News
Africa Won’t Develop without Technology — World Bank
The digital transformation of Africa will foster economic growth and reduce poverty Mr Hafez Ghanem, World Bank vice-president for Africa, has said.
Ghanem expressed the view at the weekend at the launch of the April 2019 Africa Pulse Report, which analyses issues shaping Africa’s economic future.
The report was launched in Washington DC at the IMF/World Bank meetings.
Ghanem said that lots of jobs required technology and so technological advancement was mandatory for Africa to develop.
He said through technology Africa could create more jobs, encourage entrepreneurship among the youth, increase farmers’ productivity, bring more women into the labour force and create markets.
“Access to broadband is critical but not sufficient to materialise these digital dividends.
“The digital economy also requires a strong analogue foundation, consisting of regulations that create a vibrant business climate,” he said.
Also, Mr Albert Zeufack, World Bank chief economist for the Africa Region, stressed the need to educate and empower women, which he said was smart economics.
On his part, Mr Hassan Khayre, Prime Minister of Somalia, said the problem of Africa called for revolutionary reforms and timely investments.
He said that this was why it was important that Africa must utilise all its human resources thorough women empowerment.
Mrs Aichatou Kane, minister of Planning in Niger’, harped on the need to reduce child marriage in Africa.
She said that in Niger, the number of average birth per woman was seven children with women of 30 years as grandmothers.
To address this, she said the government was carrying out sensitisation programmes on educating husbands on family planning.
She said through the approach, the government hoped to reduce the number of birth per woman to five.
Meanwhile, Mr Alamine Mey the Minister of Economy, Planning, and Regional Development, Cameroon, said the Boko Haran insurgency had affected the economies of Nigeria, Cameroon and other neighbouring countries.
He said that through collaboration, the countries could checkmate the menace.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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