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What does it mean to be an impact investor in the African context?

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By Keoleboge Malela, ESG and Impact Manager, Norsad Capital

Impact investing refers to investments that are made to achieve positive financial returns combined with measurable, positive environmental and social impact. The impact investment sector is currently estimated to be worth US$1.164 trillion globally. Of that, Sub-Saharan Africa lays claim to a relatively small US$65 billion, with South Africa accounting for 84% of all impact investment assets in the region.

It should be clear, then, that there’s substantial room for impact investment growth across the continent. But if we’re to offer any kind of roadmap for how that growth might be achieved, it’s important to understand what it actually means to be an impact investor in Africa.

Understanding where the need lies 

While it’s important for any investor to understand where there is a developmental need to be met or a problem to be solved, it’s especially critical for those participating in the impact sector in the African context.

Impact investors looking to build a presence in the region must do extensive work to understand the region as a whole, alongside the individual markets they seek to operate in. Ideally, that means having an active on-the-ground presence, as well as making a conscious effort to hire relevant local expertise.

With those resources in place, it’s also important for investors to identify the problems that their investing expertise is best poised to solve. At Norsad Capital, for instance, our investments are aligned with the United Nations’ Sustainable Development Goals (SDGs) and focused on helping build sustainable livelihoods, financial inclusion, gender equality, and growth in climate and clean energy.

Meeting investor expectations 

Increasingly, investors of all kinds expect investments to be made in accordance with environmental, social, and governance (ESG) guidelines.

Applying ESG best practices creates sustainable brands, increases productivity and enables companies to unlock further funding. It also creates expanded opportunities for impact investors as they’re ideally poised to deliver on those guidelines.

But to make the most of those opportunities, investors must work hard to ensure that they exceed ESG compliance standards. This intentional and focused approach is critical to being a successful impact investor.

Returns and measurability 

Of course, impact investing is defined by more than the initial and ongoing work you put in. You also need to be able to demonstrate returns. Here, sound investment must be based on sustainability, measurability, supported by the transparent monitoring of benefits.

There are clear reasons for the need to generate returns. It’s what separates impact investors who have a growth imperative, from NGOs and charitable organisations that don’t. Impact investors believe that it’s possible to change the world while making a profit. The investors backing them believe that too, making it incredibly important to invest in companies that at least show the potential to generate returns.

Measurability in impact investing is both more important and more difficult to achieve than in traditional forms of investment. Remember, impact investors don’t just have to demonstrate that they’re delivering financial returns for investors but also that they’re having an actual impact.

Specific approaches to measuring impact will differ depending on investors’ objectives, capacities, and goals. However, according to the Global Impact Investing Network (GIIN) there are general measurement best practices. These include: establishing and stating social and environmental objectives to relevant stakeholders; setting performance targets related to these objectives using standardised metrics wherever possible; monitoring and managing the performance of investees against these targets; and reporting on social and environmental performance to relevant stakeholders.

In the African impact investing landscape, it’s also important to apply the widely varying contexts in which investments are made to those measurement principles and to help external stakeholders understand why that’s so critical.

Unlocking potential 

Ultimately, though, the real meaning of being an African impact investor can’t be boiled down to those minutiae. Instead, it’s about unleashing the immense potential on the continent. It is, after all, home to a growing population (more than 60% of whom are under the age of 25) that is increasingly well-educated and connected. Impact investors see that potential and want to help unlock it for as many people as possible. And with the right approach, the bets they’re making could pay off big-time.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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How AI Agents Will Revolutionise Industries, Boost Productivity, and Cut Costs

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By Linda Saunders Salesforce Country Manager & Snr. Director Solution Engineering for Africa

Today, every company wants to be an AI company, yet only 1% of firms consider themselves fully mature in AI adoption, according to McKinsey. As we move from chatbots to copilots to autonomous AI agents or “agentic systems,” companies that haven’t already implemented AI risk losing significant ground to competitors. This could happen faster than they think.

Autonomous AI agents go beyond pre-defined scripts to handle nuanced interactions. They can not only generate content but make decisions and take action with limited or no human supervision. The move to intelligent, scalable digital labor represents a true revolution. By 2028, Gartner forecasts that 33% of enterprise software applications will include agentic AI, enabling 15% of day-to-day work decisions to be made autonomously.

This shift has significant implications for businesses: the potential for a digital labor force to work alongside humans, reducing costs and driving innovation and scalability. For the first time, workforces can be supplemented by autonomous AI agents working around the clock boosting productivity, efficiency, and competitive advantage.

Deloitte predicts that 25% of companies using generative AI will launch agentic AI pilots this year.

Across every industry, AI agents are making a significant impact. In customer service, they offer 24/7 support, handling a broad range of issues. For inventory management, they automate tasks, optimise stock levels, and provide real-time insights. In recruitment, they streamline the hiring process by screening resumes, scheduling interviews, and conducting initial assessments, reducing the workload on human recruiters.

By taking over repetitive tasks, AI agents allow workers to focus on high-value contributions, driving creativity, strategy, and meaningful impact.

Beyond business, this technology is improving students’ academic performance by providing personalised tutoring. In healthcare, AI agents reduce administrative burdens, allowing professionals to focus on complex cases and monitor patient progress, leading to better health outcomes.

The shift to agentic AI systems brings disruptions and risks, not least around trust and data accuracy. Trusting the technology is key to integrating agents. According to Salesforce research, 93% of global desk workers don’t consider AI outputs completely trustworthy for work-related tasks. Sixty percent of consumers say advances in AI make trust even more important.]

To build trust, it’s crucial to ensure that AI systems use accurate and relevant data, maintain privacy, and operate within ethical and legal boundaries. This means implementing robust data governance and oversight.

AI agents must also be transparent and explainable, so users know when they are interacting with an AI and how it operates. Clear accountability is essential to define responsibility for the agent’s performance and trusted outputs.

The solution to increasing productivity and building trust is not as simple as implementing AI agents immediately, according to a new Salesforce white paper. The white paper lays out key design considerations for policymakers to keep in mind outlines key considerations for designing and using AI agents, and how global policymakers can adopt and unlock AI’s full potential.

To achieve a smooth and beneficial integration, businesses, governments, non-profits, and academia must collaborate to create comprehensive guidelines and guardrails.

Continuous training programs are also key. They help AI stay up-to-date and work effectively alongside humans, enhancing productivity, and allowing employees to focus on more strategic tasks.

Without proper oversight, autonomous AI can make decisions that conflict with human values or ethics, leading to loss of trust, legal issues, and damaged reputations. To avoid these risks, a multistakeholder approach is essential.

It’s no longer a question of whether AI agents should be integrated into workforces – but how best to optimise human and digital labor working together to reach desired goals.

Although AI agents are the latest technology breakthrough, the fundamental principles of sound AI public policy that protects people and fosters innovation remain unchanged: risk-based approaches, with clear delineation of the different roles in the ecosystem, supported by robust privacy, transparency, and safety guardrails.

By addressing these concerns, we can envision a future with new levels of productivity and prosperity, driven by a digital workforce that continuously learns and improves.


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$1 Trillion Economy: Why Tinubu Must Listen to Dangote, Ekeh, Others

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By Aliyu Gaya

One exceptionally commendable fact about the Bola Tinubu presidency is that it is not lacking in ambition and audacity. Courage defines the leader and Tinubu has it in good measure. Think about this: Tinubu wants to grow Nigeria’s net worth to a $1 trillion economy by 2030. While this shows ambition, it is much more a demonstration of audacity in leadership.

To achieve this, Tinubu says Nigeria must lean on and encourage local production. He believes that achieving food security is the sine qua non for advancing the nation’s economy through heavy investments in the agriculture value chain. He is pushing a Nigeria First, Buy-Nigeria policy. Some of his ministers and appointees are also singing the same local production hymn.

A quick fact-check shows that this is not new, especially since the commencement of the 4th Republic. President Olusegun Obasanjo, it has to be emphasised, laid a solid foundation to promote indigenous production of goods and services. He did not chime Buy Nigeria, he lived it, implemented it and the results were profound. The results of Obasanjo’s Buy Nigeria policy manifested in diverse ways. Local patronage of indigenous fruit drinks and ban on imported ones; local production of airtime cards for GSM service providers; local patronage of locally assembled computers that gave a huge boost to local production of the same, such that some ministries, departments and agencies (MDAs) standardised their IT operations on indigenous computer hardware and software.

Sadly, despite the traction gained by indigenous products, the succeeding governments did not even sustain the Buy-Nigeria momentum. Tinubu seems determined to do so. However, to achieve the noble ambition of a $1 trillion economy, President Tinubu must listen to key Nigerians who are not only employers of labour but are deeply committed to indigenous production as the key to unlocking the huge potential of the nation’s economy.

One of such Nigerians Tinubu must take heed to his advice is Aliko Dangote, the President of Dangote Group whose refinery is the biggest single infrastructure project in Africa. Dangote, a major indigenous manufacturer, is not happy with the manner local companies are treated in Nigeria.

Dangote recently advocated for policies that protect indigenous industries and nurture them into mega corporations capable of generating jobs and fostering prosperity. Addressing a gathering of manufacturers and investors in Abuja recently while delivering a keynote on ‘Rethinking Manufacturing in Nigeria’ at the Nigeria Manufacturers’ Summit, Dangote advocated a reversal of government policies that expose local players to vulnerabilities including continued importation of goods and services that are also produced in Nigeria. Such a lack of protection of indigenous players, usually in the form of a lack of patronage from the government and Nigerians, stunts the growth of these local players.

He cited countries where governments had to take drastic measures to protect their respective local markets. These include the blocked sale of US steel to Nippon Steel of Japan, the blocked sale of six US port management companies to Dubai Ports World, restrictions on Chinese cranes at US ports, and the US imposition of tariffs such as 100% on Chinese EVs (electric vehicles), 50% on semiconductors, medical products, and solar panels.

There are other instances, including the restriction of Russia gas supply to Europe, which led European countries to increase coal usage despite opposition to fossil fuels; and the US government’s distribution of $39 billion in subsidies to incentivise local microchip production. The above cases clearly show how respective governments deliberately protect their local players, not only to give them a head-start over competition but also to help them scale up on the path to profitability. Nigerian governments have been short on this.

Leo Stan Ekeh, Chairman of Zinox Group, an African ICT unicorn, is yet another voice Tinubu should give ears to. Ekeh, much like Dangote and others, has been a victim of serial blackmail and corporate bullying despite his undeniable sacrifice to create a digital culture in the Nigerian marketplace including education, media, banking, oil and gas, agriculture and other aspects of the economy. His Computerise Nigeria project became the cornerstone for the establishment of digital hubs in the nation’s tertiary institutions.

Ekeh believes that achieving a $1 trillion economy is possible but stressed that the current state of power delivery nationwide (an average of 4 hours per day according to the latest NBS data) cannot support the type of bullish industrialisation and local production that will bolster the nation’s economic trajectory to the trillion-dollar mark. He warned that a situation where genuine players in local production and service delivery are bullied and blackmailed by unscrupulous private sector fringe players and public sector operators does not bode well for economic growth. He urges more protection from government for the progressive and proven indigenous companies. He says the concept of Buy-Nigeria should be enforced, especially among MDAs.

While expressing confidence in President Tinubu’s ability to address the issue of blackmail, he suggested that Tinubu should aggressively pursue a policy that promotes patronage of indigenous manufacturers and service providers as a way of reflating the economy.

He said: “It is evident that the core of the myriad challenges afflicting the nation today is our failure to develop local capacities. We must embrace self-sufficiency by consuming what we produce and supporting indigenous players across various sectors.”

He regretted that in spite of several local content policies established by the Federal Government, such policies are consistently disregarded by government employees and appointees, wondering why “we send our children to the world’s best institutions, where they excel, yet we overlook the products they create.”

He gave the example of the government of India, which effective November 1, 2023, placed restrictions on the importation of laptops, tablets, all-in-one personal computers and ultra-small computers and servers with immediate effect. This, according to him, was to boost local productivity both by multinationals operating in India and indigenous Indian companies to create more jobs, encourage proficiency, and discourage capital flight.

“Mr. President, I humbly appeal to you to be deliberate and decisive in encouraging indigenous producers and service providers across all sectors. This way, we create a market for indigenous products, build confidence in our economy and easily attract international investors. The way we treat our local investors will determine how many foreign investors we can attract,” he stated in an open letter to the President earlier this year. The voices of Dangote and Ekeh echo the voices of other indigenous players who have continued to deliver value amid vicious headwinds.

Speaking at the inaugural Domestic Investors Summit in Abuja recently, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, reaffirmed Tinubu’s determination to achieve the trillion-dollar economy. She outlined targets for 2025, including $6 billion in foreign direct and portfolio investment, $6.5 billion in non-oil exports, a 20 per cent increase in trade value, and the creation of 200,000 export-led jobs. This is grand. But the major pulley that will drive this growth is the recommendation of Dangote, Ekeh, and other indigenous players, which is that the government should, as a priority, protect local investors and entrepreneurs through patronage, a policy shift that encourages growth, and categorising such investors’ assets as national assets deserving of preservation.

Gaya, a public policy analyst, writes from Kano.


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Celebrating a Visionary Leader Governor Charles Chukwuma Soludo, CFR at 65

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By Chukwuemeka Fred Agbata (CFA)

Today, we celebrate a leader whose unwavering commitment to “Everything Technology, Technology Everywhere” is turning bold ideas into real impact for Ndi Anambra.

As someone privileged to lead the Anambra State ICT Agency, driving e-governance initiatives, and now the Geeks & Founders Alliance for Soludo (GEFAS), a coalition of tech professionals, founders, and enthusiasts advancing technology and championing the re-election of Governor Soludo, I see first-hand how Mr. Governor’s vision keeps challenging us to push boundaries: from digitizing government operations to expanding free Solution WiFi, deploying smart solutions, and driving public-private partnerships that create jobs and make Anambra truly work for the people.

Today, under his visionary leadership, the combination of solid physical infrastructure, livable cities, and a growing digital backbone is fast positioning Anambra as an attractive hub for talent, investment, and innovation- a destination and not a departure lounge

Leadership is not about lofty speeches but clear action, and Governor Soludo has shown us that bold decisions, like removing Right of Way charges to drive connectivity, can transform an entire ecosystem.

As we mark his birthday, we rededicate ourselves to this vision: a smarter, more connected, and prosperous Anambra that works for all.

Happy Birthday, Mr. Governor, Oluatuegwu!

Here’s to more impact, more solutions, and a future that keeps rising.


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