Acasia Ventures, the The Cairo-based venture capital investment arm of Acasia Group, has opened a new office in Lagos, Nigeria, in a bid to extend its reach across the African continent and connect with founders and stakeholders on the ground.
Known as Cairo Angels until announcing a rebrand late last year, Acacia Group has been expanding its scope to cover the whole of the continent, and recently invested in the likes of Nigerian logistics startup Fez Delivery and Egyptian fintech company Balad.
In opening its Lagos office, Acasia Ventures said it is demonstrating its commitment to the continent and West Africa specifically. The office is situated at the city’s Impact Hub building, which is affiliated with a global network of locally-founded and -operated impact innovation incubators, accelerators, co-working spaces, and non-profit organisations.
Acasia Ventures general partner Biola Alabi
“We have our heritage in Egypt, but we really believe in the future of the whole continent. That is why our new office in Lagos should provide a platform to deepen our relationships with the market, by having an in-person presence in Nigeria,” said Acasia Ventures general partner Biola Alabi.
“As we’ve seen in previous economic crises, these are the times when companies that will shape the future for the better are built, and investing in those companies today is how we plan to contribute to Africa’s economic and social development.”
Acasia Ventures is also working to pave the way for its sister company Acasia Impact to work with corporations in Nigeria to build custom, sector-specific programmes around entrepreneurship and innovation.
“Our new office will be a destination that founders and stakeholders can come to and engage with us, and being at the heart of Impact Hub allows us to be at the center of the entrepreneurship ecosystem in the country,” Alabi said.
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
The upcoming U.S.-Africa Business Summit billed to take place from 11th to 14th July 2023 in Gaborone Botswana has received a boost as about six heads of government from Africa have expressed interests in participating.
With more than 1,000 participants, including a delegation of senior U.S. government officials, the event being organised by the Corporate Council on Africa, in partnership with the Presidency of the Republic of Botswana will take place at the Royal Aria Convention Centre. It is the continent’s largest annual gathering of U.S. and African leaders and senior government officials, private sector executives, international investors, and multilateral stakeholders.
Under the theme “Enhancing Africa’s Value in Global Value Chains,” the Summit promises an exceptional lineup of 100-plus speakers, among them business and government leaders providing insights on emerging opportunities for U.S.-Africa trade, investment and commercial engagement, and priority action areas for collaboration in key growth sectors of agribusiness, finance, energy, health, infrastructure, ICT and creative industries. The four days offer a premier platform for interacting with high-level government officials and business leaders from countries across the African continent with some of the most promising markets for investments and learning about business opportunities, continental and national policies, and success stories.
The U.S.-Africa Business Summit builds upon the positive momentum created by the U.S.-Africa Leaders Summit and Business Forum held in Washington D.C. in December 2022 during which President Joseph R. Biden announced more than $15 billion in two-way trade and investment commitments, deals, and partnerships. Indeed, the conference in Botswana will provide a progress report and latest developments arising from the Leaders Summit, as well as announcement of new deals and financing by institutional investors, U.S. and African financial institutions and others. Highlights include presidential dialogues, invitation-only roundtables, and closed-door pitch sessions for institutional investors.
“The packed program for this year’s U.S.-Africa Business Summit reflects everything we are trying to achieve at Corporate Council on Africa: to be a nexus for business and investment between the United States and the nations of Africa,” said Florizelle Liser, CEO of the Corporate Council on Africa. “We have a host country in Botswana that provides a model for African success, multiple African heads of state and government who value the importance of enhancing economic collaboration with the U.S., a U.S. government using an array of programs and tools to fully engage with the continent, and a contingent of American investors ready to deploy capital across multiple sectors.”
Confirmed African Heads of Government include:
H.E. Mokgweetsi E.K. Masisi, President of the Republic of Botswana
H.E. Filipe Nyusi, President of Mozambique
H.E. Hage Geingob, President of Namibia
H.E. Haikande Hichilema, President of Zambia
Hon. Samuel Matekane, the Right Honorable Prime Minister of Lesotho
H.E. Cleopas Sipho Dlamini, the Right Honorable Prime Minister of the Kingdom of Eswatini
Confirmed United States Delegation include:
Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation (DFC)
Enoh Ebong, Director, U.S. Trade and Development Agency (USTDA)
Judd Devermont, Special Assistant to the President and Senior Director for African Affairs, White House National Security Council
Travis Adkins, President and CEO, U.S. African Development Foundation
Johnnie Carson, Special Presidential Representative for U.S.-Africa Leaders Summit Implementation
Peter Hendrick Vrooman, U.S. Ambassador to Mozambique
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
As part of efforts aimed at helping small African holdings face the unprecedented new global challenges brought about by the COVID-19 pandemic, the spotlight has turned to the importance of the private sector in building resilience in transition states and in particular, the crucial role of supporting micro, small and medium-sized enterprises (MSMEs).
Indeed, the latter have seen their already pre-existing fragility aggravated by the consequences of the health crisis. It is now clear that promoting an enabling environment for MSMEs is crucial for economic recovery, poverty reduction and long-term stability. Efforts are now being made to empower SMEs, especially those owned or created by women and/or young people, in order to harness their potential for job creation, stimulate innovation and strengthen local economies, and thereby pave the way for a more resilient post-pandemic era on the African continent.
Between 2020 and 2022, the Transition Support Facility (TSF), a disbursement mechanism designed to help countries consolidate peace, build resilient institutions, stabilize their economies and lay the foundations for inclusive growth, funded projects addressing the imperative of building resilience in more than 10 African states in transition, countries where the main development challenge is fragility – Madagascar, South Sudan, Mozambique, Burundi, Comoros, Sierra Leone, Gambia, Central African Republic, Chad, Democratic Republic of Congo and Liberia. These projects financed by the TAF are based on initiatives in favor of the development of SMEs and the private sector introduced as early as 2016. These projects extended often over a minimum of 24 months, and deployed capacity building measures as well as technical assistance in terms of skills acquisition, access to markets and financing.
Strengthen resilience in African states in transition, by focusing on entrepreneurship and vocational training, access for vulnerable populations to markets and financing
AfCFTA Secretariat
In Liberia, most of the obstacles facing young people who wish to embark on entrepreneurship are linked to the limited availability of business development training and reduced access to finance. As part of a project initiated (https://apo-opa.info/44rlU3Z) in 2016, academic, technical, vocational and functional entrepreneurship centers and programs targeted and improved the employability and skill levels of nearly 2,000 young people in Liberia.
From 2021, Nimba County University, one of the institutions benefiting from this project to promote entrepreneurship and employment of young people, organized a capacity-building competition to stimulate the creation and development of new innovative business models. The reward for winners was the start-up capital to launch their business.
Capacity building is also essential for developing entrepreneurship and self-reliance among populations severely affected by conflict and instability, such as internally displaced persons and refugees.
In Mozambique, a capacity building project funded by the TSF promotes economic inclusion and self-reliance in refugee and internally displaced person camps, as well as host communities, in the provinces of Nampula and Cabo Delgado. Through capacity building and market linkages, the project aims to foster the emergence of inclusive economic opportunities for refugees, displaced people and the private and public sectors at the local level. By improving the ability of refugees, IDPs and their host communities to respond to market demand, the project aims to create more sustainable opportunities. At the same time, the private sector will be able to benefit from greater access to stable supply chains.
In South Sudan, a Private Sector Development Project was launched in a fragile context in 2021. At an estimated cost of $2.145 million and implemented over 36 months, the project will improve employment opportunities, incomes and market access for young people and women. This project aims, on the one hand, to support the creation and development of 300 micro and small enterprises (MSEs), through business development services, technical training, market links and access to microfinance institutions for financing. On the other hand, the project aims to strengthen the institutional capacities of government and private sector entities through the promotion of MSE development and the economic empowerment of women and youth.
This is also the case of the “Africa Business Linkages” program” (ABL), a pilot program deployed in Madagascar to improve the skills, governance and operations of micro, small and medium-sized enterprises, leveraging the private sector ecosystem. By developing forward and backward market linkages, the program provides MSMEs – especially those headed by women (at least 40%) – with access to markets and finance. This should contribute significantly to an increase in the value and the number of contracts concluded by MSMEs, an increase in demand for goods and services of local origin – especially those produced by young people and women – and greater access to finance, thanks to existing programs and the resources of local banks.
Building Resilience in Intra-African Cross-Border Trade and Investments
Free trade agreements, such as the African Continental Free Trade Area (AfCFTA) adopted in 2018, are often greeted with enthusiasm, displaying ambitious objectives and programs planned over several years. However, the success of such initiatives aimed at improving the economy, depends largely on the ability of actors involved and their constraints. These constraints prove to be much more pernicious in states in transition or in situations of fragility. Here again, SMEs and the private sector in these countries clearly stand out as essential channels for developing their resilience and their ability to strengthen their economic participation in free trade areas.
Since early 2022, four states in transition – Burundi, Comoros, Gambia and Sierra Leone – have benefited from a TSF Pillar III-funded project (estimated cost of $2.9 million) aimed at boosting trade and investment by providing technical assistance and capacity building. Support focuses on building regional trade readiness with a gender-sensitive perspective, filling capacity gaps, streamlining processes and digitizing services in national agencies dedicated to trade, SMEs and investment promotion. The project is expected to continue until December 2023.
The potential of SMEs to spur economic recovery, reduce poverty and foster long-term stability in transitional states has been demonstrated and efforts are now geared towards empowering more of them, especially those led by women and youth. In several African states, projects funded by the Transition Support Facility are playing a key role in building resilience, such as in Liberia, Mozambique and South Sudan.
By providing capacity building, access to markets and expanded finance, and encouraging entrepreneurship, these initiatives are producing tangible improvements in skills, jobs and economic inclusion among socially vulnerable populations. Another feature of these TSF-funded projects is that they focus on improving each country’s level of preparedness for cross-border trade and investment under free trade initiatives like the AfCFTA.
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
Namibia is ready for foreign investment in the oil and gas industry as it has risen to become a highly attractive E&P market, with three major discoveries made in 2022 and 2023 incentivizing a strong slate of regional and global players to the country’s offshore basins. Eager to maintain this exploratory momentum, Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines and Energy, stated that for now, the government has no plans in place to change the current licensing structure in the country, but rather, it is committed to ensuring that the upstream market is “open for investment. We don’t want to force companies to make a decision in a licensing round but want to remain open for investment so that companies come when they are ready.”
According to Shino, “We have an ongoing drilling campaign with three rigs currently busy drilling appraisal and exploration wells. We are expecting two more wells to be drilled before the end of 2023 in the deep waters.” She added that the southern African country is seeing a rise in seismic surveys, and by the end of the year, the government is planning to announcement a series of drilling projects that will take place during 2024.
Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines and Energy
To date, the Orange Basin represents the only de-risked acreage in Namibia, however, ongoing seismic campaigns in the Namibe and Walvis Basins are likely to reveal sizeable finds, particularly following successful exploration campaigns in the Angolan side of the offshore acreage.
Notwithstanding E&P incentives, Shino explained that the country is seeing heightened interest by global players, owing largely to Namibia’s attractive fiscal and regulatory environment. She stated that, “as a country, there is a benefit of being a late comer because we have gained insights from other countries on how to maximize our [legislation].”
While other countries continue to face challenges associated with environmental concerns, Namibia’s position as a new market has enabled the country to include environmental provisions in the drafting of its legislation. This has not only enhanced its attractiveness as an investment destination but ensures the protection of the environment – a top priority for the southern African country. According to Shino, “the Environmental Management Act has taken into consideration many scenarios to ensure industry growth as well as environmental sustainability. We continue working with civil society to ensure that our laws improve and will continue to provide the much-needed protection of the environment.”
Meanwhile, as a nascent energy market, Namibia has the opportunity to learn from those that went before it. Historically, resource-rich countries have all witnessed an ‘oil boom,’ a trend in which only the communities directly connected to energy developments reap the rewards. However, Namibia is committed to turning this trend around, implementing a number of local content mechanisms to enhance value addition and economic prosperity. According to Shino, the country is turning to its neighbors including Angola, Nigeria, Equatorial Guinea and others to strengthen local content ahead of first oil and gas. The government is also prioritizing economic diversification to ensure the development of various segments of the economy, with tourism having been identified as a top industry.
Shino also provided insight into the country’s potential Organization of Petroleum Exporting Countries (OPEC) membership, stating that “we see great value that an organization like OPEC has in managing the dynamics of the market to ensure that the industry strives. We would like to join at the right time.”
While the offshore basins of Guyana and Namibia show few geological similarities, the timelines by which exploration efforts were undertaken and major discoveries were made are remarkably similar. Both countries witnessed over 50 years of exploratory efforts which yielded few results. However, following initial major discoveries, the pace at which developments, as well as associated E&P campaigns, kicked off rapidly accelerated.
According to Joaquim de Azevedo, Principal Petroleum Economist for Upstream Solutions at S&P Global, the contribution towards GDP growth by the oil and gas sector will trigger an increase in wealth and improvement regarding the well-being of the population of both countries. He said both countries have fiscal terms which are attractive to global investors and are both prioritizing the rollout of gas-to-shore facilities to meet local demand using domestic resources.
Erik Meyer, Senior Technical Research Analyst at S&P Global, added that Guyana and Namibia both rank among the world’s top 25 basins by identified reserves, with Guyana leading at 18 billion barrels of discovered hydrocarbons while Namibia ranks high with its Venus and Graff-1 discoveries. Meyer emphasized that the discoveries made in the southern African country has “unlocked Namibia’s deepwater potential, with a number of prospects not yet explored in the Orange Basin. There is a lot of potential in the basin and we could see future large-scale discoveries.”
For Guyana, the country made 30 discoveries offshore, finds which have enabled further exploration as revenue increases. Similarly, with its three discoveries made to date, Namibia, according to Cody Schulte, Senior Technical Research Analyst, Upstream at S&P Global, is well positioned to attract a new wave of funding. He said that both countries are similar in the fact that testing and drilling across ultra-deep waters have been key for players present in Namibia and Guyana.
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
Developing country leaders rallied in Paris, highlighting the urgency for reform of the global financial architecture to counteract economic, environmental and social adversities, and to rescue the Sustainable Development Goals.
“Predictable, affordable and sustainable financing is critical to allowing African countries to get back on track to achieve the Sustainable Development Goals,” Economic Commission for Africa (ECA) Acting Executive Secretary, Antonio Pedro, said at the Sustainable Debt Coalition event organized on the margins of the Summit for a New Global Financing Pact in Paris.
The Summit was convened by French President Emmanuel Macron to develop a roadmap to ease the debt burdens of low-income countries while freeing up more funds for development and climate financing.
The Sustainable Debt Coalition, launched by the Government of Egypt at COP27, aims to address critical financing challenges faced by emerging markets and developing economies, particularly the debilitating impacts these have on climate action and development. It introduces a fresh consultation pathway that intersects debt, climate, and developmental concerns, fostering dialogue for innovative solutions.
The coalition was launched by Egypt at COP27 as a means of ensuring that sustainability is suitably addressed in all debt instruments and as a means of ensuring fairness in debt treatments as well as affordable and predictable access to finance for developing countries.
Mr. Pedro highlighted that the Sustainable Debt Coalition’s push for reforms is aligned with the SDG Stimulus, an ambitious plan to secure $500 billion per year in additional financing for sustainable development unveiled by the UN Secretary General Antonio Guterres earlier this year.
High cost of finance, low development
Countries are facing numerous challenges stemming from the impacts of the COVID-19 pandemic, the ongoing war in Ukraine and the escalating economic costs of climate change, amongst other crises.
Egyptian minister of finance, Mohamed Maait said the rising debt is increasing financing gaps for climate and development. Trillions of dollars of investment are required per year to reach zero emissions and to meet SDGs.
He explained, “Government debt service costs are rising rapidly as a proportion of income revenue. In Africa this issue has increased by 62 percent since 2014. As we have seen through history, the impacts of higher debt servicing costs can be crushing for an economy. In Africa, more than 57 percent of countries now spend more on interest payments than on health. More than 17 per cent spend more on interest than on education”.
He added, “It is true that our nations are ambitious to develop, and it is also true that we are ambitious to limit climate change, but it is difficult to do this when we are burdened by expensive debt.”
The Sustainable Debt Coalition is fostering collaboration between creditor and borrower nations, with a focus on sustainability and debt management. The Coalition’s objectives include reducing debt costs, expanding access to sovereign debt guarantees and blended finance, and creating fiscal space for investments with positive environmental outcomes.
Supporting these objectives, the Coalition is bringing borrowing nations to stand together in international forums on debt issues of shared interest.
Finding alternative financing
Participants discussed practical solutions to strengthen the global financial safety net.
The advocacy of the Sustainable Debt Coalition to integrate climate contingency clauses in debt contracts was celebrated, as at the Summit numerous countries and institutions including the United Kingdom and World Bank committed to use such instruments to mitigate the financial risks faced by highly vulnerable nations.
Debt swaps were also discussed in the context of the urgent need to free fiscal space. Mr. Pedro highlighted that, “The ECA is supporting countries seeking to refinance their expensive debt through debt swaps, re-channeling savings to invest in the SDGs and climate action.”
African Union Commissioner for Trade and Industry at the Department of Infrastructure and Energy, Albert Muchanga, said that some polluters where not willing to incur costs in promoting debt sustainability and that pledges made for the Loss and Damage Fund agreed at COP27 in Egypt last year were from philanthropies and governments but not from the private sector that is benefiting from greenhouse gas emissions and was not taxed.
“One of the key features where there should be some movement is the mainstreaming of carbon trading in international trade.” he said.
Mr. Muchanga emphasized the support of the African Union for the Sustainable Debt Coalition and said the African Union is establishing a debt monitoring mechanism in its Trade Department so that it can get real time information on the debt situation of all AU member states.
In her intervention, Ms. Hanan Morsy, ECA’s Deputy Executive Secretary and Chief Economist, said while Africa faced huge development needs and financing gaps, there has been a decline in concessional financing and official development assistance over the last decade. This has put African countries in a precarious fiscal position.
Ms. Morsy noted that Africa’s share in global green finance is minuscule and there is an opportunity to effectively tap that market. The Sustainable Debt Coalition could help in this regard by scaling up the use of guarantees, enhancing design and reliability of associated key performance indicators and reducing the cost of reporting and monitoring them.
Commenting on how financial institutions can support sustainable debt, African Development Bank’s Vice President for Finance, Hassatou Diop N’sele, said while green bonds were good for diversifying financial portfolios, they were laborious in terms of allocation and reporting. She said, “nature swaps can make a difference because of the impact on both the debt and sustainability of countries and what they can do with the resources.”
Recommendations from the Africa High-Level Working Group on the Global Financial Architecture include lowering the cost of financing and increasing its availability as well as the need to overhaul the G20 Common Framework and to amplify the African voice on global platforms.
For her part, the Executive Secretary of the United Nations Economic and Social Commission for Western Asia, Rola Dashti, said it was important to redesign the G20 Common Framework which has failed to deliver on its promises.
“We need to work on our own voice and the Sustainable Debt Coalition voice also needs to be heard loud,” Ms. Dashti appealed.
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
As part of efforts aimed at tackling the energy crisis in South Africa and curtailing its effects on operations, MTN South Africa will deploy a 4.5MW multi-technology energy production facility at its head office. “The critical factors that shape the success or failure of digital transformation aren’t secrets, they’re people,” according to Dr Karen Luyt, senior specialist in digital transformation at BCX.
Digital transformation fails too often for comfort. McKinsey says 70% of transformations fail. BCG says only 30% of companies get it right. KPMG puts the percentage of failure at 73%.
Considering how beneficial digital transformation can be to a business and its bottom line, it’s time to turn the percentage on its head: to take the 70% of failures and turn them into a 70% success rate, and the way to do this is through people.
Ralph Mupita, the MTN Group President and Chief Executive
Leadership is one of the most important success factors in any digital transformation strategy. Decision-makers and leaders need to know exactly why the business is undertaking specific digital transformation initiatives and have a clear vision of the digital journey. What do they want to achieve? Why do they want to achieve it? They need to merge their understanding of digital with the realities of the business to ensure that technology is strategic and relevant.
Even though digital transformation has been around for more than 10 years, the technology around it is changing at such a rapid rate that many companies are still trying to keep up. Legacy technology remains firmly in place as leadership pedals at speed to keep up with the next innovation or relevant aspect of digital transformation.
Those who fell behind with DX were forced to catch up in 2020, and since then they’ve been on a pedal boat down a waterfall as they’ve had to plug holes, fill gaps and meet changing market and employee expectations.
Digital and transformation
Moving forward, leaders need to understand how to take the two concepts of digital and transformation and wed them to overcome the true hiccups in the business. Digital is about making the business more digital, about implementing automated workflows, artificial intelligence, digital paper trails and improved processes.
Transformation is about taking the digital beyond optimisation and efficiency and into the realm of radical changes at work, in business and for service models and offerings. It is a combination of two factors that creates explosive value if visualised clearly by leadership and used effectively by employees.
The second challenge that often inhibits the success of DX is the expectation that it’s a one-stop solution. It isn’t. It’s an iterative approach that’s more about the journey than anything else. There are maturity levels associated with this journey that start at the digitisation of information – shifting from analogue and physical to digital formats – through to the digitalisation of processes and ways of work within the business.
Each organisation will be at a specific point in the journey, which means that any DX approach must be uniquely crafted to this point – it is not a one-size-fits-all, it’s a pragmatic and strategic approach that’s customised and curated to slip seamlessly into the organisation.
People are going to make the technology work. So yes, leaders set the tone and lead by example, by using the technology and being visible in the project and they need to set the vision for DX in such a way that everyone can read the room.
It’s here, it’s yours to use, and it’s powerful. Then, it is critical that the people using the technology in offices, coffee shops and homes are given the support and tools they need to make it work. They need to be ready, and if they’re not ready, there has to be awareness and training throughout every initiative.
When people buy into the digitisation of systems, then they will be the fuel that ensures the engine keeps driving and that the enterprise enjoys the journey.
By prioritising people and the journey towards a clearly defined goal, DX becomes far easier to implement and far more sustainable. This commitment to putting people at the heart of the strategy, while creating a vision that ensures it is the right strategy, turns the DX statistics on their head. To make a 70% failure an 80% success, it’s about vision, people and finding the right road.
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
The 2023 Africa’s Business Heroes (ABH) Prize Competition has announced the top 50 selected candidates for this year’s event. ABH, a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy to recognize and uplift African entrepreneurs, had a remarkable 27,267 applications, and this year has seen the highest number of submissions since its inception in 2019, reflecting the growing entrepreneurial spirit in Africa.
ABH continues to garner a remarkable level of reach and engagement across Africa, with applicants hailing from all 54 African countries this year. West Africa emerged as the frontrunner, representing 43% of the total applications received. Francophone countries accounted for 27% of all applications, the highest in ABH’s history.
2023 Africa’s Business Heroes (ABH) Prize Competition
Following an intense round of assessment by 256 judges from more than 40 countries, the top 50 finalists have been selected from 20 countries across 13 different industries, led by agriculture, education and training, and healthcare. The finalists are aged 36 on average, with 38% of them being female and 62% male. Nigeria, Kenya, Egypt and South Africa account for the most top 50 candidates and, for the first time, applicants from Sierra Leone are represented in the top 50, which to date cover 33 out of 54 African countries. A panel of over 50 round-two judges will now embark on interviewing these candidates to select the top 20.
“We would like to express our sincere appreciation to all the entrepreneurs and judges who participated in this edition of the Africa’s Business Heroes Prize Competition. We are honored to see the overwhelming response, which is a testament to the rising potential of Africa’s entrepreneur ecosystem,” said Jason Pau, Executive Director of International Programs, Jack Ma Foundation. “The top 50 finalists represent the incredible potential and talent that exists in Africa, and we believe there are more surprises underway for this edition. As our judging process moves forward and our fifth anniversary event series unfolds, we invite all our supporters to stay connected and follow ABH closely.”
This year, all the top 50 finalists will be invited to join the Alibaba Netpreneur Masterclass Global Edition 2023 to be conducted online by Alibaba Global Initiatives (AGI) from late July to late August, to acquire insights into how to harness digital technology to drive their business growth.
The top 20 finalists of ABH 2023 will be announced in July and the top 10 finalists in September. The return of a large-scale Grand Finale and Summit, during which the top 10 candidates will pitch live to global business legends to secure their share of the final award, is slated to take place in Kigali, Rwanda on November 23-24, 2023.
Every year, ABH spotlights outstanding participants through traditional media and social media channels, including providing significant exposure to the top 10 finalists via the ABH Show, which features the ABH journey of the previous edition’s top 10 finalists and their entrepreneurial stories. The first episode of the 2023 ABH Show was recently released and is available here (https://apo-opa.info/3Mf3nBB).
As part of reaching its five-year milestone this year, ABH will be publishing a fifth-anniversary impact report to showcase the growth and impact of the prize competition on African entrepreneurs over the years, and reflect on the applicants, winners and stakeholders who have been integral to its success.
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
Olam Agri in Nigeria, a leading agribusiness in food, feed and fibre, has been recognised for its impactful sustainability investment. The agribusiness’ Seeds for the Future (SFTF) initiative emerged as a Sustainability Initiative of the Year at the African Food Awards 2023, held on June 16 in Nairobi, Kenya.
The Africa Food Awards recognises and celebrates the best companies and individuals in Africa’s rising food manufacturing, retail, academia, and food service sector. The awards celebrate excellence and encourage adopting world-class practices and technologies in Africa’s food manufacturing, retail, and service sectors.
As one of the winners of the Sustainability Initiative of the Year Award, the Olam Agri Seeds for the Future Initiative was launched as Olam Agri in Nigeria’s wheat value-chain social sustainability investment vehicle in 2021 and is driven by five key levers, which are supporting farmers and farming communities, enabling broader education & skill development for young people, empowering women (farmers & bakers), promoting health & nutrition, and reducing carbon emissions in business operations.
In 2022, the initiative announced an impressive first-year result of its multi-year research, seed trial and multiplication effort. It generated optimism that Nigeria is making strides toward increasing local wheat production levels. Now a full-fledged foundation, the initiative is extending its impact to other segments.
Francis Juma, the Founder and Chief Executive Officer of FW Africa, the organiser of the awards, said “After evaluation by our judging committee, Olam Agri’s sustainability investment through the Seeds for the Future Foundation met all criteria of reach, depth, and impact, and towers above the competition in the sustainability investment category and deserves to receive one of the Sustainability Initiative Award for the year 2023.”
He congratulated the business for its exceptional leadership and focused investment, which aim to drive impactful economic growth across operating markets.
Speaking on the award recognition, Ashish Pande, the Country Head of Olam Agri in Nigeria, explained, “We will keep scaling up investment in projects that positively impact farming communities, consumer health, the environment, and government’s economic growth agenda. The Seed for the Future Foundation is a major vehicle for driving our wider investment actions. The Sustainability Initiative of the Year Award recognition underscores our impact level.”
He thanked the award organiser for the recognition reiterating that the business would not rest on its oars. He maintained that it would keep investing in strengthening the Nigerian food production and processing segments.
Winners in the same category at the awards include Bio Food Products, Ngorongo Tea, Farmers Choice, EARBL, the Marindi Healthy Woman, and Broadway Bakery.
The Africa Food Awards took place during the Africa Food Industry Week, which consists of high-level events such as the Africa Sustainability Symposium, AFMASS Food Expo and the Africa Food Safety Summit, all held in Nairobi, Kenya.
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
President William Ruto on Monday assented to the Finance Bill, 2023 and the Appropriations Bill, 2023 at State House, Nairobi.
He also approved the Supplementary Appropriations (No. 2) Bill, 2023 warranting the additional spending by the National Government of Sh22.9 Billion from the Consolidated Fund.
This results in the reduction of overall expenditure by Sh25.5 Billion compared to the revised total National Government expenditure approved in the Supplementary Appropriations (No. 1), Act 2023.
Presdient Williams Ruto
The reduction comprises an increase in recurrent amounting to Sh9.5 Billion and rationalisation of development spending by Sh35 Billion.
The scaling down in spending is in line with the Government’s fiscal consolidation efforts in the light of debt servicing payments.
The Appropriations Bill, 2023 authorises the withdrawal of money from the Consolidated Fund for the expenditure of the National Government.
It is the first Appropriations Bill under the Kenya Kwanza Government and, therefore, seeks to align its Manifesto and promises through assignment of actual resources to meet various services and projects.
Present were Deputy President Rigathi Gachagua, Prime Cabinet Secretary Musalia Mudavadi, Speaker of the National Assembly Moses Wetang’ula, Speaker of the Senate Amason Kingi, Attorney General Justin Muturi and a host of MPs led by Majority leader Kimani Ichung’wah.
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
Strengthening the ties of friendship and cooperation between Africa and China in the field of youth and sport was the focus of an important meeting held on Saturday in Hammamet, Tunisia, between the Association of National Olympic Committees of Africa (ANOCA) chaired by Mustapha Berraf, and a delegation from the Chinese Olympic Committee led by its President, Gao Zhidan, on the sidelines of the Hammamet 2023 African Beach Games.
This meeting was further distinguished by the presence of the President of the Association of National Olympic Committees (ANOC), Robin Mitchell, who took the opportunity to highlight the excellent work accomplished by ANOCA, stressing that the report presented to the last meeting of the Executive Committee of the International Olympic Committee (IOC) notes that ANOCA is ranked among the top two continental Olympic associations in terms of promotion of Sport, Olympic Values and Governance, having made good use of Olympic Solidarity funds, and therefore deserves greater representation among IOC members.
Ivory Coast’s players take a selfie as they celebrate after winning their African Cup of Nations final soccer match against Ghana in Bata, Equatorial Guinea, Sunday, Feb. 8, 2015. (AP Photo/Themba Hadebe)
President Berraf then declared himself pleased and honoured that the Chinese National Olympic Committee had responded favorably to ANOCA’s invitation, welcoming the already exemplary relations between China and Africa, describing them as “indivisible and bound by ties of sincere and unfailing friendship”.
Mustafa Berraf thanked the President of the Association of National Olympic Committees (ANOC), the Secretary General of the Conference of Ministers of Youth and Sport of the Francophonie (CONFEJES), the President of the Ghana Organising Committee for the All-Africa Games for their presence, the President of the Tunisian National Olympic Committee (CNOT) and the Organising Committee for the African Beach Games (COJAP), as well as African members and leaders of the International Olympic Committee (IOC), reminding that the aim of this meeting is to consolidate the foundations of a lasting partnership between China and Africa.
He went on to review the areas to be developed through this partnership:
1. Preparing athletes for upcoming international events, in particular the Olympic Games,
2. Training coaches and managers to improve governance within African National Olympic Committees.
3. Coordination for mutual support during elections,
4. The promotion of Olympic Values, the joint reinforcement of the fight against doping and the fight against global warming,
5. The maintenance and development of sports infrastructures,
6. A joint commitment, in coordination with the IOC, to strict compliance with the rules and principles of the Olympic Charter.
Mr Berraf emphasised that these areas would be the subject of a cooperation agreement to be signed next September in China.
The President of the Chinese Olympic Committee said he was delighted to be among the African Olympic family and expressed his deep gratitude to ANOCA for this invitation.
He expressed his gratitude to the IOC for its support to China during the 2008 Summer Olympic Games and the 2022 Winter Olympic Games.
Mr ZHIDAN highlighted Africa’s role in the influence of the international Olympic and sports movement, underlining its rich pool of high-performance athletes and its capacity to host the biggest international events, including the Dakar 2026 Youth Olympic Games (YOG). “This opens up the possibility of becoming the centre of the international Olympic Movement,” he said.
The President of the Chinese Olympic Committee also pointed out that the President of the People’s Republic of China attaches great importance to relations with Africa in all areas, and that “it is only logical that I, as President of the Olympic Committee and Minister of Sport in China, should be involved in this process”, noting that there is great potential for cooperation in disciplines such as athletics, swimming and football, which are high-performance areas in Africa, and gymnastics and table tennis, which are the most successful sports in China.
Mr ZHIDAN added that cooperation ties with Africa are characterised by the values of Sincerity, Friendship and Progress, and that these should be strengthened.
Mr James Maleod and Ms Kristy Coventry in turn highlighted the value of partnerships between the various Olympic bodies, welcoming the approach taken by the Chinese Olympic Committee and ANOCA.
Invited to take the floor, Mr Mehrez Boussayene thanked ANOCA for the trust placed in Tunisia to organise the African Beach Games, underlining the honour it was for Tunisia to welcome the African and international Olympic family, including the President of ANOC and the President of the Chinese Olympic Committee.
The meeting also provided an opportunity for fruitful exchanges between those present with a view to strengthening the role of the Olympic movement for a better world.
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
