News - Afrikan Heroes

Kenya’s Former Anti Corruption Academic to Deliver Jidemma Foundation Annual Lecture

November 10, 2019

The board and directors of Goddy Jidemma Foundation has announced that this year’s Foundation Annual Lecture will be delivered by Kenya’s fiery academic and former anti corruption tzar, Prof. P.L.O. Lumumba on the 26th of November, 2019 in Lagos. The event which will take place at the Nigerian Institute of International Affairs , Victoria Island , Lagos is expected to be well attended judging from the quality of followership Prof. Lumumba has across Africa.

Prof Joy Ogwu, former Minister of Foreign Affairs & Former Permanent Representative of Nigeria at the United Nations.

The theme of this year’s bi-annual lecture is ‘Governance, Insecurity, Poverty and Economic Development:Whither Africa?’ and the event will be chaired by Prof Joy Ogwu, former Minister of Foreign Affairs & Former Permanent Representative of Nigeria at the United Nations.

Goddy Jidenma Foundation is a not-for-profit,non-governmental organization established in 2007 in the memory of Arc Goddy Jidenma, who died in 2006. He was a selfless leader who made indelible impacts in the lives of the people around him particularly among the disadvantaged. He achieved this through philanthropic acts that helped to uplift and improve the living conditions of widows, orphans, aged spinsters amongst others.

The Foundation in fulfilling part of its objectives promotes thought leadership through its bi-annual public lecture series which focuses on engaging the Nigerian public on issues of national and continental relevance.

The inaugural lecture of the Foundation was held in 2009 with a ground-breaking Lecture by the renowned constitutional Lawyer, Prof. Ben Nwabueze, SAN, NNOM, CON on “Strengthening the Foundations and Institutions of Democracy in Africa”.

Its second bi-annual lecture in 2011 lecture on “Democracy and the Politics of Petroleum: comparative African Perspectives” was delivered by the notable Public Intellectual and internationally celebrated African Political Scientist, Prof Ali Mazrui., D.Phil (Oxon) C.B.S.

The Third bi-annual Lecture on “The Practice of Federalism in Africa, the Nigerian Experience and the Way Forward” was delivered in 2013 by Prof Elaigwu, a Stanford University trained, Emeritus Professor of Political Science of University of Jos and the President of Institute of Governance and Social Research, Jos.

The Fourth Public lecture was in 2015. The Topic of discourse was “Leadership, Responsibility & Good Govenance” which was delivered by Prof. Pat Utomi, Founder and CEO of Center for Values in Leadership.

The Fifth public Lecture was held in 2017 on the topic: “The Challenge of Economic Growth in Nigeria” by Prof Kingsley Moghalu, OON, Founder & President, Institute of Governance and Economic Transformation & Former Deputy Governor, Central Bank of Nigeria.

Past Chairmen of the bi-annual Lecture include Prof. Anya O. Anya, NNOM, a National Merit Award Laureate and Former CEO of Nigerian Economic Summit Group; Chief Arthur Mbanefo, CON, Former Nigeria’s Permanent Representative to the United Nations; Chief Emeka Anyaoku, CFR, Former Secretary-General, Commonwealth; Dr Christopher Kolade, CFR, Former Nigerian High Commissioner to the United Kingdom and Pro-Chancellor of Pan-Atlantic University and Mallam Mohammed Hayatu-Deen, OON, Vice Chairman /CEO, Alpine Investments Ltd & Former Chairman, The Nigerian Economic Summit Group. Key political players, thought leaders as well as captains of industries are expected to be present at this year’s event.

Goddy Jidenma Foundation is duly registered and it is run by the Board of Trustees whose members are highly respected people in the society.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

No More Age Limit For Accessing Pension Savings In Kenya

Kenyan workers who lose or change jobs will longer wait until they are 50 years old to able to access their employers’ pension contribution. This is because Kenyan law makers in a landmark move have annulled a legal amendment that had locked workers’ savings until they reach 50 years.

Here Is All You Need To Know

Kenyan MPs said that National Treasury and the Retirement Benefits Authority (RBA) did not properly seek views of Kenyans before adopting the legal notice that effectively locked more than Sh385 billion in the pension pools.
According to them, the legal changes had far-reaching implications and termed the public participation exercises conducted by Treasury and RBA as ‘mediocrity’.
Suspended Treasury Secretary Henry Rotich locked up the savings through Legal Notice 92. Observers said the move was meant to give the State access to long-term loans from the billions held by Kenyans in pension savings.

“The two are very important but our law is very clear that we comply with all constitutional requirements,” Kirinyaga Central MP John Wambugu said.

The move is a reprieve for Kenyans who risked not enjoying their savings until they hit 50 years.
Last month, Kenya’s industry regulator warned that pension schemes risked incurring huge income loss if retrenched workers were allowed to access their employers’ contribution before attaining 50 years as had been recommended by the parliamentary Committee on Delegated Legislation.

“It is a sad moment for the retirement benefits industry as the parliamentary committee rejected our proposal to Treasury,” RBA chief executive Nzomo Mutuku said.

Read also: Kenya Set To Offer Citizenship To Wealthy Foreign Investors
The agency maintained that Kenya was in low pension adequacy, blaming it on frequent access to the benefits by individuals before their retirement with 95 percent of individuals who leave employment taking out the maximum available under legislation in cash.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world

Government of Togo Partners Dangote to Turn Phosphates into Fertiliser

November 9, 2019

There is light at the end of the tunnel on Africa’s effort to be self sufficiency in food production in the nearest future if the new partnership entered into by the government of Togo and Dangote Group is anything to go by. According to the Togolese government officials, the country which has one of the largest phosphates reserve in Africa of over two billion tonnes of phosphate reserves, and a leading phosphate producer in the continent will transform them into fertilizers for massive agriculture.

Alhaji Dangote, President, Dangote group

To this end, both parties have concluded an agreement to develop and transform Togolese phosphate into phosphate fertilizers for the West African sub-region; in a bid to improve consumption of the product in Africa. By partnering the Dangote Group, the country intends to benefit from the expertise and investment capacity of Africa’s largest industrial group, according to a joint release issued by the Presidency of the Republic of Togo.

With the completion and commissioning of the Dangote Petroleum Refinery and Fertilizer complex in Ibeju-Lekki, Lagos, Dangote Group will be the largest ammonia producer on the African continent, the release noted. Ammonia is an essential ingredient in the transformation of phosphate into fertilizer derived from phosphates. Under the agreement, Togo will provide access to phosphate resources and the Dangote Group will provide access to ammonia and to the Nigerian market.

The project, in line with second pillar of the Togo National Development Plan, should enable the production of more than 1 million tonnes of fertilizers derived from phosphates once completed. The cost of the investment is estimated at about $2 billion and is expected to create several thousand direct jobs. Mining development work will start before the end of 2019, it added.

On this occasion, Dangote Group also announced the establishment of a cement manufacturing plant with an annual capacity of 1.5 million tonnes in Lomé. This plant will use clinker from Togo and Nigeria and will meet both local and neighbouring countries’ demand, the release noted. It further added that construction of the Lome plant is billed to start in first quarter of 2020 and its commissioning scheduled to take place before the end of 2020. The investment is estimated at $60 million and is expected to create 500 direct jobs.

Togolese President, Faure Gnassingbé said, “The structural transformation of our economy is the main objective we have set ourselves in the context of the 2018-2022 NDP. By processing our phosphate we will not only create jobs but we will also be able to provide our farmers with good quality fertilizers at an affordable cost. Having an industrial investor like Alhaji Dangote shows that our efforts to improve the business climate are paying off. We intend to continue in this dynamic for the well-being of Togolese men and women.”

President of Dangote Group, Aliko Dangote said that this partnership is in line with our transformation agenda in creating prosperity and enhancing economic development not only in Togo but also in Africa. In addition, the Dangote Group is determined in supporting the Government of Togo in its industrialisation strategy aimed at creating jobs for its citizens and making Togo an attractive investment destination. The two investment agreements reinforce Togo’s industrialisation strategy adopted under the 2018-2022 National Development Plan.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

West Africa CFA Countries to Withdraw Reserve from France

There are indications that French speaking West African countries may begin the process of partial monetary independence with the plan to withdraw their foreign reserves from the French Burse. With this development the central banks of African countries of WAMU (West African Monetary Union) will manage all of their foreign currency reserves and will distribute them to the various central banks partners in the world. The countries under WAMU include: Benin, Togo, Burkina Faso, Mali, Senegal, Ivory Coast, Niger and Guinea-Bissau. It goes by the French initials, BCEAO.

This was made known by the President of the Republic of Benin Patrice Talon who announced that foreign reserves of the West African CFA currency used by eight countries in the region would be withdrawn from France. Speaking in an interview with French public broadcasters, RFI and France 24, President Talon alluded to the move being unanimous for all the countries in question.

President Talon said that the entire countries have unanimously agreed on this, to end this model, saying that the current model was more of a “psychological problem” than “technical.”Talon noted that the regional bank’s task was to be dispatched “very quickly”, but he fell short of giving a specific timetable.

Since 1945, the West African and Central African CFA have been pegged to the French francs and later the Euro and its reserves have been kept in France. The Central African bloc of countries that use the CFA include: Chad, Central African Republic, Congo Republic, Gabon, Cameroon and Equatorial Guinea. Some experts stressed that the move kept African economies largely dependent on the European monetary policy, a situation others routinely labeled “neo-colonialism” and which has evoked stern critique of France over the years.

In early October, French Finance Minister Bruno Le Maire said France was open to an “ambitious reform” of the CFA franc. He was echoing the thoughts of French president Emmanuel Macron whiles addressing students during a visit to Burkina Faso few years ago.

Bruno Le Maire was quoted as saying: “(…) What I can tell you is that the President of the Republic is ready for an ambitious reform of the franc zone. But I repeat: it is up to the member states of the franc zone to take the initiative, make proposals and measure how far they wish to go. “

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Obasanjo Urges Africa to Collaborate for a Strong Oil and Gas Future

November 7, 2019

Former President of Nigeria, Olusegun Obasanjo has urged African countries, especially those endowed with huge deposits of oil and gas to come together and collaborate to safeguard the continent’s energy future. The former President who made this known in Cape Town, South Africa at the ongoing Africa Oil Week said that this is not the best of times for the energy industry thus requires innovations and greater cooperation among countries to be able to withstand the upheavals of the market and technological disruptions.

Olusegun Obasanjo, former president of Nigeria

Obasanjo admits that the sector faces some challenges on the continent over the coming decades, saying that “the challenges that we face in Africa are adequate investment in oil and gas, challenges of infrastructure, challenges of security, challenges of local content, challenges of regulation and challenges of predictability and stability,” he explains. “These are then same in the oil producing countries, the oil market and in the industry in general.

“These challenges are not challenges that only one country can deal with on its own. They are national challenges, they are regional challenges that they are also, what I would call oil and gas industry challenges, which we must handle together. Whatever the challenges we are facing as an industry must be able to disaggregate and find the best instrument, the best institution or the best organisation to deal with the challenges.”

Pointing out that his experience in Nigeria puts him in good stead to play the role he has played over the years overseeing Nigeria’s first democratic handover of power and administrative reforms that accelerated economic growth. He is credited for his pivotal role in the regeneration and repositioning of the African Union, including helping to establish the New Partnership for Africa’s Development (NEPAD) and the African Peer Review Mechanism (APRM), designed to promote democracy and good governance.

Despite being out of office for 12 years Obasanjo is still a very influential and popular figure in the continent and at this year’s Africa Oil Week he was on hand to give his view on a sector that he helped to shape. “Over the 26 years that it has been in existence, I think the fortune of the African oil and gas sector has been up and down,” he says. “I will not dwell too much on the past, except to let the past enlighten our present, and our future. Not too long ago somebody looked at me and said to me, you will drink your oil. I thought he was angry because the price of oil was high, and I said to him, we will use our oil, will you join with me in using our oil? I was of course coming from an oil producing and exporting country.”

When it comes to the sustainability of the sector and the rising tide of renewable energy, he believes that despite the need to reduce carbon emissions the oil and gas sector still has an important role to play and a bright future in Africa. “The present challenges particularly include renewable resources growing into the areas where oil and gas has been predominant,” he says. “I believe this should not really worry us too much.

“For me, I believe for the foreseeable future there will be no renewable energy that will be as portable as oil and gas. That is something that we can take as the advantage of to ensure oil and gas will still be there for the foreseeable future.” But H.E. Obasanjo believes that technology will pave the way to extending the life of oil and gas. “With technology we have to make the production of oil and gas cheaper and if production of oil and gas is cheaper, we will be able to get oil and gas going on for much longer than some people have predicted.

“I believe that this is the area where the oil countries should really work together and take advantage of new technology that is part of the digitalisation transformation such as artificial Intelligence. All the technology that are here now that were not available to us 15 years ago. They are there for use everywhere but are very important in the oil and gas industry. Of we bring this into the industry I believe that the industry and the fear that we have now will all be a thing of the past. The next 10 to 15 years may not be the way some people think.

As for the foreseeable future, Obasanjo points to collaboration as the key to sustainability for the sector. “I see collaborations at the national level, at the regional level, and at the industrial level, and of course, collaborating, at the global level,” he says. “Collaboration and taking advantage of technology. That would make the life of the oil industry much longer than reduce the fear that some people have that renewable energy resources will make oil and gas a thing of the past. If we can surmount this challenge, then the future of oil and gas cannot be dictated by anybody except by us; the producers and the investors. This will maintain oil and gas as an active resource for humanity.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Nigeria’s Communications Regulator Poised to Boost Digitalisation in the Country

As the government calls on telecoms companies to reduce the high cost of data in Nigeria which it says is the highest in Africa to enable more Nigerians take advantage of the digital sphere to create the right environment for growth and development, the Nigerian Communications Commission (NCC) is riding on the crest of its mandate to connect Nigeria and create an information-rich society where businesses blossom. This according to the Commission will be achieved through deliberate and sustained efforts in driving major initiatives, programmes and necessary regulatory interventions. The Commission says it has been able to deepen access to telecommunications services – voice and data – across the country which has helped in positively impacting other sectors of the economy.

According to the Executive Vice Chairman (EVC)/Chief Executive of NCC, Prof. Umar Garba Danbatta, all these efforts are because the role of information technology in economic growth cannot be overemphasised. Quoting the latest figures from the National Bureau of Statistics (NBS), the contribution of Information and Communication Technology (ICT) to the country’s Gross Domestic Product (GDP) increased to 13.8 per cent in the second quarter of 2019. This compares with the 8.8 per cent GDP contribution by oil and gas in second quarter. In 2015, the contribution stood at about 8 per cent.

Also, because of its huge impact on the nation’s GDP, developing broadband infrastructure to deepen penetration among individual and corporate consumers of telecoms services has been the focus of the Commission. Based on the understanding by the Commission that telecoms breaks barrier and can act in its own right as an enabler of socio-economic transformation, growth, development and modernisation across all sectors of the economy, the NCC Management has deliberately embarked on initiatives, serving as digital fulcrum and catalyst that propel the inter-sectoral implementation of the socio-economic transformation agenda of the current government.

One of such initiatives is the licensing of infrastructure companies (InfraCos) to provide additional robust broadband infrastructure across the geo-political zones in the country. Six of the InfraColicences have been issued to five geo-political zones and Lagos carved out as the sixth zone because of its commercial centrality, while the last and seventh licence for the North Central region is being worked on by the Commission. This is in addition to several other strategic initiatives being embarked upon by the NCC to address sundry challenges confronting telecoms infrastructure deployment by the existing licensees.

In reality, the results of the continuous implementation of the initiatives are obvious. Currently, broadband penetration, which stood at less than 10 per cent in 2015 when the new Board of NCC was put in place, has significantly increased to 33.72 per cent indicating that 64,366,778 Nigerians now access high-speed Internet on 3G and 4G networks. General Internet subscriptions have also increased from 95 million to over 122.6 million presently while voice subscriptions rose from 150 million to 175 million.

Investment which stood at $62 billion has impressively grown to over $70 billion at present, just as the NCC continues to drive policies and initiatives to make the sector more investment-friendly to local and foreign investors. According to Hon. Minister of Communications, Dr. Isa Ali Pantami, said he would ensure that all agencies under his ministry including the NCC leverage ICT and telecoms to support the government’s communications agenda. In this regard, the Minister has thrown his weight behind the NCC’s InfraCo project in what he described as the correlation it has to propel the attainments of the Next Level agenda through accelerating increased digital access to Nigerians across the country.

Similarly, the Chairman, Governing Board of NCC, Senator Olabiyi Durojaiye has stressed the resolve of the NCC Board to provide directions that will help the NCC to make ICT more accessible to Nigerians to harness their creativity and productivity. “We also understand that telecoms infrastructure is prominently recognized as critical element to the Next Level agenda, especially in the area of achieving 120,000 kilometres of fibre to be laid across the country. NCC will be working with necessary Ministries, Departments and Agencies (MDAs) and private other stakeholders to ensure we achieve this target in order to build resilient telecoms infrastructure to support the realization of the President’s Next Level agenda.”

According to Danbatta, with the impending commercial deployment of 5G technology globally by 2020, the Commission has started planning, in earnest, to ensure Nigeria is not lagging behind in the area of 5G deployment. “With 5G, the NCC is looking at three usage scenarios, which include: the enhanced mobile broadband applications, the ultra-reliable low latency applications and the Machine to Machine (M2M) applications. Hence, 5G will be characterized by high speed, M2M explosion and low latency, all of which will require reliable broadband infrastructure, which is one of the pre-occupations of the Commission,” the EVC said.

Danbatta has drawn correlation between 5G networks and effective telecoms infrastructure. Expectedly, 5G will offer higher Internet speed and low latency and machine to machine (M2M) exposition, all of which will run on robust broadband infrastructure, which the Commission is currently driving and will ultimately support the digitisation of the Nigerian economy . He has assured that the Commission is committed to providing the enabling environment to attract the investment to expand 5G deployment while ensuring efficiency of existing technologies from 2G, to 3G and 4G towards providing the needed consistent digital impetus to the realisation of government’s economic growth agenda.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Can Africa overcome these three threats to its security and stability?

By Pedro Guerreiro

Our continent is hurtling towards an uncertain future that is being shaped by the forces of the Fourth Industrial Revolution. It’s too early to tell how exactly the confluence of rapid change and exponential technological advances will play out. But this much is clear: change will be constant and widespread. The uncertainty this creates has the potential to lead to insecurity.

For our fast-growing and rapidly developing continent, this insecurity could have far-reaching implications. Africa is expected to contribute 54% of global population growth by 2050; by 2100, this figure could have increased to 82%, or 3.2 billion of the overall increase of 3.8 billion people. That many developed countries are seeing a decline in their populations – both current and projected – only highlights the unique nature of the challenge facing our continent.

This level of growth will also put immense pressure on the continent’s natural resources. Africa is a resource-rich continent, but a prevailing lack of infrastructure means the utilisation of our natural resources is not always optimal.

Water management, food security, nutrition and infrastructure development will need revolutionary approaches if stability and security are to be maintained. In fact, security – in its various forms, from physical security to water and food security to cybersecurity – is likely to be one of the defining challenges in 21st century Africa.

I see three types of security that will be most instrumental in our collective ability to make Africa’s growth story one of prosperity and inclusive development, namely: food security, water security, and cybersecurity.

Finding food in fertile lands

Despite the immense progress made in combating hunger at a global level, recent evidence suggests that there has been a reversal. The United Nations Food and Agricultural Organisation (FAO) found that the number of undernourished people worldwide increased from 804-million to 821-million last year.

Of the nearly one billion people in sub-Saharan Africa, 230-million were undernourished in 2018 – an increase of 25 million since 2014. A third of all people in the region face severe food insecurity, lack the resources to grow or buy sustenance, and regularly go a day or more without eating.

This is a dire situation if you consider that 60% of all uncultivated arable land is found in Africa, and that the agriculture sector accounts for 60% of all jobs on the continent.

At play is a combination of climate instability – especially unreliable rain patterns and volatile temperatures – and a lack of technology and other resources that could increase crop productivity.

Africa relies on some 250 million smallholder farmers for the production of 80% of the food consumed on the continent. These farmers mostly lack access to information, best agricultural practices, farming inputs such as fertilisers and seeds, automation, and market opportunities.

By some estimates, we will need to double food production in the next 32 years to keep up with growing demand from a ballooning population. Some projects aimed at empowering smallholder farmers with better tools, techniques and opportunities to sell produce at competitive rates are bearing fruit.

A number of public-private producer partnerships using the SAP Rural Sourcing Management solution are showing promising results. In Nigeria, 850 000 small maize producers have been integrated into agricultural value chains to improve crop production and empower smallholder farmers with better market access and more competitive prices for produce.

However, governments and policy makers need to acknowledge that market access and technology are only parts of the solution. There is great urgency in developing effective responses to the impact of wide-spread climate change.

Water scarcity as the new normal

One of the most alarming effects of climate change is the pressure it is putting on global freshwater supplies. In Africa, Cape Town was on the brink of becoming the first major city to run out of water as Day Zero approached. Recent rainfall has brought much-needed relief, but it is unlikely that rainfall patterns will return to their former, predictable levels.

Water is also essential to food production. A legacy of underdeveloped water infrastructure means as much as 80% of all farmers and herders in Africa rely primarily on rainfall for their water needs. Even small changes in rainfall patterns can have a devastating effect on local farmers and put immense pressure on food security.

The Global Water Partnership estimates that there is a need for $50-billion worth of investment in water infrastructure annually over the next decade if we are to safeguard the water supply for the continent’s rapidly growing population. In fact, the WWF predicts that two-thirds of the world’s population may face water shortages as soon as 2025.

Technology can play an important role in the effective management of scarce water resources. Cape Town has managed to reduce water consumption by 30% over the past 15 years despite the population growing by 30%. Using technology, the City of Cape Town can install, inspect, maintain and repair water and sanitation assets while having a real-time view over the health of critical water assets to improve water management.

But as more public and private sector assets become connected or digitised, the risks we face from cybercriminals increase dramatically.

The existential cyber threat

While not as attractive a target as some of the wealthier nations, Africa is not immune to the pressures of an increasing volume of sophisticated cyberattacks on its people, its businesses and its critical infrastructure. The World Economic Forum even placed cybercrime as a top-three global threat this year.

The work of digitising industries and services over the past decade or so has helped the continent boost production and stimulate innovation. But it’s also brought new risks. The lines of modern warfare are blurring, and the battlefield has shifted out of the physical realm into a digital one. The digitisation of critical assets has increased the risk of cyberattacks. Today, many countries face ongoing hostile attacks on their power supplies, industries and services from sophisticated state-sponsored actors.

While our continent lacks the broadband connectivity and internet penetration of its more developed peers, our rapid adoption of mobile phones has exposed us to immense risk. Recent data found that mobile malware attacks in Africa doubled in volume in 2018, targeting the 456 million mobile subscribers across the continent.

Consider our fondness for mobile money services: the GSMA estimated there were 122 million active mobile money accounts in Africa at the end of 2017, accounting for nearly half of all global mobile money subscribers. Targeting mobile phone users who lack in-depth knowledge of common cyberattack methods may prove devastating to those who can least afford it.

Here, digital literacy can play an important role. Having an informed, digitally-literate citizenry eases the pressure on government to protect them against every emerging cyber threat and ultimately leads to more resilient online communities.

The threats to security we currently face in Africa demand a strong, effective response at a policy and implementation level. The public and private sectors have important roles to play: the public sector in prioritising the correct measures and enabling policies; and the private sector in providing innovative solutions to some of our greatest risks.

There’s no reason why we can’t rise to the challenge. And in the spirit of the UN’s Sustainable Development Goals, the role of partnerships (Goal #17) may be instrumental in how the continent responds to – and overcomes – these threats.

By Pedro Guerreiro, Managing Director: Central Africa at SAP Africa

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Africa can be world’s next economic hub if…. Tharman Shanmugaratnam

November 6, 2019

With the right policies and linkages, Africa can become an indispensable global economic hub, Singapore’s Senior Minister Tharman Shanmugaratnam told an audience yesterday, commending the continent’s diverse economic potential. Delivering this year’s Kofi A. Annan Eminent Speakers’ Lecture series at the African Development Bank headquarters in Abidjan, Shanmugaratnam outlined five strategies which must underpin the continent’s transformation drive and efforts to build inclusive growth.

The lecture which is the third in a new series organised by the African Development Institute in honour of late Kofi Annan, had the theme: “Inclusive Growth: Learning from Experience, Partnering for the Future – How Africa and Asia can work together for broad-based prosperity.” He was accompanied by senior government officials from Singapore.

According to him, Africa must spread its economic openness by strongly showcasing specialisation along the production value chain and invest more boldly in social foundations. The continent must also maximise policy coherence and effectiveness, think in the long-term and maximise the benefits of global financial system, Shanmugaratnam told diplomats, students, government representatives and senior Bank officials gathered in the Babacar Ndiaye auditorium.

“There are challenges, but there are also opportunities. There is much more to be done,” said Shanmugaratnam who is also Singapore’s Coordinating Minister for Social Policies. In order to build economic resilience and create job opportunities for their bulging youth population, there must be stronger connectivity and economic interaction among developing regions, especially between Africa and Asia which share demographic similarities.

He noted that there is a significant interest by Singapore businesses in Africa which needs to be scaled up. “We need to take practical steps to spur this collaboration with more bilateral investment treaties that provide some assurance to investors.” Singapore is the eighth largest foreign investor in Africa. It invested around $90 billion in the continent in 2018.

“We are in an unusual time globally – a time of unusual challenge where some of the basic beliefs of how the world prospect together are being challenged. But it’s also a time of immense opportunities… in the international economy, in international finance and in international cooperation,” the minister stated.

It is projected that in the next decade, Africa will have the largest working age population in the world, larger than China and India with about 1.1 billion people of working age population of between 15 and 64 years. Shanmugaratnam said African leaders must prepare to take advantage of the strong bulging workforce, coupled with the high mobile technology penetration to drive innovation for growth.

In his welcoming remarks, Bank Group President Akinwumi Adesina noted that Africa could learn a lot from Singapore. He described Mr Shanmugaratnam as someone with expansive knowledge who was chosen because of his inspiring works in the Asian nation.

Adesina said the Eminent Lecture series was dedicated to Kofi Annan, a former Secretary-General of the United Nations (UN) in recognition of his contributions to humanity. Annan launched the UN millennium development goals.

“As we continue our efforts to do more, we want to learn from the impressive achievements of Singapore, and no one is better placed to discuss this and all of the things around Asia and Africa with us than Tharman Shanmugaratnam,” he said.

The African Development Bank launched the Eminent Speakers Lecture series in 2006 to provide a platform for a robust exchange of ideas to meet the challenges of African development. Since then, the series has featured world-class speakers, politicians, top academics, businesspeople and civil society representatives, who have spoken on a diverse range of topics and issues, including economics, finance, regional integration, human development, the environment, and philosophy.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Nigeria Can Deploy the Technical Aid Corp as Weapon of Diplomacy

Nigeria’s Directorate of Technical Aid Corps (DTAC) was established in 1987 out of a desire by the Federal Government to streamline hitherto uncoordinated cash-based foreign assistance to needy African, Caribbean and Pacific (ACP) countries. Since its inception, the Directorate has remained a veritable foreign policy tool for consolidating sub-regional and regional cooperation within the context of South-South and Triangular Cooperation. Through the Technical Aid Corps (TAC) scheme, the ideals of peace building, capacity development and sustainable development are being achieved. However, the TAC has not been deployed in ways it can help achieve other aims of Nigeria’s foreign policy interests.

Over the years, the Directorate has been re-positioned and the time-honoured core mandate which centres on enhancing Nigeria’s foreign policy objectives has been revived, particularly under the present administration of President Muhammadu Buhari. Indeed, the Buhari administration has been resilient in sustaining this foreign policy imperative by ensuring the continued deployment of volunteers to needy ACP countries.

In 2018 alone, over 200 university professors and Ph. D holders were deployed to various ACP countries. This has rekindled the hope of many of those recipient countries in Nigeria’s leadership and guide towards sustainable development. Indeed, these have positively enhanced the conduct of Nigeria’s foreign policy, at both sub-regional and regional levels and equally invigorated South-South Cooperation.

From the beginning the TAC programme to date, over 6,000 volunteers have been deployed to 35 ACP Countries while the scheme is currently operational in 10 ACP countries and spirited efforts are going on to capture other countries to renew their agreements with Nigeria under the scheme. These include: Malawi, Fiji Island, Antigua & Barbuda, Equatorial Guinea, Burundi, Zimbabwe and Ethiopia. Some countries outside TAC covering areas have indicated interest in joining the Scheme such as Brazil and Thailand.

Furthermore, there has been a request from the Gambian Government for Judges to be deployed in order to strengthen its judicial system, particularly its Superior Courts (High and Appeal Courts). Accordingly, three Justices were recommended by the National Judicial Council and have been already been deployed. After a review of the programme, the Directorate has recorded remarkable improvement in the entire process of recruitment and deployment of volunteers as well as other activities within the Directorate, including, prompt payment of allowances of the volunteers, regular monitoring of the volunteers, among others.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

African Bankers Attend Afreximbank Trade Finance Seminar in Durban

November 5, 2019

Senior management of commercial and investment banks across the continent of Africa are presently attending the 2019 Afreximbank Trade Finance Seminar and Workshop which opens today in Durban, South Africa with Mr. Amr Kamel, Executive Vice President in charge of Business Development and Corporate Banking at the African Export-Import Bank (Afreximbank) imploring participants to make the best use of the opportunities the seminar presents. Mr. Kamel noted that the Bank wanted to ensure that African banks and bankers were well-equipped to deal with the risks in financing trade under a difficult politico-economic environment and changing trade counterparties.

Mr. Amr Kamel, Executive Vice President in charge of Business Development and Corporate Banking at the African Export-Import Bank

Welcoming the delegates to the event, the Premier of Kwazulu-Natal Province, South Africa, Sihle Zikalala, said that the province aimed to position itself as the gateway to South Africa and the entire Southern African region. He pointed out that the Province aspires to act increasingly as a transmission belt between global and regional markets and production facilities, he explained, adding that the government was working to develop a robust economy that could sustainably create employment, fight poverty and become more globally competitive.

In his address at the opening ceremony, Mr. Kamel said that the seminar and workshops, organised by Afreximbank in collaboration with the South African province of Kwazulu-Natal, was part of the Bank’s strategy to develop and strengthen trade finance capacity in Africa. The training had been structured to ensure that participants acquired the capacity to structure bankable trade finance deals of varying levels of complexity, he stated.

“As Banks, we all play a critical role in promoting trade,” said Mr. Kamel. “We must do this by managing the risks for traders as well as by facilitating payments while bridging the cashflow gaps that characterize international trade.” He said that 2019 would go down as a watershed in Africa’s history, being the year when the continent came together to affirm its commitment to addressing its economic and social problems through the launch of the operational phase of the African Free Trade Continental Agreement (AfCFTA). “This should provide traders across Africa with preferential trading arrangements to enable them to enhance the level of intra-African trade and enhance economic growth for our countries,” he said.

Earlier, Nomusa Dube-Ncube, Member of the Kwazulu-Natal Executive Council responsible for Economic Development, Tourism and Environmental Affairs, welcomed the seminar participants to Durban. Also addressing the opening ceremony was Belinda Scott, Deputy Mayor of Ethikwini.

The Afreximbank Trade Finance Seminar and Workshop, now in its 20^th edition, is being attended by more than 200 participants, including senior executives from African banks, financial institutions, regulatory institutions, hedge funds, Africa country funds, venture capital institutions, corporate entities engaged in trade, manufacturing and privatized infrastructure projects, Afreximbank’s trade finance and project finance intermediaries, African law firms and insurance firms. The Seminar segment will end on 6 November and will be followed by a factoring workshop on 7 November.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.