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CWG Boss Commends Nigeria’s Business Competitiveness at CBS

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Austin Okere, founder, CWG Plc and Entrepreneur in Residence at Columbia Business School, thumbed up Nigeria’s business competitiveness at the CBS annual Entrepreneurs in Residence Week in New York during the last week of October.

Addressing the group of graduate students in the Private Equity and Entrepreneurship in Africa Course with Professor Murray Low of the Eugene Lang Entrepreneurship Centre,

Okere highlighted Nigeria as one of the top three investor destinations in Africa.

Quoting figures from the United Nations Conference on Trade and Development (UNCTAD), he reiterated that of the $57b Foreign Direct Investment (FDI)  that Africa attracted last year, Nigeria saw the lion share of about $5.6b, which is very significant given that only six other countries attracted investments above $3b.

This is coming on the heels of Nigeria moving up five places in the latest release of the World Bank Doing Business Report.

This is well above the average improvement of two positions by the MINT countries (comprising Mexico, Indonesia, Nigeria and Turkey).

More importantly, the “Starting a Business” and “Getting Credit” pillars saw the most significant changes, moving up nine and 73 places respectively, indicating better engagement with the Small and Medium Enterprises (SMEs)  sector, which tends to be the engine of growth in most developing economies.

Advising the audience to explore other viable geographies, Okere reiterated his view expressed at the World Economic Forum Meeting of the Global Champions in Tianjin, China, that the new frontiers for business expansion following saturation in the developed markets were Africa and Latin America. He however cautioned against wholesale importation of western business model templates into these emerging markets given the different geographies, peoples and cultures.

He counselled local partnerships to explore the immense opportunities in a mutually beneficial manner.

In Okere’s view, significant milestones have been achieved in important areas such as pervasive broadband access, making it possible to pursue hitherto impossible business models in Cloud Computing and eCommerce.

He also enumerated the giant strides in Power Sector reforms, Agriculture and SME support and financial inclusion through the Central bank’s Cashless Initiative, leading to improved financial transparency; and the adoption of the IFRS Accounting standard leading to greater corporate governance standards.

According to Okere ‘the recent admission of the Nigerian Stock Exchange into the World Federation of Exchanges is testimony to the huge success of the Capital Market reforms, and serves as a positive barometer for investors’ appetite’.

Qualifying his optimism, Okere had this to say “being a member of the World Economic Forum’s Business Council and a board member of the National Competitiveness Council of Nigeria, it is not lost on me that there is still a lot to be done for Nigeria to achieve her full potential, as has been highlighted by the recent WEF Competiveness Index report. I however, believe that it is not far-fetched for Nigeria to aspire to become one of the 20 largest global economies by 2020 starting from a comfortable base of being the largest economy in Africa and the 26th largest global economy”.

To achieve this however, he advocates the acceleration of investments in critical infrastructure and also getting the Local Governments to step up in their responsibility towards the provision of Primary Health Care and Primary Education.

Columbia University’s Entrepreneur in Residence Program brings together selected individuals of exceptional talent and a history of accomplishment to assist tomorrow’s business leaders by providing valuable insights garnered from their extensive experience.

Commenting on Okere’s contribution, Mr. Cliff Schorer, Program Director, had this to say “Austin has provided the program with a broad foundation of knowledge, and he serves as a resource to those interested in developing enterprises in emerging markets.  With the landscape of global business rapidly expanding, Austin’s availability to students, faculty and administrators has proven to be extraordinary, and his openness, presentation skills and willingness to assist others is a great asset to the program”.

Similarly Professor Murray Low, founder of the Columbia Entrepreneurship Program remarks as follows

“Our EIR program seeks to attract successful entrepreneurs with deep sector experience. With Austin, we get two for one; deep experience in information technology as well as emerging markets. His unique insights are hugely valued.”

An elated Okere, whose company has been used as case studies in both CBS and MIT responded by stating how touched he was by the kind words of the Program Directors.

He philosophically declares “I am happy that the work I do at CBS and the achievements of my company put Nigeria firmly on the map in the global academic community. I am pleased to be a worthy ambassador, making Africa proud”.


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d.light Provides 10,000 Solar Home Systems to Refugees

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d.light, the global provider of transformational household products and affordable finance for low-income households, is providing 10,000 subsidized solar home systems to refugees who have fled conflict in South Sudan and the Democratic Republic of Congo and who are now living in refugee camps in Northern and Western Uganda.

The 10,000 units are part of a wider initiative to supply 23,000 solar home systems to Ugandan refugee communities.

The project is being funded by a USD$3.4M grant from Private Sector Foundation Uganda (PSFU), a body made up of business associations, companies and public sector agencies in Uganda: and Energising Development (EnDev), an international programme by the German, Dutch, Norwegian and Swiss governments to provide access to affordable, reliable, sustainable energy for delivering social, economic, and environmental change.

The project began in April and is scheduled to run for 12 months. Funds from the grant are subject to results based financing (RBF) and d.light will only receive funding for solar home systems that have been installed.

Each solar home system from d.light features three high-efficiency LED lights, an FM radio with MP3 playback, mobile phone charging capability, and a portable solar flashlight.

Commenting on the news, d.light’s Managing Director for Uganda Douglas Gavala said, “With this grant, we can expand the important work we’re doing to improve living conditions for underserved refugee communities from South Sudan, the DRC and elsewhere who are living in refugee camps in Uganda.

“A solar home system significantly improves the quality of life and wellbeing of a household – whether it’s providing entertainment or letting a family stay up to date on local and global news on the radio or enabling children to continue reading and studying after dark.

“As well as benefits at home, d.light products also bolster household income in Uganda’s refugee settlements by extending working hours for tradespeople and small businesses, and providing an income for residents who work as d.light salespeople in the settlements.

“By providing high-quality solar products at an affordable price, we are improving the quality of life for displaced people while simultaneously encouraging economic activity at a grassroots level.”

 


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DG NITDA Reiterates Needs for Safe and Inclusive Digital Environment

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To forge strategic partnerships and collaboration for the advancement of Nigeria’s digital transformation Agenda, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa has reiterated the need for a safe and inclusive online environment responsible for human and Artificial Intelligence (AI) practices in country.

Inuwa made the statement while playing host to a team from TikTok who visited Agency’s Corporate Headquarters in Abuja to seek alliance towards bolstering the country, which aligns with President Bola Ahmed Tinubu priority area of strengthening national security for peace and prosperity.

The DG stated that content moderation strategies will help in addressing online problems like hate speech, misinformation, and cyberbullying in relation to the protection of minors across the country.

“With the Code of practice for Interactive Computer Service Platforms/Internet Intermediaries in place, this has helped in ensuring digital safety in accordance with global best practice and content moderation to enhance security”, he said.

He further noted that “no organisation or institution can operate in silos, we need each other for the actualisation of our goals and objectives towards services delivery and for the advancement of the Nation.”

Highlighting some critical areas, Inuwa stated that leveraging on the platform will advance the country through Digital Literacy 4 All (DL4ALL), Capacity Building, knowledge sharing, trainings, and curbing misinformation, digital safety with the aim of creating a safer cyber space and empowering online environment for Nigerian users.

He added that the platform allows for creative expression through filters, stickers, and editing tools, entertainment and comedy are dominant themes, and informational videos on various topics are gaining traction which has become a launchpad for influencers and trends that can go viral.

Inuwa also explained that NITDA’s Strategic Roadmap and Action Plan 2.0 (SRAP 2024-2027) is structured around eight pillars which include; Fostering Digital Literacy and Cultivating Talents, Building a Robust Technology Research Ecosystem, Strengthening Policy Implementation and Legal Frameworks, Promoting Inclusive Access to Digital Infrastructure and Services, Enhancing Cybersecurity and Digital Trust, Nurturing an Innovative and Entrepreneurial Ecosystem, Forging Strategic Partnerships and Collaborations, and Cultivating a Vibrant organisational Culture with an Agile Workforce.

In her earlier remarks, the Head of Government Regulation and Public Policy TikTok Nigeria and West Africa, Mrs Tokunbo Ibrahim has revealed that NITDA is one of its biggest and critical stakeholders in Nigeria that has an outstanding strides and performance in advancing the digital economy sector.

Ibrahim commended NITDA for its various initiatives, programmes, and policies set in place and aligns with that of TikTok, providing the opportunity were Nigerians use the platform to market, sell and export their products and services as well as talents to the outside world and make a living out of it.
She pointed out that there are projects and programmes that TikTok platform has forge ties of collaboration with, like the Africa creator hub where they do campaigns for tech creator, support, empower, and educate them on how to create contents and explore other sections of the platform, changing their narrative and adding values to what they are doing.

Ibrahim also added that TikTok platform considers online safety as one of its critical areas to secure the cyber space by providing an avenue for users to thrive and be productive in their various activities.

TikTok is currently running African mall to push the narrative of Africa to the world and creators are being equipped with information that they can create contents for products and services in Nigeria, thus can be exported to other countries of the world attracting investments


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Dr. Adesina, AfDB Group President Calls for Media Transformation to Uplift Africa’s Global Narrative

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Dr Akinwumi Adesina, the President of the African Development Bank Group, delivered an impassioned plea for more balanced media coverage of Africa and its development, noting it was critical for changing false narratives.

Adesina said this on Thursday in a keynote speech to the All Africa’s Media summit in Nairobi, attended by nearly 300 participants from across the continent. He praised the crucial role the media plays in strengthening democracy and advancing inclusivity.

The Bank Group president said there were many positive developments in Africa yet the continent continues to suffer misrepresentations which undermine its economic progress and investment potential.

“Despite the significant progress within our continent, the prevailing media narrative often focuses on negative stereotypes, overlooking the substantial advancements and resilience Africa demonstrates,” he added.

Adesina said there was plenty of positive news to report about and highlighted the continent’s economic resilience regional and amid global challenges. He said that in 2023, Africa’s growth rate surpassed the global average, with 11 African nations ranked among the world’s fastest-growing economies.

Adesina referenced a 2021 Africa No Filter Report, which revealed significant adherence to outdated and negative clichés in media reports about Africa. “It’s time for change,” he declared. “We must reshape the narrative about Africa to reflect its true spirit and potential.”

He emphasised the critical nature of information and its ability to have a profound negative impact on development and investor perceptions even though an in-depth investigation by Moody’s Analytics had shown the continent was much less of a risk than many other continents.

“We must promote a balanced view that highlights both the challenges and the many successes of Africa. It’s about changing perceptions and showcasing Africa as a continent rich with opportunity and innovation.”

The Bank Group President also spoke about the challenges and transformations within the media sector, highlighting the impact of digital technology.

“The media landscape has dramatically shifted with the rise of the internet and mobile technology, leading to a proliferation of digital platforms,” Adesina declared.

“While this has democratised information, it has also complicated issues, the distinction between fact and fiction can become blurred.”

To counter unfair and unbalanced narratives, Adesina urged the creation of a powerful, globally respected African media and proposed strategic collaborations among regional financial institutions to support this cause, emphasising the need for media to act as a catalyst for development.

“We need to celebrate and promote the continent’s successes, turning the tide against the longstanding stereotypes that have clouded the global view of Africa… What you call yourself, is the name others will subscribe to you.”

“For as long as we continually denigrate ourselves and play into the hands of those who control the narrative about Africa, we will be stuck with a label that does not belong to us,” he concluded.

He highlighted the African Development Bank’s own successes which included maintaining a AAA credit rating and launching groundbreaking financial initiatives that have earned it respect as an innovative and successful multilateral development bank.

“We have proven that Africa can lead with innovation and strength in the global financial landscape,” the President remarked. “Yet, these achievements receive minimal attention compared to the persistent focus on Africa’s challenges.”

Adesina added that just one month ago, the Bank launched a landmark $750 million hybrid capital instrument, again with a Triple A rating, which was oversubscribed eight times. He described this as a huge “testament to the confidence and trust in Africa’s burgeoning financial capabilities.”

He pledged that the African Development Bank remained committed to supporting initiatives that would help the media present a more balanced and progressive portrayal of Africa and support its economic development.

In a discussion with Julie Gichuru of the Mastercard Foundation after his address, Adesina said Africa was blessed with energy sources, but millions remained without electricity. “This must change,” he said.

“We cannot industrialise in the dark, we cannot develop in the dark. Our children cannot be competitive in a world of darkness,” he concluded.


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