon the protection of its marine and terrestrial ecosystems against climate change. Its aim is to be simultaneously a model of sustainability, a green destination and a fully fledged ocean economy. “With the help of the Mauritius Oceanographic Institute, we are currently working on wave energy,” states Deputy Prime Minister and Minister of Energy and Public Utilities, Hon. Ivan Leslie Collendavelloo, GCSK, SC. “We have launched a prototype, which is an entirely Mauritian concept, developed by five scientists of the Mauritius Oceanographic Institute; the technology is there.”  In January 2020, Mauritius implemented a fisheries and acquaculture reform programme in order to empower SMEs  while promoting acquaculture through PPPs. “The island aims to be sustainable,” states Sanjiv Bhasin, CEO of Afrasia Bank. “We are concentrating on how we can adapt sustainable technologies and methods to doing business and conducting business in the corporate way and carry that forward.”



Mauritius has understood the importance of focusing upon fostering a conducive business environment in order to strengthen the island’s position as leading investment destination. Mark van Beuningen, Chief Executive Officer of CIM Finance, affirms: “If you look at Mauritius as a base for growing a business in Africa, it has a very stable climate. It is very easy to do business here, there are very strong financial services regulations and the legal framework is very strong as well.” Mauritius ranked 13 out of 190 countries according to the Ease of Doing Business Report in 2019, while coming in absolute first in Africa in the World Bank Doing Business report for 2020 and the Ibrahim Index of African Governance. It is also amongst the top 30 countries in the world on a further eight indicators, as well as amongst the top 10 countries in terms of business facilitation for ‘Paying Taxes’ and ‘Dealing with construction permits.’ It appears clear that the rapid growth of its economy is no miracle but a result of perseverance and policy. “Mauritius is a country where investors over the years have seen that there is certainty and stability,” declares Ravin Dajee, Managing Director of Absa Mauritius. “Rule of law applies and we have educated and skilled talent, ready to add value.”



The government has set upon itself to take significant measures to support SMEs, including setting up a US$12 million SME fund, encouraging the ‘Made in Mauritius’ brand. Focusing upon the implementation of sustainable development programmes, Mauritius Commercial Bank (MCB) is an example of how the nation supports entrepreneurship and innovation in the country. “SMEs contribute about 40% of the country’s GDP, at MCB, we believe it can go up to 60%.,” declares Raoul Gufflet, Deputy Chief Executive Officer of MCB. “SMEs can be the framework of a parachute that can land Mauritius in this high-income country track. We are currently focusing upon manufacturing, biopharming, agriculture, waste management, recycling, and technology sectors.”



As a multiethnic, multi-religious, multicultural and multilingual nation, Mauritius is also the most liberalised country on the continent. In these uncertain times, it is also a robust model and example of the importance and strength of unity in diversity, never has its 50th anniversary slogan ‘Lame Dan Lame’ (meaning hand-in-hand) been so pertinent and crucial to its resilient development. Mohammed Shamshir Mukoon, General Manager of Central Electricity Board (CEB) agrees: “Our people are very versatile and we have structures available to satisfy all the different cultures we receive. We are very mixed ourselves, so, it&#8217;s easier for us to feel and welcome investors in the country and meet their expectations.” The key to Mauritius’ success appears to lie in its aptitude to inject innovation into its economic policies combined with a dose of pragmatism in its effective and efficient policies; an idyllic business landscape whereby global civilisations converge and prosper.

Opening picture

Focus on Mauritius: Promoting Sustainability Through Perseverance And Policy

<blockquote class="wp-block-quote"> “Foreign companies, especially oil prospects and development companies, have been in Nigeria for about two generations &#8211; 40 years and above and so on. So, they know the environment. They stayed that long. They continue to invest because they know the potential Nigeria has in oil and gas and the capacity of the people to learn and work hard.” H.E. Muhammadu Buhari, President of Nigeria </blockquote>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2020/04/FORBES-2020-NIGERIA_OIL_AND_GAS_32PAGS_online-version-with-Zenith-Bluecamel-Catamaran.pdf"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/03/NIGERIA_OG-MPU-NEW-00.jpg" alt="" class="wp-image-43339" width="259" height="259" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/03/NIGERIA_OG-MPU-NEW-00.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/03/NIGERIA_OG-MPU-NEW-00-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/03/NIGERIA_OG-MPU-NEW-00-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/03/NIGERIA_OG-MPU-NEW-00-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/03/NIGERIA_OG-MPU-NEW-00-80x80.jpg 80w" sizes="(max-width: 259px) 100vw, 259px" /></a><figcaption> <a href="https://www.forbesafrica.com/wp-content/uploads/2020/04/FORBES-2020-NIGERIA_OIL_AND_GAS_32PAGS_online-version-with-Zenith-Bluecamel-Catamaran.pdf">DOWNLOAD THE REPORT HERE</a></figcaption></figure></div>



With the recent re-election of
President Muhammadu Buhari,
Nigeria has secured an additional four years with an administration that is
dedicated to the nation in its efforts to continue its path toward bringing
Africa to the next level. With the largest population on the continent,
domestic demand in Nigeria continues to rise while resources and favourable
demographics are attracting the strong flow of FDI. As one of the leading
markets in the continent, investment possibilities in the country cannot be
overlooked. Improved macroeconomics, which are supported by recovering oil
prices and production, has ensured that Nigeria maintains the title of the
largest economy in Africa. This title is largely aided by Nigeria’s powerhouse
of GDP generation: oil and gas.



Nigeria has seen strong and steady
growth in the oil and gas sector over the past sixty years when petroleum was
officially discovered. To bring the reality of the oil and gas industry into
perspective, the first quarter of 2018 reported that sales of crude oil made up
76.3% of Nigeria’s export earnings, bringing in about US$11.7 billion. In the
same time span, processed oil products (e.g. condensates and lubricants) earned
an additional US$1.75 billion, which accounted for an additional 11.4% of the
total export earnings. In regard to contributing to the immense success of the
industry, Segun Adebutu, CEO of Petrolex says, “As integrated energy conglomerate with strategic
investments across the energy value chain, we are committed to building
communities, transforming lives and driving economic growth and development in
Nigeria.”



Driving economic growth and development is ultimately the central goal of His Excellency President Buhari’s administration. H.E. President Buhari says, “The administration is committed to responsibly managing our oil wealth endowments.” The administration’s commitment is further brought to life through a focus on infrastructure development. Nigeria currently has several on-going and upcoming gas projects in the works for the rapid development of the country’s energy sector. One such project is the 614km Ajaokuta-Kaduna-Kano (AKK) pipeline. The AKK pipeline is a continuation of infrastructure built for the domestic gas market. “The AKK pipeline is part of the Gas Master Plan,” says Emeka Okwuosa, CEO of Oilserv. “It is going to move 1.5 billion scf of gas a day and provide resources for power generation and other energy requirements. It is not only a development of the north; it is such for the entire country. So, this single project can transform the whole of Nigeria in terms of industrial capacity.”



The implementation of the AKK
pipeline will only further Nigeria’s potential in the industry, specifically by
monetising the incredible opportunity in the gas market. Focus on this type of
infrastructure is testament to how the current administration is embracing the
Gas Master Plan, which is poised to help Nigeria become the gas hub of West
Africa while improving the socio-economic development of the nation. Recently,
State Minister of Petroleum Resources, Hon. Chief Timipre Marlin Sylva has
declared 2020 as “the Year of Gas”, and this proves to be true as the country
makes moves to capitalise on gas and improve its local energy distribution.
With an extensive roadmap in place, the gas revolution is on the right track to
usher in Buhari’s vision for a next-level Nigeria. 



Reflecting this dedication to the
next level of the sector, Chief Tunde J. Afolabi, Chairman &amp; CEO of Amni,
speaks of the potential of gas in the country: “Given that Nigeria has three to four times more gas than
oil, companies such as ours should focus more on gas; in our discovery of gas
reserves we should look to harness and monetise the gas as we go along. The
government is making a requirement that when looking for oil, companies must
find a solution for the gas before they are allowed to produce oil.”
This mentality will inevitably evolve the prosperous sector toward new avenues
and make even greater use of the natural resource.&nbsp; 



While the oil and gas industry
continues to sustain further growth in forthcoming years, FDI remains crucial
for the sector and new investments keep being launched to make sure it
continues sustained growth and development. Tein T.S. Jack-Rich, Founder and
President of Belemaoil, says “Nigeria has been pretty predominant in the oil
business. Nigeria has great potential. We have the demographics to decide the
right economic framework.”&nbsp; Investment
opportunities range from upstream oil and gas production, such as deposits or
drill wells, or in downstream production that focuses on the post-production of
crude oil and natural gas activities, such as seen in refineries plant
production, or sales. Within any level of exploration, extraction or
production, the partnering opportunities are immense.



Under the guidance of H.E. President
Buhari’s administration and the Gas Master Plan, the oil and gas sector is
destined to spur economic growth and drive industrialisation with linkages to
other key sectors such as construction, ICT, power, railways and agriculture.
H.E. President Buhari is confident in the future of Nigeria, saying, “We have
laid the foundations for a strong, stable and prosperous country for the
majority of our people.” As such, the upcoming years are sure to prove that the
“Year of Gas” is, in reality, a new era for the industry, which will further
signal a new age for Nigerians by creating jobs, facilitating investment, and
offering greater access to electricity. While it is known that oil is a
constant, Nigeria is showing that gas will continue to play an increasingly
important role to ensure that the nation progresses forward towards the next
level.

shutterstock_1183969021

FOCUS ON NIGERIA: The Next Level For Africa

<blockquote class="wp-block-quote">“Gabon has the potential to pilot real innovation and redefine how governments and the private sector collaborate to create sustainable growth. We want to create the long-term potential for our people to innovate, to allow them to compete, not just with each other or with their neighbours on the African continent, but globally. I firmly believe that these ideas are the bedrock of a development model for the third millennium, a model that the entire world recognises as necessary.” His Excellency President Ali Bongo Ondimba</blockquote>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2020/02/FA-2020-GABON-Online.pdf"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2.jpg" alt="" class="wp-image-42796" width="225" height="225" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-80x80.jpg 80w" sizes="(max-width: 225px) 100vw, 225px" /></a><figcaption>DOWNLOAD THE REPORT HERE </figcaption></figure></div>



Gabon is one of
the top ten oil producers in sub-Saharan Africa. With current production rates
hovering around 200,000 bpd, the hydrocarbon sector has been a pillar of the
country’s economy for over five decades, and remains an unparalleled driver of
growth. However, since 2009, Gabon has been diligently focused upon
modernising, transforming and diversifying its economy through its implementation
of its Strategic Plan for an Emerging Gabon (PSGE), which, powered by
significant public and private investments, has seen strategic infrastructure
put into place. Recently, a US$350 million debt finance from the Emerging
Africa Infrastructure Fund (EAIF) was secured to develop new deep-sea
facilities at the Owendo port in the outskirts of Libreville. This will boost
the terminal’s general cargo capacity, doubling the port’s current capacity. Furthermore,
works are underway for the construction of a new international airport in
Libreville, with completion scheduled for 2022 and aims at serving as a major
regional hub, connecting Gabon and surrounding countries with the whole
continent, as well as UAE, China, India and the Americas. 



The PSGE relies
upon three major pillars to enhance diversification: Industrial Gabon, Green
Gabon, and Services Gabon.“We have embarked on a significant effort to
modernise and diversify the economy through the PSGE,” states Prime Minister
Julien NkogheBekale. “We intend to put Gabon on a sustainable path with the
establishment of these foundations for sustainable development.”



Industrial Gabon



Industrial
Gabon strives to diversify through local processing of the country’s resources
such as wood, mining and agriculture. Gabon has also established an open
investment climate for investors through the Special Economic Zones (SEZ) that
have been established in the country, such as the one in Nkok. The zone’s main
function is to develop various industries, most notably the wood processing
industry, to promote investment. SEZs offer a unique fiscal status providing a
stable and competitive economic climate for foreign investors and prospective
companies.“We have a one-stop shop here,” says Gabriel Ntougou, CEO of ANPI. “It
is the right time, the grounds are there. Gabon is a land of opportunity.” The
expansive acreage, modern port and tax breaks are attractive to foreign investors
and create favourable circumstances across all sectors. 



In terms of
mining, Gabon is seeing impressive growth as well. As the country focuses on
the plentiful resources of manganese and other minerals, there are
opportunities for mining support companies to provide heavy equipment to aid in
mining processes. Firms have also obtained exploration licenses for iron ore,
copper, gold and even diamonds. Gabon has also invested in the construction of
a hydroelectric barrier designed for supplying energy in two transformation
factories of manganese which generate 10% of the annual production. Moreover,
Gabon has reinforced the governance of its mining sectors, namely by the
revision of the Mining Code in order to change the business sector to attract
more investors. 



The forestry
industry especially is seeing huge industrial growth. Minister of Forests, Oceans, Environment and Climate
Change, Hon. Prof. Lee
White, says, “The fact that we banned the export of raw wood means that all
timber has to be transformed. We shifted from an exporting industry to a
transformation industry.” As a result, new opportunities are born for timber
processing companies. 



Green Gabon



With forests
covering &nbsp;87% of Gabon’s area, placing
conservation efforts is also at the forefront of the PSGE’s goals. The country
is attempting to increase the revenue of the forestry sector while keeping
practices environmentally sustainable and avoiding species destruction. The
sector creates 17,000 jobs and more than 60% of output&#8211;excluding oil. Hon. Prof.
Lee White says, “The vision is to increase the contribution of the forestry
sector to the Gabonese economy, yet preserving the forests. We have made a
commitment with the Paris agreement to reduce our CO2 emissions, and forests
play a critical role as an absorber of CO2. To achieve that ambition, we have
to give value to the forests.”



Services Gabon



Gabon is
building on the digital revolution as it becomes a high value-added services
centre. In the realm of the digital financial economy, Gabon utilises
technology to maintain one of the best rankings of financial inclusion in the
region. Nicholas Achiri Asangwe, Managing Director of Ecobank Gabon, explains,
“The widespread use of mobile phones means that Ecobank is empowering the
Gabonese to conduct their banking transactions from their mobiles wherever and
whenever they want. We are making banking accessible, convenient and affordable
to everyone in Gabon.” 



The success of
the PSGE and the diversification of the economy is a time of exciting transformation
and transition for the country. “Few countries match so many favourable assets
to investment,” claims Fabrice Bonatti, Director General of SOBRAGA.“We have a
stable legal and fiscal framework, an efficient banking system, and a growing
population with one of the highest GDP per capita on the continent.” These
advantages, coupled with the PSGE initiatives, provide Gabon with the promise
and the prospect of a prosperous and paradisiacal future.

Gabon

FOCUS ON GABON: The Emerging Eden of Africa

Shores near Djibouti port

FOCUS ON DJIBOUTI: Strengthening Africa’s Passage To Prosperity

<blockquote class="wp-block-quote"> “Our ocean is our most precious resource. We recognise not just its vast potential, but also the fragility of its ecosystems and the need to preserve it for future generations. The ocean is the beating blue heart of our planet.”<cite>President Danny Faure </cite></blockquote>



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Republic of Seychelles is endowed with extremely rich biodiversity both on land and in its oceans. After tourism, the fisheries sector employs 17% of the Seychelles population, making it the country’s most important industry. As a result, the country has become a pioneer in Blue Economy by recognising the immense importance of protecting earth’s greatest asset.



<div class="wp-block-image"><figure class="aligncenter"><a href="https://www.forbesafrica.com/wp-content/uploads/2019/11/FA-2019-SEYCHELLES-28pags-vOK.pdf" target="_blank" rel="noreferrer noopener"><img loading="lazy" decoding="async" width="591" height="591" src="https://www.forbesafrica.com/wp-content/uploads/2019/11/SEYCHELLES-MPU-NEW-00.jpg" alt="" class="wp-image-42261" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/11/SEYCHELLES-MPU-NEW-00.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2019/11/SEYCHELLES-MPU-NEW-00-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/11/SEYCHELLES-MPU-NEW-00-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/11/SEYCHELLES-MPU-NEW-00-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/11/SEYCHELLES-MPU-NEW-00-80x80.jpg 80w" sizes="(max-width: 591px) 100vw, 591px" /></a><figcaption>Download the report here</figcaption></figure></div>



This year, President Danny Faure of Seychelles gave an
opening speech at the Blue Economy conference in Mozambique. As a guest of
honour, President Faure focused on the benefits and importance of the world’s
nations coming together to achieve a collective and sustainable plan to
conserve the ocean and protect the future of the earth. President Faure said,
“Our ocean is our most precious resource. We recognise not just its vast
potential, but also the fragility of its ecosystems and the need to preserve it
for future generations. The ocean is the beating blue heart of our planet.”
Currently, the Blue Economy is backed by 36 countries and growing.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Economy is an economic
initiative that focuses on best practices for business while ensuring that
sectors promote safe and sustainable utilisation of ocean and marine resources.
The result is economic growth, job creation and improved living conditions while
simultaneously protecting the health of the ocean and all relative marine
ecosystems. Blue Economy permeates every sector in Seychelles, creating an
entire economy that is dedicated toward protecting the ocean. This isn’t just a
relevant problem for an island country like Seychelles, this initiative has
inspired countries all over the world to implement better practices that have
positive effects for the environment. Amb. Barry J.J. Faure, Secretary of State
of Foreign Affairs and of the Blue Economy, states, “Blue Economy is the key:
not only for island states and coastal states but for states that have
waterways.” 



In their goal to conserve the environment, Seychelles has
introduced a new financial tool to raise capital from impact investors to finance
marine and ocean-based projects that have positive environmental, economic and
climate benefits: the blue bond. Vice President of Seychelles, Vincent Meriton,
says, “The blue bond is one of the world’s most innovative financial
instruments in recent years. The bond, which raised USD$15 million from
international investors, demonstrates the potential for countries to harness
capital markets for financing the Blue Economy.” The blue bond has helped the
Seychelles’ government save over USD$8 million in interest charges over the
next ten years. Meriton continues, “Mobilising private finance is a major
achievement, one that could be replicated in other African nations, allowing
them to protect their environment while restructuring and transforming their
economy.” 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Economy has an impact on
almost every sector: fisheries, agriculture, renewable and tidal energy,
pharmaceutical, petroleum and gas. In the tourism sector, maintenance of
Seychelles’ oceans and beautiful beaches helps the Seychelles Tourism Board
promote the country as a welcoming and exotic getaway for travellers.
Construction and infrastructure sectors are adhering to Blue Economy, as well,
where they implement eco-friendly practices in their projects. The financial
sector has a large hand in Blue Economy with the blue bond, but also in the
implementation of the Agriculture Development Fund, the Fisheries Development
Fund and the Green Climate Development Fund, which work further to conserve
these industries and ensure that they thrive. The message that these sectors
are sending is that even the smallest sustainable efforts have impacted the
country in a great way. As Johan Van Schalkwyk, Managing Director of Absa has
stated, “If we start creating opportunities for us to add more value from what
we reap in the ocean, it is an incredible thing for local ventures.” For
example, a local business that cleans seaweed from the beaches not only keeps
the shores pleasant for tourists but converts the collected seaweed into
fertiliser for the agriculture industry, impacting multiple sectors at once.
This is just one example of how dedication to Blue Economy can impact the
economy in a positive way. 



In addition, Seychelles has become an ideal place for
research, not only in the sense of exploring the ocean and its riches but as an
experimental market. Telecom company Airtel is one such example, arriving in
Seychelles for its first geographic expansion, implementing the country’s
submarine cable project. The Seychelles East Africa Submarine (SEAS) cable project
consisted in the establishment of the first submarine fibre optic cable for
international connections from Seychelles to the African continent. After much
success in this project, Airtel is now present in several African countries. 



In a small country such as Seychelles, movements toward
ocean conservation and sustainable development of sectors can have quick and
positive results for the economy of the country. Seychelles continues to be an
island getaway for tourists from all over the world, and it is obvious that
Seychelles is leading by example with Blue Economy. They have positioned
themselves as pioneers of Blue Economy, demonstrating to the world that
sustainable development is not just a dream&#8211;it can be a reality.

SEYCHELLESCOVER_PROMO

FOCUS ON Seychelles: Pioneers In Protecting The Beating Blue Heart Of The Planet

<blockquote>
“Kenya has the largest, most diverse economy in East and Central Africa, serving as the regional hub for logistics and air transportation, financial services, ICT innovations, and international media coverage. We have a clear vision for economic development. Our focus is on implementing more business-friendly policies and reforms to reduce investment costs and enhance the sector’s global competitiveness.” &#8211; President Kenyatta
</blockquote>


<figure class="wp-block-image"><img loading="lazy" decoding="async" width="591" height="591" src="https://www.forbesafrica.com/wp-content/uploads/2019/10/KENYA-MPU-NEW-00.jpg" alt="" class="wp-image-42037" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/10/KENYA-MPU-NEW-00.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2019/10/KENYA-MPU-NEW-00-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/10/KENYA-MPU-NEW-00-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/10/KENYA-MPU-NEW-00-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/10/KENYA-MPU-NEW-00-80x80.jpg 80w" sizes="(max-width: 591px) 100vw, 591px" /><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/10/FA-2019-KENYA-Penresa.digital.pdf">Download the report here</a></figcaption></figure>



Kenya is known as one of the most innovative countries
in Africa with the strongest and most reliable internet connectivity in the
continent thanks to the undersea cables that connect Kenyans to the world wide
web. The country has shown exceptional economic progress in recent years, even
jumping ahead an incredible 56 positions on the ease of doing business index in
2018, placing them at number 61. The Kenyan people are strong, dedicated, and
eager to use their talents and assets to create a new future as a middle-income
country. This goal has been spearheaded by the plans established by President
Uhuru Kenyatta’s administration. The Vision 2030 Plan and Big Four Agenda are
the keys to propelling Kenya forward for years to come. The Big Four Agenda,
which is focused on four major pillars of economic development: Food Security,
Affordable Housing, Manufacturing and Universal Healthcare, is the secret
weapon to developing key sectors and causing a ripple effect through the entire
economy. Through the implementation of this plan, Kenya will soon be a world
leader in numerous sectors, as evident from their current success in utilising
their ICT advantage in developing existing industries to create a better life
for all. 



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
administration is dedicated to capitalising on Kenya’s diverse economy in order
to develop the economy. President Kenyatta says, “Kenya has the largest, most
diverse economy in East and Central Africa, serving as the regional hub for
logistics and air transportation, financial services, ICT innovations, and
international media coverage. We have a clear vision for economic development.
Our focus is on implementing more business-friendly policies and reforms to
reduce investment costs and enhance the sector’s global competitiveness.”
Paving the way for foreign direct investment is another key factor to
facilitate the country’s growth. FDI in the past has been positive, especially
with the amount of inclusivity and the influx of Internet start-ups that Kenya
has seen in recent years.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEACOM
has established an economically viable and reliable fibre broadband access,
which has given life to many sectors so that they may grow, expand and
modernise. Access to stable Internet has been a crucial addition for Kenya and
many East African businesses. Tonny Tugee, Managing Director of SEACOM, says,
“Our ambition was always to better equip African companies with
high-performance Internet so that they can harness its potential for growth,
with positive effects for local economies.” 



The greatest
asset of strong and reliable Internet access is the connectivity and
inclusivity it brings to users across the country. This tool has already been
embraced by companies such as Absa Group member Barclays Bank of Kenya. Jeremy
Awori, Managing Director and CEO of Barclay’s Bank, states, “Technology allows
you to meet customer needs and improve customer experience more efficiently and
cost-effectively. It enhances your control and provides you with data that
enables you to take more efficient decisions.” These decisions have been made
to ensure financial inclusion for all Kenyan citizens as the country goes
fiercely in the direction of its inevitable bright future.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The growth of the economy opens the door for other sectors to enjoy Kenya&#8217;s achievements as well, just as public-private partnerships in the country are helping to develop sectors such as energy, education, healthcare, transport and infrastructure. Judith Nyakawa, Director of Public-Private Partnerships Unit, says, “We are enablers in the President’s Big Four Agenda. We contribute to improvements in the road, health, and infrastructure sectors. As a unit, we are continuously looking for alternative ways to raise funds so that government development budget can be used to meet other needs.” These initiatives are creating a closer and more inclusive sense of community among Kenyas, connecting them and providing better access to roads, transportation, healthcare and insurance, among other needs. 



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
fulfilment of these needs will lead to a successful and driven population, but
also to more opportunities in other sectors such as agri-business;
manufacturing; financial services; ICT; tourism; and transport and logistics.
To foster the rapid and favourable growth of these sectors, Afreximbank has
invested in Kenya and developed plans to support its companies. Afreximbank is
the most prominent pan-African multinational financial institution committed to
financing and advancing intra- and extra-African trade. The heart of their plan
lies in the Fund for Export Development in Africa (FEDA) which will provide
seed capital to African companies to help them expand and grow in the thriving
economy. In a briefing, Afreximbank said, “The bank’s location in Nairobi will
create more job opportunities for the youth and generate business opportunities
for entrepreneurs to venture into. Afreximbank has already become a significant
player in Kenya’s economy, having financed deals close to 300 million U.S.
dollars.” 



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
progress that Kenya is continuing to enjoy is a chain reaction of dedication
from its people, administration and sectors who see a bright future in store
for the country. The Vision 2030 has brought successful results since its
implementation in 2008 and the momentum is not stopping anytime soon. The
country’s sectors are energised and ready to expand through the improvement of
public infrastructure, even stronger ICT, and financial inclusion for all. The
Big Four Agenda will use the country’s strengths and tools to ensure Food
Security, create more Affordable Housing, enhance Manufacturing and provide
Universal Healthcare for all, skyrocketing Kenya into a middle-income country.

COVER-KENYA

FOCUS ON KENYA: A Chain Reaction Of Investment And Economic Growth

<blockquote>
“As a source of creativity and vitality, our diversity blends harmoniously with our desire to live together, to lay the groundwork for our constant quest for the consolidation of our country’s unity.” &#8211; President Paul Biya
</blockquote>


Many consider Cameroon to be a source of life for Africa due
to its size, connectivity, advantageous position and accessible coastline. It
serves as an entryway for other landlocked countries and its ports position
Cameroon’s economy in a rising trend, registering 4.2% annual growth, with
estimations that it will reach 5% in 2020. Much of Cameroon’s economic growth
is due to its diversity, and under the guidance of President Paul Biya and PM
Joseph Dion Ngute, Cameroon is dedicated to solidifying its role as a major
economic player by improving its infrastructure, finance, energy, and ICT
sectors, among others. These positive changes are set to create new
opportunities for investment and improve the country’s rating in the ease of
doing business index.&nbsp; 



<figure class="wp-block-image"><a href="https://www.forbesafrica.com/wp-content/uploads/2019/09/FA-2019-CAMEROON-digital.pdf"><img loading="lazy" decoding="async" width="481" height="481" src="https://www.forbesafrica.com/wp-content/uploads/2019/09/image006.jpg" alt="" class="wp-image-41884" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/09/image006.jpg 481w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/image006-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/image006-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/image006-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/image006-80x80.jpg 80w" sizes="(max-width: 481px) 100vw, 481px" /><figcaption>Download the Report</figcaption></a></figure>



In the infrastructure sector, Cameroon is working towards
improving its foundations on which they can build the future. The port sector
is building new and modernising its ports to enhance trade, exports and
transportation. For example, the Kribi port is a new port that is designed to
ease the flow of traffic from the current ports that experience high volume. As
the younger port in Cameroon, the port is also well located in the centre of
Africa, making it a prime location for new investment opportunities. “It is one
of the deepest [ports] in the area of the Gulf of Guinea, and our
infrastructure and equipment are very modern,” says Patrice Melom, General
Manager of the Port Authority of Kribi.



Additionally, the infrastructure and tourism sectors are
combining forces with the establishment of new routes for Cameroon’s airline,
Camair-Co. As the airline expands from domestic to inter-regional and
intercontinental flights, the economy of Cameroon will enjoy a large influx of
Forex to boost the economy. Not to mention, Cameroon’s new Japoma Sports
Complex project, will aid Cameroon greatly as they host the 2021 African Cup of
Nations, an event that is destined to show visitors from all over the world
just what Cameroon has to offer. Additionally, this stadium will continue to
help the country prosper, boosting other sectors.Tufan Sercan, Regional
Director of Yenigün Construction Company, says, “Japoma will re- ally be a nice
complex, it should certainly attract real estate.”



As the country advances in infrastructure and tourism, the energy sector is ready to handle the influx of persons visiting. To begin, Cameroon is investing in clean energy as a means to eliminate reliance on imported fuels. Universal access to energy is at the top of the Cameroonian government’s agenda. Not only is the sector working towards enhancing its electricity sector, they are also exploring natural gas options that will make the country more self-sufficient. Not to mention, the country has a wealth of renewable sources of energy, such as hydro, solar, geothermal, biomass and wind energy. The successful implementation of Lom Pangar dam has allowed Cameroon to decrease its dependence on thermal power plants. The plant guarantees less cost and pollution, not to mention an additional 700 GWh of hydroelectric generation, almost twice that of a thermal power station that runs on heavy fuel oil. Dr Theodore Nsangou states, “These efforts are why the World Bank cites the Lom Pangar Project as a successful model of hydropower development.” 



In today’s world, finance and ICT are closely related. As the coverage of internet access throughout the country has exploded from 4.3% in 2013 to 43.6% in 2018, more Cameroonians are connected now than ever. Taking that into consideration, the financial sector is digitising its services to make sure that financial inclusion is a thing of the past. Ecobank, for example, recognises that digitalisation is one of the biggest changes the Cameroonian financial sector is experiencing today, and they see it as an opportunity to strengthen its role as the digital leader of the market. “With our services, clients can send money to anybody anywhere there is an Ecobank,” says Gwendoline Nzo-Nguty Abunaw, Managing Director of Ecobank.



There is an old proverb that states, “There lies a lion in every heart.” As Cameroon is one of the hearts of Africa, we can see that this proverb holds true for the potential of the country and its unique place in Africa. Through preparations of infrastructure, which lead directly into aiding the tourism sector and motivate other sectors such as energy, ICT and finance, it is clear that Cameroon is preparing for a prosperous future that will allow the lion’s roar to be heard from all over the world.

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FOCUS ON CAMEROON: The Heart Of Africa Unleashing Its Potential From Within

In the past, Ethiopia has been called the Cradle of Mankind, but today it seems Ethiopia is a guiding light for change, shining over all of Africa. 



As new Prime Minister Abiy Ahmed has made incredible moves in gender equality and inclusion with his gender balanced cabinet and appointment of the country’s first female President, Mrs Sahle-Work Zewde, there is also movement to transform Ethiopia into a middle-income nation through the Growth and Transformation Plan by 2025. 



<figure class="wp-block-image"> <a href="https://www.forbesafrica.com/wp-content/uploads/2019/09/FA-2019-ETHIOPIA-36pags-FORBES-vok_FORBES_Sept2019lr.pdf" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)"><img loading="lazy" decoding="async" width="591" height="591" src="https://www.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover.jpg" alt="" class="wp-image-41784" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/09/ethiopia-cover-80x80.jpg 80w" sizes="(max-width: 591px) 100vw, 591px" /><figcaption> Download the special report here</a> </figcaption></figure>



Needless to say, the people of Ethiopia have a renewed hope in what the future has in store.



In 2017, Ethiopia’s GDP expanded by 10.9% and is expected to grow by 8.5%, positioning Ethiopia as one of the fastest growing countries in the world and as a result, it is primed and ready to transform through Foreign Direct Investment. 



As part of the GTP II, Ethiopia is focused on streamlining investment in all sectors and enhancing the economy through the implementation of industrial parks, which will become key players in the country’s future. Ambassador to the United States, Mr Fitsum Arega says, “Industrial parks are enhancing the telecom, service, manufacturing and agriculture sectors by bringing potential for export growth, technology and skills transfer. 



Even more, they create a sustainable business environment, linking local workers to the processing of their products and greatly increasing the ease of investment.” The parks not only make foreign investment easier, but they ensure that the local markets and farmers continue to thrive. 



Many of the new changes and advancements in the country are facilitated by technology, which can be implemented in all sectors, from agriculture to transport. Hon. Oumer Hussen, Minister of Agriculture states, “Farmers always rely on the market. In industrial parks, there is a demand-driven approach for our farmers. That produces a big economic impact and guides them to using modernised techniques.” 



Technological adaptation in the agriculture sector is especially important as 85% of Ethiopia’s workforce are farmers. Hon. Getahun Mekuria, Minister of Innovation and Technology, states, “In the upcoming two years, at least 2-5% of Ethiopia’s GDP should come from technological value addition. We have planned different strategies: one is value addition to agricultural products such as coffee, as well as e-commerce. Another strategy our Ministry is pursuing is embarking on technological products such as drones. We could employ them to transport cargo, medical and pharmaceutical supplies to rural areas.” 



The technology sector is full of opportunity and Ethiopia has a vibrant young workforce to lead it. 



Alongside technology, the telecom industry also has its sights set on the future. The sector has experienced incredible progress in recent years and now has plans for nationwide 4G mobile service, as it strives toward 5G. 



Frehiwot Tamru, CEO of Ethio Telecom, states, “Telecommunication has a significant social, cultural and economic impact on modern society. It is fundamental for the economic development of any nation. I believe that the telecom market reform is to bring about economic growth of the country.” 



Hon. Getahun Mekuria, Minister of Innovation and Technology, adds, “As a government, we see [the telecom sector] as a very good environment for creating jobs and wealth because it will unleash the power of the service industry. The GDP coming from technology will be huge.”



&nbsp;The transportation sector also plays a prominent role in the Growth and Transformation Plan. Tewolde Gebremariam, CEO of Ethiopian Airlines, says “Our ever-expanding freight transport fleet facilitates the export of goods, which has led Ethiopia to stand next to Kenya in horticulture export.” 



Other transportation entities, such as the Maritime Authority, are working toward impacting exports, as well. Hon. Dagmawit Moges, Minister of Transport, says, “Lower logistics costs would make our exports more competitive on a global market. The cost of imported items, on the other hand, would decrease, enhancing our country’s purchasing capacity.” 



These advancements in infrastructure will enhance the country’s ability to transport product from farms to markets and beyond. Hon. Jantirar Abay Yigzaw, Minister of Urban Development and Housing, says, “With the construction sector booming, we are planning a number of new projects, like the Grand Ethiopian Renaissance Dam. 



The first railway line connecting Djibouti to Addis is already operational. The construction sector constitutes a notable portion of Ethiopia’s GDP, and the government is committed to increase funding for infrastructure.”



From every direction, Ethiopia is exceeding expectations, strengthening their economy, and breaking boundaries in its improvement of the country, whether that be through its commitment to social change, gender inclusion, or advancements in technology, agriculture or infrastructure. It seems that the Growth and Transformation Plan of 2025 is not just a plan. Becoming a middle-income nation is a certainty. 



&#8211; Matthew Scott Rose

Penresa

FOCUS ON ETHIOPIA: How The Cradle Of Mankind Is Fearlessly Leading By Example

Under the guidance of President John Pombe Joseph Magufuli, Tanzania is scheduled to become a middle income nation by 2025. The Development Vision 2025 is focused on creating peace and stability, freedom from corruption, investment in the education of the Tanzanian people and a competitive and sustainable economy. The key to Magufuli’s Vision is industrialisation. “There is no economy in the world that can thrive without industrialisation and we are just beginning,” states Mr Subhash Patel, Chairman of the Motisun Group. Magufuli’s Vision of an industrialised nation is well underway.



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2019/06/tz.png" alt="" class="wp-image-40875" width="481" height="638" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/06/tz.png 588w, https://cms.forbesafrica.com/wp-content/uploads/2019/06/tz-300x398.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/06/tz-226x300.png 226w" sizes="(max-width: 481px) 100vw, 481px" /><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/06/PENRESA_FORBES-TANZANIA_2019-40pags-vok.pdf">Download the special </a><a href="https://www.forbesafrica.com/wp-content/uploads/2019/07/PENRESA_FORBES-TANZANIA_2019-40pags-vok_FORBES_Plus.pdf">report </a><a href="https://www.forbesafrica.com/wp-content/uploads/2019/06/PENRESA_FORBES-TANZANIA_2019-40pags-vok.pdf">here</a></figcaption></figure>



The
construction of Tanzania’s US$14.2 billion Standard Gauge Railway, stretching
2,561 kilometres connecting Dar es Salaam port to its land-locked neighbours,
is an infrastructure project that will enhance trade opportunities for
Tanzania. “Projects such as the SGR could help lower transport costs and
improve economic activity from a reduction of production and operational costs,
lower cost of consumer goods and increased transit of goods passing through
Tanzania to landlocked countries,” says Faraj Abri, director of ASAS. This will
increase relationships with East African countries and strengthen all economies
of the region.



<blockquote class="wp-block-quote"> “As a country, our vision is clear. My administration is determined to make sure that Tanzania achieves its development aspiration of being a middle-income country by 2025 as stated in the National Development Vision. I insist to my government officials and the people that our Vision can be achieved with close collaboration of the public and private sector. As you have seen, I am pioneering the undertaking of major reforms to create more favorable investment environment to ensure that private sector drives our future growth.” <cite> H. E. President John Pombe Joseph Magufuli </cite></blockquote>



The
Tanzania Port Authority is working toward this same agenda with the
construction of the Dar es Salaam Maritime Gateway Project (DMGP), which “will
support the financing of crucial investments in the Port with the aim of
improving its effectiveness and efficiency for the benefit of the public and
private stakeholders,” says Eng. Deusdedit C.V Kakoko, Director General of TPA.
In conjunction with the DMGP, TICTS is working to expand the additional
capacity that will be needed at Tanzania’s ports. Chief Executive Officer,
Jared Zerbe, states: “The assistance and cooperation received from the
government of Tanzania, TPA and our customers using the port have been the
source of growth.” 



In
addition to opening new doors for local and international trade, Tanzania has
signed a groundbreaking contract with Egypt to build a new 2,115 MW
hydroelectric power station. In an effort to decrease reliance on fossil fuels,
the Rufiji Hydro Plant will be the largest in East Africa and is invaluable to
Tanzania’s transformation. “The national target for the energy sector is to
make sure that we reach 5,000 MW by 2020 and at least 10,000 by 2025.
Construction on the 2,115 MW Rufiji Hydro Power Plant Project has just begun
and this will greatly help us meet our target,” says, Hon. Medard Kalemani,
Tanzania’s Minister of Energy.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accessible and reliable energy sources will aid the
Finance and ICT sectors in their dedication to the Vision 2025 to create
financial inclusion and reliable communication services for the Tanzanian
people. As the economy of Tanzania inevitably improves, a system must be in
place for its people to benefit from it. Abdulmajid Mussa Nsekela, Managing
Director of CRDB Bank states, “In line with the financial inclusion framework,
we have developed a digitalisation strategy roadmap, which is aimed at ensuring
all Tanzanians and residents have proximity to affordable superior financial
services.” Other banking entities such as Stanbic approach inclusivity in a way
that allows ease of use and convenience. Kenrick Cockerill, CEO of Stanbic Bank
Tanzania says, “We have an ecosystem approach to our clients, which means we
like to bank entire communities and not just individual clients, which enables
us to offer more seamless transactability across all the players in the
ecosystems and value chains that we are supporting.“



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial inclusion is made even more possible through
mobile money transactions, which rely upon a stable telecom sector in order to
function effectively. TCRA works to ensure access to reliable, affordable and
secure communication services for Tanzanians and foreign investors alike.
“Ninety-four percent of the population is now covered by mobile networks,” says
Eng. Kilaba. These coverage and technological goals are shared with Tigo, the
fastest growing telecom company in Tanzania. Managing Director Simon Karikari
says, “We pride ourselves in being committed to Tanzania as a country. We have
been here for 25 years and our determination is for long term growth and
potential of this country. We continue to invest in the latest technology such
as 4G+ because we believe data is the future.”



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With this level of investment in the infrastructure,
communication, technology, energy, and finance sectors, the Vision 2025 is on
schedule to become a reality, placing Tanzania on the map as a middle income
country, and surely as the guiding light for other African nations to follow
their example.

image1

FOCUS ON TANZANIA: Investing In The Future: Tanzania’s Blueprint To Become A Middle Income Nation

“The Kingdom of Eswatini
continues to use its resources and capabilities to expand investment
opportunities for both foreign and local business, as part of our national
strategy for socio-economic growth. We spare no effort in our drive to access
and secure international markets for our products as we see this to be a
crucial link to the global economy.” His Majesty King Mswati III



<a href="https://www.forbesafrica.com/wp-content/uploads/2019/03/PENRESA_FORBES-2018-ESWATINI-COVER-v13.pdf"></a>


<figure class="wp-block-image"><a href="https://www.forbesafrica.com/wp-content/uploads/2019/04/FA-2018-ESWATINI-32pags-FORBES-ONLINE-VERSION-vok.pdf"><img loading="lazy" decoding="async" class="alignnone wp-image-39919" src="https://www.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1.jpeg" alt="" width="480" height="480" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1.jpeg 480w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-300x300.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-100x100.jpeg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-150x150.jpeg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/03/ESWATINI-MPU-NEW1-80x80.jpeg 80w" sizes="(max-width: 480px) 100vw, 480px" /></a>
<figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/04/FA-2018-ESWATINI-32pags-FORBES-ONLINE-VERSION-vok.pdf">Download the report </a></figcaption>
</figure>


On April 19, 2018,
Eswatini celebrated its golden jubilee since independence, and King Mswati
III’s 50th birthday, with the King’s announcement that the nation
would be adopting its pre-colonial name. In doing so, he confirmed the nation’s
commitment to a new beginning; a mission previously kick-started by his 2017-2022
Vision focusing on making Eswatini a first world nation by driving ICT,
tourism, agri-processing, manufacturing, energy and mining sectors. In alignment
with the spirit of the Vision and in an unprecedented fashion, a new prime
minister was then appointed a few months later, via a three-day People’s
Parliament, Sibaya. Prime Minister, Ambrose Dlamini’s private sector mindset has
been key in providing the appropriate shift required by the NDP and in putting
together a new cabinet whose policies and reforms are driven by the provision
of an innovative enabling business environment for investors and SMEs. “The
private sector prioritises efficiency. Fifty percent of the assets under our
supervision are going to provide the environment to attract FDI,” states
Sandile Dlamini, CEO of Financial Services Regulator Authority (FSRA). &nbsp;New legislations have since been set up to
ensure rapid company registration and trading licences through e-platforms. “We
have the basic economic infrastructure needed to attract international
investment,” elaborates Dumisani J. Msibi, Group Managing Director of Fincorp.



Initiatives to spur the
growth of ICT have been crucial in leading the way to rapid economic growth. “We
need to invest in ICT, because it is going to be the engine for social-economic
growth and key to growing national GDP,” explains Petrus Dlamini, MD of EPTC. The
banking sector has partnered with fintechs to upgrade expertise and innovation.
“The banking sector is a catalyst and big contributor to the GDP,” adds Fikele
Nkosi, Nedbank’s MD. 



Eswatini’s E240 million
Royal Science and Technology Park was conceived and launched with the aim of
providing a location for governments, universities and private companies to
collaborate in advancing innovation, development and commercialisation of
technology through a one stop facility. “Using technology to enable people to
do business is the future of the industry,” asserts CEO of Standard Bank,
Mvuseleo Fakudze.



Opportunities abound within
Eswatini, with trade and touristical routes literally pushing Eswatini’s
boundaries via railway tracks, the King Mswati III International Airport and
new highways. Hon. Ndwandwe, Minister of Public Works and Transport elaborates:
“Considering Eswatini’s land-locked status and strategic location between
Mozambique and South Africa, the transport sector plays a pivotal role in
ensuring accessibility and efficient movement of goods and services within the
region, strengthening a regional logistics-hub position for the country.” Huge
investments have been made to connect Eswatini to Mozambique and South Africa.
“Geographically, we have an advantage, because to the south of this country you
have one of the biggest cargo ports in Africa,” explains Stephenson Ngubane,
CEO of Eswatini Railways. &nbsp;On the other
hand, major construction company, Inyatsi, is currently building a strategic
highway connecting South Africa through to Mozambique via Eswatini’s airport.
“Infrastructure drives the growth in any country and Eswatini has always been
on the forefront of road development,” declares Group CEO of Inyatsi, Tommy
Strydom. 



Also crucial to national
growth and development is the government’s prioritisation of its energy sector,
aiming to be power sufficient by 2034 by harnessing the nation’s vast resources
for renewable&nbsp; energy, such as biomass,
bagasse, hydropower, solar and wind. CEO of Eswatini’s Energy Regulatory
Authority (ESERA), Vusumizi N. Mkhumane confirms: “We want to improve our power
producer base, having a more cost-effective power delivery.”



As the nation’s largest
industry and fourth-largest sugar producer on the continent, sugar cane grew
735,000 tonnes of sugar in 2017/18 alone. In order to support and sustain its
sugar belt, and other crops, the government has implemented climate adaptive initiatives:
Komati Downstream Development Project (KDDP), Lower Usuthu Smallholder
Irrigation Project (LUSIP), as well as LUSIP II which will enlarge available
irrigated farmland for local smallholders. Samson Sithole, CEO of ESWADE
states: “We have the opportunity at ESWADE to move people from traditional
agriculture to commercial agriculture; we want them to produce and to feed the
world.”



Key to the nation’s
ability to fulfil its vision is its highly educated population, and its
commitment to progress and ancient customs. But ultimately, according to Prime
Minister Dlamini, “peace and stability is the main glue that holds us together
as a nation and has allowed business to flourish.”

LEN_7013-EDIT_web

FOCUS ON ESWATINI: A Global Fortress of Innovation and Tradition

Zambia is boosting
economic transformation in order to fulfil its Vision 2030 target of becoming a
middle-income nation. Through its Seventh National Development Plan, the five-year
plan currently underway (2017-2021), it aims at building a strong and
diversified economy through the implementation of growth reforms and fiscal
consolidation, with an in-depth focus on private sector investment in
infrastructure and agricultural development. “The prospects of going forward
are huge,” states Dr Denny H.Kalyalya, Governor of the Bank of Zambia. “For an
investor looking for good returns, a peaceful and liberal environment, Zambia
is the place to be.” 



<figure class="wp-block-image"><a href="https://www.forbesafrica.com/wp-content/uploads/2019/02/FA-2018-ZAMBIA-28pags-FORBES-vok-DIGITAL.pdf"><img loading="lazy" decoding="async" width="960" height="960" src="https://www.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP.jpeg" alt="" class="wp-image-39218" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP.jpeg 960w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-300x300.jpeg 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-100x100.jpeg 100w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-600x600.jpeg 600w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-150x150.jpeg 150w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-768x768.jpeg 768w, https://cms.forbesafrica.com/wp-content/uploads/2019/02/CABECERA-FORBES-PENRESA-ZAMBIA-CROP-80x80.jpeg 80w" sizes="(max-width: 960px) 100vw, 960px" /></a><figcaption>Download the report for free from <a href="https://www.forbesafrica.com/wp-content/uploads/2019/02/FA-2018-ZAMBIA-28pags-FORBES-vok-DIGITAL.pdf">here</a>.</figcaption></figure>



<blockquote class="wp-block-quote">“By 2030, we want to see a Zambia where every citizen has access to safe clean water, food, decent housing, electricity, quality education and health services and decent jobs. In pursuit of this vision, we need to transform into a smart Zambia.” <cite> President Edgar Chagwa Lungu </cite></blockquote>



Infrastructure and ICT



‘Smart Zambia’ sees ICT as
a key driver of socio-economic development and an essential tool to achieving
Vision 2030’s goal. In 2018, the government launched a US$280 million project
will add 1,009 communication towers to the hundreds already built and boost
mobile penetration rates to 94%. “We believe it’s an enabler of business and
commerce. We want to make sure that our service provision is on the back of
ICT,” clarifies Hon. Brian Mushimba, Minister of Transportation and
Communications. Support for technology is also strong in e-government, with an
agenda aimed at modernising and automating payment and revenue collection
processes. “The government agenda to come up with smart cities is going to help
create demand for the ICT sector and is going to transform the culture of the
nation in ICT,” declares Hai Telecommunications Managing Director, Samson
Longwe. 



The Green Revolution



President Lungu’s ‘green
revolution’ is key to driving Zambia’s economy, contributing approximately 70%
to its GDP and 10% to its economic growth. “This creates a lot of employment
for our women and the youth,” affirms Michael Katambo, Minister Of Agriculture.
“For production to be enhanced, the government is targeting all farmers and
trying to get them to access financial institutions, so that they can access
loans and buy small-mechanised equipment.” In an attempt to liberalise
production of staple crops, including rice, millet and cassava, Zambia is also
offering zero corporate tax for the initial five years from the first year
profits that are made in the agricultural sector.



Building Electrical Alternatives



Hydropower constitutes 95%
of the nation’s total power supply, however Zambia is intent on increasing the
diversification of its energy sources to make its energy markets more
competitive. “Ideally, we want to be the net exporter of electricity because as
a landlinked country, it’s easy for us to import and export electricity,”
claims Hon. Matthew Nkhuwa, Minister of Energy. “We want to build
interconnectors for our neighbouring countries, so in the event that there may
be a shortage, power can be tapped from alternative grids.” In late 2018,
Zambia and Angola signed a US$5 billion deal to construct an oil pipeline that
will pass through the two countries. 



Geo-Location



On top of all this,
Zambia’s breathtakingly beautiful and alluring geo-location has the enormous
potential to become, according to Hon. Charles Banda, Minister of Tourism and
Arts, “ one of the top five destinations in the world.” Managing Director of
Zambia Airports Corporation Limited, Fumu Mondoloka confirms: “We are
conveniently positioned to be the aviation and tourism hub we want to be.” 



Industrialisation and Diversification



Key to Zambia’s path to
macro-economic and peaceful stability is the nation’s industrial agenda.
Privatisation and strong mineral prices have boosted the country’s mining
activities over the past few years and the government has consequently invested
heavily in building its private sector and other industries. “It is vital to
structure an effective fiscal regime for the mining sector to ensure that
Zambians benefit from the mineral wealth our country is blessed with,”
emphasises Zambia’s Minister of Finance, Hon. Margaret Mhango Mwanakatwe.
Furthermore, US$21.7 million have been invested in various Multi Facility
Economic Zones and Industrial Parks in the country in order to create a
platform for Zambia’s economic development by attracting FDI through robust
policy and incentives, emphasising industrialisation and diversification. Zambia’s
promoter of trade and investment, Zambia Development Agency (ZDA), recorded
US$3.9 billion of projected investment in 2018 in a number of sectors of the
economy with a focus on diversification. Hon. Dora Siliya,&nbsp; Minister of Information states: “I think
diversification opens up whole new opportunities in tourism, agriculture, ICT
and the energy sector.” There is no doubt that Zambia is in the process of unlocking
its enormous potential to become a regional hub in a number of sectors. As Vice
President, Hon. Inonge Mutukwa Wina affirms: “To business people and investors
alike, the certainty of peace, tranquillity and unity in diversity are
combinations that make Zambia stand out in the eyes of the commercial world.”

Explore-incredible-Lusaka_original

FOCUS ON ZAMBIA: A Beacon Of Peace And Macro-Economical Stability For Africa

&nbsp;“Commitment to the national
constructive dialogue has enabled meaningful progress towards the settlement of
differences and building an effective, lasting and sustainable peace which
provides the necessary environment for the strengthening of national unity,
reconciliation and resumption of the country’s economic growth.” President
Filipe Nyusi



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="554" height="728" src="https://www.forbesafrica.com/wp-content/uploads/2019/01/Cover.png" alt="" class="wp-image-38668" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/01/Cover.png 554w, https://cms.forbesafrica.com/wp-content/uploads/2019/01/Cover-300x394.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/01/Cover-228x300.png 228w" sizes="(max-width: 554px) 100vw, 554px" /><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2019/01/PENRESA_FORBES-2018-OK_OK_OK-web.pdf">Download the full report here</a></figcaption></figure>



Mozambique’s economy is on
the rebound; within the first half of 2018, it grew at the rate of 3.2%, inducing
declines in interest rates and the stabilisation of its currency. “The&nbsp; medium-and long-term prospects for the
Mozambican economy are excellent,” states Dr Rogério Zandamela, Governor of the
Bank of Mozambique. “We have already calibrated our instruments to ensure
macroeconomic and financial system stability to provide greater predictability
to economic agents in their decisions to save and invest.” The International Monetary Fund (IMF) has also stated
that in 2019, the Mozambican economy could grow between 4% and 4.7% (higher
than the 3.5% forecast for 2018). The main reasons for this are the
government’s focus on peace, as well as its relaxation of monetary policy and
fiscal consolidation resulting in improved ease of doing business. 



Hydrocarbon research and
production underway in the north of Mozambique are also key to the nation’s
transformation and growth. The recent discovery of enormous reserves of
hydrocarbons is set to position Mozambique as one of the world’s leading
liquefied natural gas (LNG) exporters. The Mozambique LNG Project is Mozambique’s first ever
onshore LNG development and, according to Omar Mithá, Chairman and CEO of ENH,
“is an integrated project: upstream and mainstream, two trains, with a 5.6
million capacity each to produce 12 million tonnes per annum.” The Project will
also initially supply volumes of approximately 100 million cubic feet per day
of natural gas for domestic use in Mozambique, and is expected to have a future
expansion of up to 50 million tonnes per annum. “Our major goal is then to
construct both the offshore developments and the two onshore LNG processing
trains and associated facilities safely, on time and on budget,” explains Steve
Wilson, Anadarko’s Vice President &amp; Country Manager. The South Coral
Project and the Rovuma LNG Project is the first project in the development of
the (approximately) 450 billion cubic metres of gas in Rovuma Basin’s Area 4.
The Plan of Development foresees the drilling and completion of six subsea
wells and the construction of the FLNG.&nbsp; It
is also the first Project Finance ever arranged in the world for a liquefaction
floater. Alessandro Nanotti, General Manager Upstream of Mozambique Rovuma
Venture S.p.A., explains; “The insurance on the project is the largest ever
done on the whole value of the vessel, in which partners will invest seven
billion dollars. The project-financing is the largest ever ensured in Africa
and we believe that we will contribute to the economic recovery of the
country.” 



Abundant natural resource
wealth and the nation’s fertile, arable land, has placed Mozambique on the
foreign direct investment (FDI) map. “Mozambique has vast unexploited mineral resources,
large areas of arable land with ample ground water, 2400 kilometres of
coastline with underexploited marine resources and pristine beaches as
potential leisure destinations,” explains Jose Parayanken, President of
Mozambique Holdings Limited. Mozambique’s
Economic and Social Plan (PES) 2019, reveals that the nation’s commitment to
diversification and inclusive growth will ensure strong performances in mining,
fisheries and agricultural sectors. Its potential in energy generation though
renewables and EDM’s introduction of new technologies aims to electrify the
whole nation by 2025, while improved exchange control, local content law and
Nacala Logistics Corridor are encouraging domestic production, generating jobs
and enhancing income potential. MD
Ramesh, President and Head of Olam in south and east Africa, states: “We are
trying to ensure that farming communities do well and create wealth for
themselves so that they can decide how they can use that wealth.” 



With a favourable trading
environment and current investment in infrastructure, Mozambique is ready to
live up to its full potential at last. “Mozambique has competitive advantages
in terms of position, resources and our people are very determined and work
hard,” declares Samuel Samo Gudo, President of Escopil. “We are now building
strong government institutions which is making Mozambique more sustainable in
the long-run.”

FOCUS ON MOZAMBIQUE: A Nation Ready For Equitable and Sustainable Take-Off

The following report is published in association with Penresa
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<blockquote>“We are focused on forming our citizens so they can activate their strengths in any part of the world. Having public servants in international organisations and competing with other countries, that is the wealth of a nation. We have to go beyond borders and show others the abilities that we have.” President Teodoro Obiang Nguema Mbasogo</blockquote>
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On 12 October 2018, Equatorial Guinea celebrates its Golden Jubilee since independence; this will provide the nation with the occasion to catch its breath and look back at the incredible milestones achieved during its rapid journey towards modernisation and in becoming a reference point for Africa. Nestled into the western corner of the continent, with a rich bio-diverse tropical mainland and several important fertile volcanic islands, Equatorial Guinea’s economic development picked up speed upon the discovery of oil in 1995. However, it is the peace and political stability that has since ensured that has really distinguished the country. Visionary and long-term President Teodoro Obiang Nguema Mbasogo claims: “As president, I have seriously defended peace, Equatoguineans live harmoniously. In Equatorial Guinea there is no ethnic crisis or discrimination. I think that peace will allow the nation to have an inheritance, a fortune that can secure a promising future for subsequent generations; that is my dream.” It is upon the strength of this vision that the country travels safely forward towards self-sufficiency and economic sustainability.
LNG Megahub
Equatorial Guinea is the richest country per capita income on the African continent, and third largest oil exporter. Crude oil and LNG exports account for 80% of the government’s revenues and 95% of export income. Recently Minister of Mines and Hydrocarbons, Hon. Gabriel Mbaga Obiang Lima, announced government plans to construct a natural gas megahub operating from Punta Europa LNG Terminal on Bioko Island by 2020. The project involves interlinking production, processing and tying-in facilities on- and off shore with the collaboration of local oil and gas companies in the area, and will secure the nation’s role as significant player in global LNG exports. “Mother Nature has provided us with the fortune of having found oil, but what has caused great change and transformation in Equatorial Guinea is not oil but the high political will within the senior management of the state,” declares Prime Minister Francisco Pascual Obama Asue.
Horizonte 2020
The national economic strategy Horizonte 2020 has been responsible for transforming the nation while improving productivity and accelerating economic growth. The plan is divided into two phases; the first phase consisted of building up excellent infrastructure models such as seaports, airports, the new administrative capital Oyala, roadways, buildings while ensuring that everyone is on the electrical grid. The second phase, currently underway, focuses on diversifying the economy by targeting sectors such as fisheries, agriculture, tourism and finance, as well as reinforcing human capital and advancing technological progress.
Equatorial Guinea also continues to successfully work hard at establishing a trustworthy and solid international presence. President Obiang Nguema Mbasogo states: “The new government of Equatorial Guinea occupies relevant positions as a member of the OPEC, non-permanent member of the Security Council of the United Nations and member of the Executive Council of UNESCO. We also collaborate with a number of countries.” The nation will be celebrating its Golden Jubilee in triumph, having drastically improved quality of life for Equatoguineans and set it up for another fifty years exhaustive with possibilities. “For some time now I have observed a small star from the terrace of my house,” relates Minister of Finance, Economy and Planning, Hon. Lucas Abaga Nchama. “Every day I get the feeling that it is closer to me and it shines. Equatorial Guinea is like that star and will be the star that shines in the Gulf of Central Africa because we are laying down the foundations for true growth and development.”
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Category: Africa Undiscovered