Africa: Global Leaders Unite to Propel Africa's Business, Innovation Potential

4 October 2024
Africa Renewal (United Nations)
By Zipporah Musau

'Unstoppable Africa' summit concludes with key announcements and commitments to drive growth

World leaders from business, government, finance, sports, and the creative arts convened in New York for the third annual "Unstoppable Africa" event, on the margins of the UN General Assembly, and renewed commitments to spur business on the continent.

GABI 2024: New partnerships, initiatives forgedThe GABI event also served as a platform for announcing significant partnerships, awards, and initiatives aimed at shaping Africa's future. These include the following:

  • Mine Tech Hub Contribution: President Hakainde Hichilema of Zambia announced a significant contribution to the Mine Tech Hub, which aims to promote technological innovation in the mining sector, ensuring sustainable and inclusive growth.
  • Timbuktoo Initiative: Philemon Yang, President of the UN General Assembly, expressed his strong support for the Timbuktoo Initiative, a global effort led by UNDP Africa focused on youth empowerment, digitalization, and sustainable development.
  • Infrastructure Collaboration: Turkish construction company SUMMA and TAV Airports announced a collaboration to enhance infrastructure development and investment opportunities in Africa. Selim Bora, Chairman of SUMMA, said: "We believe in the transformative power of infrastructure to shape the future of Africa. For over a decade, we have proudly partnered with nations across the continent creating opportunities for economic growth, job creation, and improved quality of life.
  • NBA Africa: Clare Akamanzi, CEO of NBA Africa, presented the NBA Africa Startup Accelerator award to Festival Coins, a Nigerian tech company known for its Tix Africa platform, which simplifies event registration and ticketing in Nigeria and Ghana. This initiative aims to support Africa's tech ecosystem by providing mentorship and funding to emerging entrepreneurs.
  • Food Systems: GABI signed a $250,000 partnership with PepsiCo to mobilize the private sector in Africa to transform food systems. The partnership will coincide with key milestones, including a GABI Bridge at the UN Global Compact Annual Local Network Forum in South Africa in 2025 and the Food Systems Summit.
  • Education: A planned partnership with the Global Partnership for Education (GPE) will focus on transforming Africa's education systems. This collaboration will build on the outcomes of the 2022 Transforming Education Summit and begin with a side event hosted by GPE during Convene in 2025.
  • A Digital Future for Africa: A major highlight was the launch of Itana, Africa's first Digital Free Zone. This initiative enables global technology, finance, and service businesses to operate seamlessly in Nigeria and scale across Africa, entirely online. Itana offers attractive incentives, including tax breaks, streamlined immigration processes, and tailored banking solutions, along with a live-in accelerator program and live-work districts that showcase the future of African urban development.

The two-day Global Africa Business Initiative (GABI) flagship event sought to drum up support for Africa's business opportunities and innovations, under the theme "Unstoppable Africa: Shaping Global Ambitions for Agenda 2063".

Organized by the UN Global Compact's Global Africa Business Initiative (GABI) it markets the continent as the premier destination for business, trade, and investment, and is co-hosted by UN Deputy Secretary-General Amina J. Mohammed and African Union Chairperson Moussa Faki Mahamat.

Among the notable attendees this year included the President of Poland, Andrzej Duda; the Global Head of Public Sector Banking, Citi - Julie Monaco; Prof. Benedict Oramah, the President of the African Export-Import Bank (Afreximbank); as well as Mr. Makhtar Diop, the Managing Director of the International Finance Corporation (IFC).

Also in attendance were Ms. Cristina Duarte, the UN Special Adviser on Africa; Mr. Wamkele Mene - Secretary-General of the AfCFTA Secretariat; Dr. Akinwumi A. Adesina - President of the African Development Bank Group; Dr. Ngozi Okonjo-Iweala, the Director-General of WTO.

This year the summit emphasized inclusive participation and solution-driven solutions, culminating in a final roundtable where stakeholders committed to tackling pressing challenges. Key topics included unlocking inclusive trade growth, Africa's role in clean energy, digital advancements, and the global impact of African creativity and sports.

In his keynote video address, UN Secretary-General Antonio Guterres emphasized the importance of strengthening partnerships to drive progress in Africa and globally.

"Achieving an unstoppable Africa requires collective, unstoppable efforts to foster development in areas like renewable energy, food systems, education, and digital transformation," said Mr. Guterres, while calling for meaningful reforms in the global financial architecture to ensure that all countries receive the necessary support, while promoting job creation and economic growth through initiatives such as the African Continental Free Trade Area (AfCFTA).

AU chair Moussa Faki Mahamat highlighted Africa's rich cultural diversity and the resilience of its people.

"Africa's story is one of determination, progress, and hope. Our strength lies not only in our resources but in our people--mothers, fathers, sons, and daughters--who tirelessly work to build a better future," he said.

UN Deputy Secretary-General Amina J. Mohammed stressed the critical role of Africa's private sector in driving impactful change, emphasizing that with the right investments and partnerships, Africa is poised for transformative growth.

UN Assistant Secretary-General and CEO UN Global Compact, Ms. Sanda Ojiambo, commended the Africa Business Leaders Coalition for its leadership, noting a nearly 25% reduction in carbon footprints among participating businesses since launching a climate statement at COP27.

Business leaders Mr. Aliko Dangote, Founder and CEO of Dangote Group; Dr. James Mwangi CEO Equity Group Holdings; Mr. Peter Ndegwa CEO, Safaricom; Mr. Alex Okosi, Managing Director Africa, Google; also attended.

WNBA All-Star and ESPN host, Chiney Ogwumike; and Chido Mpemba, AU Special Envoy on Youth.

Insightful discussions

A panel on closing Africa's climate finance gap revealed that the continent receives less than 5% of global climate funding despite its renewable energy potential. Another panel explored the rising significance of Africa's cultural and creative industries, highlighting their role in economic growth and reshaping narratives.

The discussion on the digital economy included insights from leaders like Rwanda's ICT Minister, Paula Ingabire, and Safaricom's CEO, Peter Ndegwa, who emphasized the necessity for strategic financing and inclusive policies.

Additionally, a session on the African fashion sector showcased the industry's growth potential, with a focus on female designers dedicated to establishing a competitive presence in the global market.

The 2024 GABI event concluded with optimism and a shared commitment to harness Africa's potential for global leadership. With concrete plans and partnerships now established, the initiative is poised to continue its momentum toward a future where Africa leads on the global stage.

Read the original article on Africa Renewal.

Tagged:
Copyright © 2024 Africa Renewal. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.