This New York City store has been preserving traditional Moroccan handicrafts for nearly 25 years. After the recent devastating earthquake in Morocco, they hope to do everything possible to bring the country back on its feet.



It’s not every day that Moroccans see a devastating earthquake crush their homes into rubble and leave them searching for missing family members. The earthquake in September was the strongest in more than a century, severely damaging towns and villages near the base of the Atlas mountains and ripping through the suburbs of Marrakesh.


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="942" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2023/11/A-living-room-setup-featuring-Moroccan-furniture-image-supplied2-942x1024.jpg" alt="" class="wp-image-60128" style="aspect-ratio:0.919921875;width:588px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/11/A-living-room-setup-featuring-Moroccan-furniture-image-supplied2-942x1024.jpg 942w, https://cms.forbesafrica.com/wp-content/uploads/2023/11/A-living-room-setup-featuring-Moroccan-furniture-image-supplied2-276x300.jpg 276w, https://cms.forbesafrica.com/wp-content/uploads/2023/11/A-living-room-setup-featuring-Moroccan-furniture-image-supplied2-768x835.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/11/A-living-room-setup-featuring-Moroccan-furniture-image-supplied2-1412x1536.jpg 1412w, https://cms.forbesafrica.com/wp-content/uploads/2023/11/A-living-room-setup-featuring-Moroccan-furniture-image-supplied2-1883x2048.jpg 1883w" sizes="(max-width: 942px) 100vw, 942px" /><figcaption class="wp-element-caption">A living room setup featuring Moroccan furniture; image supplied</figcaption></figure></div>


One community severely affected was women weavers. Known for its decorative rugs and handmade artifacts, Morocco’s weaving tradition dates back hundreds of years. The craft is passed down from generation to generation, and every rug has a unique story behind it: each rug symbolizes the weaver’s family. But the earthquake has made the future of this dying practice even more uncertain.



Communities from all across the globe came forward to help Morocco get back on its feet. One such group was the workers at ‘Imports from Marrakesh’, a store specializing in handcrafted Moroccan tiles, carpets, lighting and accessories in Manhattan, New York City.



“These weavers lost everything,” Stephanie Rudloe, a stylist and decorator, who oversees merchandising at the store, tells FORBES AFRICA. “It will take time for aid to reach them, and we need to do all we can to help them. We’re doing a fundraiser in the coming months with the rugs we previously bought from them.”



Working with the founder, Mohamed Elmaarouf, Rudloe opened the store nearly 25 years ago. Sharing their combined interest in Moroccan handicrafts, the duo made the store a pioneer in Chelsea Market when it first opened, and it continues to welcome new and old customers.



“We want people to have a special in-store experience,” Rudloe says. “It should feel like they’re in Morocco. The store is more like a museum designed as a shop. We want to support the work of local Moroccan artisans and have their pieces displayed with pride.”



‘Imports from Marrakesh’ keeps a selection of handicrafts anywhere between $20 and $5,000. Rudloe believes that the wide range makes the store accessible to everyone.



“Even if people don’t buy anything, we want to give them a cultural experience,” Rudloe says. “We have Moroccan music playing in the store, which adds to the atmosphere. Customers can feel like they’re in Morocco without having to travel.”



Rudloe feels that Moroccan rugs and furniture are special as they fit well with different kinds of interiors from all across the globe. People can be their own decorators and also have a collection of handmade things that have a spirit and character attached to them.



In the wake of the earthquake, Rudloe wishes that when people visit the store, they see the beauty of Morocco for themselves and are encouraged to provide aid to the country.



“I really hope that the store will make people go to Morocco, too,” Rudloe says. “The people there need our help right now. I hope our fundraisers will help them during this time and preserve a traditional culture that’s quickly becoming a dying art.”

Stephanie Rudloe, co-founder of Imports from Marrakesh; image supplied

How A Moroccan Store In New York Is Helping Weavers Back Home

Female writing new ideas on sticky note

Accelerating Startup Growth: Nigeria’s Incubators

Following a $150 million aid for Togo&#8217;s development in September, the World Bank and the Office Chérifien des Phosphates (OCP) Group are partnering to support farmers in Togo and other West African nations. They formalized this collaboration by signing a Memorandum of Understanding (MoU) in Marrakech. Citizens are calling for transparency and efficient execution.



The World Bank and the Office Chérifien des Phosphates (OCP) Group have announced a partnership to support farmers in Togo and other West African and Sahelian countries.



OCP Chairman Mostafa Terrab and World Bank Vice President for Western and Central Africa Ousmane Diagana formalized this collaboration by signing a Memorandum of Understanding (MoU) during the World Bank and International Monetary Fund (IMF) Annual Meetings in Marrakech, a city located in western Morocco.



This development follows the World Bank&#8217;s inaugural operation of Togo&#8217;s new Development Policy Financing series ($150 million) in September.



Aligned with commitments in the Lomé Declaration endorsed by member countries of the Economic Community of West African States (ECOWAS) in May, this latest partnership aims to benefit five million farmers in Togo, Guinea, Mali, and Benin, covering 10 million hectares. Areas of cooperation include improving soil health and fertility, establishing agricultural technology and service centers, launching a Digital Farming School program, strengthening ECOWAS capacity, and supporting the establishment of a Regional Center for Soil Health and Fertility Management in West Africa hosted by the International Institute of Tropical Agriculture (IITA).



Under this partnership, both institutions reaffirm their commitment to the United Nations’ Sustainable Development Goals (SDG), particularly SDG2 on hunger and food security, and SDG13 on climate change.



According to Terrab: &#8220;These projects are an important step towards unlocking Africa’s potential in global food security.&#8221; He added, &#8220;The goal is to drive a just and sustainable agricultural transition, widening access for West African farmers to customized fertilizers that nourish the soil and improve crop yields, enhancing farmers&#8217; livelihoods and contributing to African development and prosperity.&#8221;



Diagana emphasized: &#8220;Both our institutions believe in accelerating investments and reforms to support resilient agriculture that promotes sustainable development and creates jobs. This partnership between the World Bank and the OCP Group is turning the Lomé Declaration into action.&#8221;



The World Bank&#8217;s economic overview of Togo highlights challenges since the Covid-19 pandemic, including headwinds from the fallout of Russia’s invasion of Ukraine, slowing external demand, tighter financing conditions, and regional instability. Togo&#8217;s government response involved increased public spending to stabilize growth, but vulnerable populations have felt the impact. The partnership between the World Bank and the OCP Group aligns with Togo&#8217;s efforts to address these challenges, focusing on key areas of cooperation for sustainable development.



In response to the announcement, Togolese entrepreneur Paul Mensah shares his sentiments with FORBES AFRICA, foreseeing a positive impact on the nation&#8217;s growth through this support.



&#8220;As a Togolese, it&#8217;s heartening to witness the World Bank&#8217;s commitment to our country&#8217;s economic progress,&#8221; says Mensah, emphasizing the importance of robust financial support in propelling the nation forward.



The financing, dedicated to supporting the government&#8217;s roadmap and enhancing food security, is viewed by Mensah as a crucial step toward addressing key challenges facing Togo&#8217;s economy.



&#8220;Food security is undeniably a cornerstone of economic development. The World Bank&#8217;s focus on this aspect aligns with the fundamental needs of our nation. It is a welcome development,&#8221; Mensah remarks, highlighting the significance of ensuring a stable and sustainable food supply for Togo.



While expressing his satisfaction with the World Bank&#8217;s initiative, Mensah also urges the Togolese government to play an active role in ensuring the effective implementation of the outlined roadmap.



&#8220;The success of these financial interventions hinges on the government&#8217;s commitment to transparent and efficient execution. I am hopeful that our leaders will prioritize the effective utilization of these funds for the benefit of our nation,&#8221; he states.



Mensah&#8217;s sentiment reflects a broader hope within the Togolese community that this injection of funds will catalyze positive change and contribute to the nation&#8217;s overall economic prosperity.

Member of a women’s cooperative carrying buckets to water a field in Karsome, Togo.

Sustainable Farming In Togo: World Bank’s Financial Injection And OCP Collaboration

Ghana has secured critical financing support for its climate adaptation and mitigation endeavors during the recently concluded 2023 International Monetary Fund (IMF)/World Bank Group (WBG) Annual Meetings. Finance minister Ken Ofori-Atta disclosed this to the Ghana News Agency.



At the forefront of this support is the World Bank&#8217;s International Finance Cooperation (IFC), pledging funding to bolster Ghana&#8217;s implementation of diverse climate change initiatives. These projects aim to fuel sustainable growth, foster a habitable planet, and generate employment opportunities.



Sharing his thoughts on this development, Ofori-Atta expressed optimism about the impact on Africa as a whole. &#8220;We have a huge seat at the table [of V20] now, and that will reflect on the whole of Africa, enabling us to design and understand where financing is going, especially in carbon credit financing,&#8221; he told the news agency.



He emphasized the positive outcomes of discussions with the World Bank and IFC, anticipating substantial resources and innovative financing schemes for climate mitigation and adaptation. &#8220;Beyond the stability that you bring with an IMF program, you need to look at growth,&#8221; he stated, underlining the focus on private investment and strengthening the system.



Highlighting the urgency of the climate agenda, Ofori-Atta pointed out its alignment with crucial sectors such as electronic vehicles and solar energy. &#8220;This aligns with the type of resources needed to make growth more effective and sustainable,&#8221; he added.



Ghana, as the headquarters of V20 (the Vulnerable 20 Group), is poised to lead and harness new ideas and global technology to accelerate the nation&#8217;s climate change agenda. Ofori-Atta affirmed that economic growth in Ghana would prioritize addressing climate change issues, with a commitment to translating stability into sustainable job opportunities for citizens.



Speaking with FORBES AFRICA, Ghanaian social entrepreneur Prince Fiadzigbe expresses optimism and cautious enthusiasm about the development.



Fiadzigbe highlights the critical importance of utilizing the funds effectively to address the pressing challenges posed by the climate crisis. &#8220;Hoping these funds are channeled into proper use by the government and leadership in the climate space for interventions whose results would see us better adapting to the climate crisis and mitigating it as a country,&#8221; he emphasizes.



Fiadzigbe commends the international community&#8217;s commitment to supporting climate initiatives in developing nations. He stresses the need for strategic and transparent allocation of resources to ensure that the intended goals are achieved.



&#8220;Ghana has been presented with a significant opportunity to bolster its resilience against climate change impacts and contribute meaningfully to global efforts in combating environmental challenges,&#8221; Fiadzigbe remarks. He calls for collaboration between government agencies, private sectors, and non-governmental organizations to implement comprehensive and sustainable climate solutions.



The entrepreneur urges the Ghanaian leadership to prioritize projects that not only address immediate climate concerns but also foster long-term environmental sustainability. &#8220;It&#8217;s imperative that we invest in initiatives that not only mitigate the current effects of climate change but lay the foundation for a more sustainable and resilient future for generations to come,&#8221; he states.



As Ghana navigates the complex landscape of climate adaptation and mitigation, Fiadzigbe remains hopeful that the secured financing will mark a turning point in the nation&#8217;s environmental efforts. He encourages ongoing dialogue and collaboration between stakeholders to ensure a coordinated and effective response to the climate crisis.



Fiadzigbe also emphasizes the importance of ensuring that these funds are deployed effectively to benefit local communities.



&#8220;While securing financing is a crucial milestone, it&#8217;s equally important to ensure that these resources reach the grassroots level, empowering communities to adapt to climate change and participate in sustainable practices,&#8221; he notes.

Ghana Debt is Sliding Into Distress

Ghana Secures Financing For Climate Initiatives At IMF/WBG Annual Meetings

IMF acknowledges Nigeria&#8217;s economic challenges: 26% inflation, naira pressure. CBN lifts forex ban, but concerns persist over exchange rate unification. Analysts weigh in on potential dollar loan effects. Swift government action is urged to clear outstanding forwards amid rising demand for dollars.



Responding to recent economic challenges in Nigeria, the International Monetary Fund (IMF) has acknowledged the country&#8217;s 26% year-on-year inflation rate in August and pressure on the naira.



&#8220;As with every member country of the IMF, Nigeria can seek IMF financing if they see this as helpful to address external imbalances,&#8221; the IMF told The Punch.



The IMF also welcomed the Central Bank of Nigeria’s (CBN) recent decision to lift the ban on the 43 items previously restricted from accessing foreign exchange from the official window. &#8220;This is a positive step in the direction of a shift to a market-determined exchange rate regime.&#8221;



FORBES AFRICA&#8217;s investigation reveals the naira is trading at ₦1,186 to the dollar in the parallel market, while the official Investors and Exporters (I&amp;E) window closed at ₦808 on Friday. Concerns arise about the effectiveness of the new free-floating system in response to President Bola Tinubu&#8217;s commitment to unify exchange rates.



Minister of Finance Wale Edun, in a conversation with Bloomberg, attributed the naira&#8217;s decline to overdue forward payments of $6.8 billion, suggesting the use of forward payments in the forex market played a role. The IMF urged Nigerian authorities to urgently tighten monetary policy, recommending measures like raising the Monetary Policy Rate and addressing excess naira liquidity. The IMF emphasized that clarity on the CBN&#8217;s dollar obligations would boost market confidence.



Despite challenges, the IMF expressed confidence in the abilities of Edun, and the new CBN governor, Olayemi Cardoso, believing they can make informed decisions to enhance the country&#8217;s economic fortunes.



Analysts speculate that a potential dollar loan could have mixed effects on the Nigerian economy. While it might offer short-term financial support, concerns about increased debt levels and the ability to meet repayment obligations linger.



Nigerian exporter Oluwaseun Obilana expresses concerns about the potential impact on the country&#8217;s business landscape.



Obilana highlights the challenges that a devalued naira could pose to businesses reliant on international trade. He states to FORBES AFRICA, &#8220;The stability of the naira is crucial for us exporters. Any depreciation adds uncertainty and affects our competitiveness in the global market.&#8221;



He acknowledges the need for solutions but emphasizes the importance of considering the implications for businesses. &#8220;While seeking a dollar loan might provide temporary relief, we must carefully weigh the long-term consequences on businesses like ours,&#8221; he remarks.



The exporter urges the government to explore comprehensive measures to stabilize the naira and boost the economy without compromising the interests of the business community. &#8220;A collaborative approach between the government and the private sector is essential to navigate these economic challenges effectively,&#8221; Obilana emphasizes.



Obilana remains cautiously optimistic, calling for transparent communication between the government and the business sector. &#8220;Clarity on economic policies and their anticipated impacts will help businesses adapt and make informed decisions,&#8221; he adds.



Also speaking with FORBES AFRICA, Nigerian economist Kelvin Emmanuel highlights that while borrowing against the special drawing rights (SDR) might appear reasonable for a low-income country like Nigeria, there are concerns about the associated conditions.



&#8220;The government is also concerned about the optics of using IMF, especially considering the conditions that will preclude such a facility,&#8221; remarks Emmanuel. He suggests an alternative approach, speculating that the Nigerian government might opt for a resource-backed loan from a global bank serving as an official external asset manager of the CBN.



Emmanuel further elaborates on the potential strategy, stating, &#8220;My best guess is that the Nigerian government will tap into this resource-backed loan and utilize the existing line of external reserves as an unsecured line of credit.&#8221; This approach, he believes, could offer a more flexible solution while avoiding some of the conditions attached to an IMF facility.



Highlighting the urgency of the situation, Emmanuel emphasizes the need for swift action by the government. He points out the necessity to clear outstanding forwards, especially with the demand for dollar expected to be at its peak in the fourth quarter.

Nigerian Economy Ahead of Rate Decision

Nigeria’s Economic Turbulence: Soaring Inflation And Naira Woes

Nigeria&#8217;s minister Wale Edun announced the country is to chair World Bank&#8217;s African Governors&#8217; Forum, marking a diplomatic and economic shift, emphasizing unity for an energy transition, with potential global impact and investor interest in sustainable development. This revelation has stirred excitement, particularly among the business and investment community.



Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has revealed that Nigeria has been granted the role of chairing the African Governors&#8217; Forum of the World Bank.



Edun reportedly disclosed this recently on the sidelines of the 2023 World Bank/ International Monetary Fund (IMF) annual meetings in Marrakech, one of the four imperial cities of Morocco.



He emphasized the opportunity that comes with Nigeria&#8217;s chairmanship, urging African leaders to rally behind a collective push for a fair and just energy transition, stressing the importance of a unified African voice to secure better deals for the continent.



This appointment signals a paradigm shift for Nigeria, marking the first time in 60 years the country will lead the African Governors&#8217; Forum of the World Bank based on the established rotation system. The forum operates on a rotation system, typically adhering to the alphabetical order of African countries.



While Nigeria&#8217;s turn for chairmanship is slated for 2026, Edun&#8217;s assertion of a special appointment suggests a unique diplomatic move. The flexibility in rotation principles allows nations to adapt to prevailing exigencies, showcasing a willingness among African countries to collaborate for the greater good.



The forum serves as a platform for African nations to present a united front, articulating both individual and collective interests during the annual IMF and World Bank meetings. The chairman&#8217;s tenure, traditionally one year, can be extended based on group consensus, showcasing the adaptability of the forum to evolving dynamics. This contrasts with the previous tenure of two years, altered in 2013 to foster a more responsive and dynamic leadership structure.



This revelation has stirred excitement, particularly among the business and investment community. According to analysts, as Nigeria assumes this influential position within the World Bank&#8217;s framework, the eyes of the international community will be on the country to observe how it utilizes this opportunity to contribute to the economic advancement of not just Nigeria but the entire African region.



Nigerian analyst Kolawole Oyebola expresses optimism about the potential benefits for Nigeria&#8217;s economic landscape.



Oyebola emphasizes the significance of Nigeria&#8217;s chairmanship in fostering stronger economic collaboration across the African continent.



He tells FORBES AFRICA: &#8220;This presents a unique opportunity for Nigeria to play a pivotal role in shaping policies that address the diverse economic challenges faced by African nations. The chairmanship signifies not only a recognition of Nigeria&#8217;s economic prowess but also a responsibility to lead initiatives that can drive sustainable development.&#8221;



The analyst underscores the importance of leveraging this position to advocate for policies that stimulate economic growth, alleviate poverty, and address pressing issues such as infrastructure development and access to finance. Oyebola adds, &#8220;Nigeria&#8217;s leadership in the African Governors&#8217; Forum provides a platform to influence decisions that can positively impact the lives of millions across the continent.&#8221;



However, he also highlights the challenges that come with such a role, urging the government to navigate diplomatically and collaborate effectively with other member nations. &#8220;Effective communication and consensus-building will be crucial in ensuring that the forum becomes a catalyst for meaningful change.&#8221;



Moses Adeolubodun, a Nigerian investor, anticipates the impact of Nigeria&#8217;s new leadership position. &#8220;This is a significant milestone for Nigeria and reflects the country&#8217;s growing influence on the global economic stage,&#8221; Adeolubodun tells FORBES AFRICA.



Adeolubodun notes that such leadership roles can enhance Nigeria&#8217;s image as a key player in the international financial landscape, potentially attracting more foreign investment. &#8220;Investors are likely to view this as a positive signal, indicating a stable and proactive approach to economic governance,&#8221; he explains.



While acknowledging the challenges ahead, Adeolubodun expresses confidence in Nigeria&#8217;s ability to leverage this opportunity for the benefit of the entire African continent.

Image courtesy Ministry of Finance, Nigeria

Nigeria Takes Helm Of World Bank’s African Governors’ Forum

A look at some of South Africa’s quintessential micro-businesses producing artisanal, farm-fresh food and drink that make them big on flavor – and success.



Despite South Africa’s challenging economy, there is a thriving industry of micro-businesses focused on producing artisanal foods and drinks. What they lack in size and budget, they make up for in tenacity and a dedication to traditional, sustainable production methods. Froma dairy in Piketberg to a micro-farm in Hout Bay, from a tiny brewery in Noordhoek to an independent distillery in Cape Town, these stories highlight the essence of micro-businesses and the dedication to the process and finished product, regardless of how difficult the operating conditions might be. 



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‘Creating Food Sovereignty’ Cream of the Crop Founder: Maria van Zyl


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In the heart of South Africa’s Western Cape province, drawing on tradition, is Cream of the Crop, a micro- dairy founded by Maria van Zyl. Inspired by her studies in Italy and respect for time-honored practices, Cream of the Crop is a testament to sustainability and authenticity.



It was during van Zyl&#8217;s studies at the Italian University of Gastronomic Sciences that she first discovered cultured butter. &#8220;I used to be an olive oil over butter person, and then I had cultured butter, and it changed my life!” she says. Using a traditional method, she uses a kefir made from raw milk to culture the butter. Then, it ferments slowly in the fridge, before being churned. 



“This is the traditional way, using ancient methods,” says van Zyl. “Traditional methods are the most successful way to harness flavor.” 



The resulting flavor is uniquely creamy, with a delicate tang from the cultures. In addition to butter, she sells farm-fresh milk and double-thick yoghurt, and is experimenting with hard-style cheeses, all from her own farm in Piketberg in the Western Cape.



The quality of her product, while supporting the surrounding community is a top priority for van Zyl. “Farming commercially at a massive scale, especially with animals, is so damaging to the environment, the humans working on the farm and the people eating the food,” she says. 



“Consumers see the price of dairy on the shelf and think that it is cheaper but somewhere down the line, somebody is paying and almost always it&#8217;s the actual farmer or the soil!” 



Cream of the Crop aims to create a connection between consumers and the land, honoring the seasonality, the animals, and the local community. 



“I think we produce the way we do because we believe it is good for us and for our customers,” she adds. Van Zyl also believes in the transformative power of &#8220;kilometer zero&#8221; practices, minimizing the distance food travels to reach the plate. 



“I would love to see micro-dairies popping up all over the country supplying communities in their area and creating food sovereignty.” 



Operating a micro-dairy comes with its share of challenges, from fluctuating milk yields to logistical hurdles. 



“We rely on nature for a successful season and the cows will produce more or less milk based on the time of year,” she says. Adding to this, the farm employs organic and biodynamic practices, nurturing nutrient-rich soil and minimizing ecological impact.



The dairy uses glass jars, refilled with each purchase, in an attempt to reduce packaging waste.



&#8220;We don&#8217;t use any synthetic fertilizers or pesticides and focus on building the farm&#8217;s fertility and resilience.&#8221; And while many customers resonate with her artisanal goods, there are always sceptics, particularly when seeing the price. “A lot of people are shocked at the price of my butter and I love giving them the example that it takes 7 liters of milk to make 1 liter of cream and from 1 liter of cream, we get approximately 300g of butter,” she says. 



There’s a fair bit of education required in selling her dairy, but through offering workshops, she is able to give consumers a newfound appreciation for the craftsmanship that goes into each product. “They’re often surprised at how long it takes to make butter and cheese,” she says. “I think South Africans are understandably very price-motivated, however, I think once people taste my products they understand the flavor and quality difference,” she explains.



Van Zyl’s future plans stay true to her business. “We will grow slowly as our herd expands, this way we can iron out any challenges we face while the business grows. We are so governed by our core values that it&#8217;ll be hard to abandon them as they will also dictate the size of our business,” she explains. By allowing the land’s capacity to guide them, the micro-dairy ensures a connection to nature and community remains intact.



‘Build Our Brand Directly With The Consumer’ Aegir Project Founders: Rory and Carey Lancellas


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<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="640" height="428" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/image6.jpeg" alt="" class="wp-image-59985" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/image6.jpeg 640w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/image6-300x201.jpeg 300w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Image Supplied</figcaption></figure></div>


If there’s one segment of the micro- industry that is relatively well-populated in South Africa, it’s the craft beer scene. And in the heart of this is Aegir Project, a microbrewery in Noordhoek that produces artisanal small-batch beer. Founded by Rory Lancellas and his wife Carey, Aegir Project tells a story of commitment to craft beers. Aegir&#8217;s story began in 2011 at Speight’s Brewery, a massive operation in Dunedin, New Zealand. After stints in smaller Scottish breweries, Rory returned to Cape Town to launch his own venture. Now, his small brewery produces a wide array of traditional unpasteurized and unfiltered beers, only available for sale on-site. “We still use a wooden paddle made by my father and mash every beer in by hand,” says Rory. “We focus on flavor and strive to play on a global level of beer.”



Navigating growth whilst preserving their artisanal essence is a challenge Aegir tackles head-on. “Big or small, businesses have different hurdles,” he says. The larger producers have more control over the finished product, whereas the smaller guys don’t. “The upside to this is you have the opportunity to continuously recreate and develop your products,” Rory says. Beer is a great example of an economy of scale. 



“Our costs are huge per liter of beer produced,” he says, but he doesn’t compromise on innovation. 



“We release a new beer almost every week keeping it fresh for the regular customers.”



When it comes to finding their place in the market, Aegir took a strategic approach by going straight to consumers. 



“Trying to make a product properly, ethically, with quality ingredients and getting this to the consumer through other avenues felt near impossible on our scale of production,” Rory explains. Natural, unpasteurized beer requires a consistent cold chain and if it perishes or sours, their reputation is on the line. 



“Our only way to survive was to try and build our brand directly with the consumer together, building our taproom and restaurant around the beer.” This direct engagement is another way Aegir differentiates itself from the more commercial players.



“This allows us to talk beer styles with customers, invite them to try something new and offer a different experience,” says Rory.



And as Aegir charts its course for the future, growth, innovation, and preserving their artisanal spirit remain key. “We have pretty big ambitions,” says Rory. “We love to keep pushing our boundaries and adapting to who we have become.” 



Another core value is hiring the best people. “We have found investing in people has been essential to our growth,” Rory explains. “So having the right humans is the most important element to us.”



‘Great Flavor Starts With Great Seed, Great Soil…’ Meuse Farms Founder: Iming Lin


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<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="684" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-684x1024.jpg" alt="" class="wp-image-59989" style="aspect-ratio:0.66796875;width:472px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-684x1024.jpg 684w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-768x1150.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-1026x1536.jpg 1026w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-1367x2048.jpg 1367w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Copy-of-Copy-of-Claire-Gunn-Farm-pics-12-scaled.jpg 1709w" sizes="(max-width: 684px) 100vw, 684px" /><figcaption class="wp-element-caption">Photo by Claire Gunn</figcaption></figure></div>


In coastal Hout Bay, South Africa, is the Meuse micro-farm. Drawing on a unique blend of backgrounds – from infectious diseases in public health to social enterprise development – founder Iming Lin’s passion for farming soon took root.



Upon realizing that farming was her true calling, Lin opened Meuse Farms in 2017, after months of volunteering on farms in the Hudson River Valley and a season-long apprenticeship at Stone Barns Center in New York. “We knew that we wanted the farm to be semi-public and that we didn&#8217;t want a long commute,” she says. “Hout Bay made sense as it&#8217;s our home village.”



Meuse Farms takes a regenerative approach to agriculture, integrating indigenous crops with modern techniques for efficient, environmentally- sound practices. The micro-farm&#8217;s success hinges on a meticulous process: &#8220;Great flavor starts with great seed, great soil, and harvesting when ripe,&#8221; says Lin. Cover crops, compost tea, and minimal tillage all contribute to building soil health. Unlike conventional farming, Meuse Farms doesn’t use chemical fertilizers and pesticides, to further preserve this delicate balance.



Lin&#8217;s conviction that good farming practices should make business sense led to a unique strategy. “Early on, we identified high-end restaurants as ideal customers,” she says. “They are willing to pay good prices and they are interested in seasonal and unique produce.” 



Focusing on rare, flavorful varieties, difficult to find elsewhere, boosted the farm&#8217;s economic viability and allowed her to shape the market. One of Lin’s core principles is that sustainable farming practices must align with profitability to drive change in the industry. “I don&#8217;t think we will shift how the world farms unless good farming practices make business sense,” she adds.



However, the road to sustainable success isn&#8217;t without its bumps. Limited suppliers and intricate supply chains mean Lin has to import some key farming tools, but she seeks out local experts where she can. “Making our own compost was impractical,” she says. “Relying on experts is a more logical way to build the ecosystem.” Further challenges arise from the cost of producing these kinds of vegetation. Food subsidies often don’t cover the cost of production and Lin knows not everyone will pay their prices. 



“To control this, I choose crops that aren’t easily available or varieties with a noticeable flavor difference,” she says. Yet, navigating responsible farming with profitability is difficult. Meuse capitalizes on selling crops that other producers might disregard while keeping crop rotation in mind. 



“There are some crops on our list that are not very profitable but round out our crop rotation and our availability list,” she says. Catering to a broader audience can be a challenge, but she believes that flavor is the most convincing argument, especially when trying to engage people who might not have an initial interest in sustainable farming. &#8220;Most of the time, they just have to taste something we grow!&#8221; she says.



Looking ahead, Lin’s plan for the farm is continued evolution. “Each season we get better at honing in on a profitable and delicious crop selection,” she says. She also has a vision beyond the farm, contemplating an NGO that aims to address social aspects of food systems in innovative ways. Powered by thoughtful techniques, a focus on quality, and a desire to inspire change, Meuse is only just getting started.



&#8216;Reward Customer Support With An Impeccable Product’ Pienaar &amp; Son Distilling Co. Co-founder: Andre Pienaar


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/5D4_8819-1024x683.jpg" alt="" class="wp-image-59990" style="aspect-ratio:1.499267935578331;width:640px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/5D4_8819-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/5D4_8819-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/5D4_8819-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/5D4_8819-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/5D4_8819-2048x1365.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Photo by Tremayne Ward Smith</figcaption></figure></div>


Cape Town’s Pienaar &amp; Son was born in 2015 from a blend of passion, science, and creativity. Founded by Andre Pienaar with his father, the distillery started as a hobby when Andre acquired a small still to explore distillation. Today, Pienaar &amp; Son far surpasses hobby status, as that single still has given rise to custom-built equipment producing over six small-batch spirits, including gin, vodka, vermouth, whiskey, and brandy.



Despite Pienaar &amp; Son’s success, there is a constant battle to balance innovation with a sustainable business, compounded by South Africa’s challenging economy. To set them apart, the distillery focuses on creating interest and flavor. “I operate under two questions which have to have a resounding ‘yes’ as an answer. One, is it interesting, and two, does it taste great.” By following these, Andre ensures each product reflects value and quality. Instead of sticking to strict routines, this method promotes innovation that focuses on connecting with consumers. 



“If you are able to create interesting products that taste great, the rest will take care of itself,” says Andre. “Convince your customers that what you are doing is worthy of their time and money, and then, reward their support with an impeccable product.” 



When crafting the perfect spirit, Pienaar &amp; Son&#8217;s craftsmanship starts with the meticulous design of their equipment. “We use a bespoke continuous still, designed and built by my father,” explains Andre. Marrying traditional craft with modern innovation, Andre likens his role to that of a chef using the stove (or still) that his father built. “It&#8217;s really special to be able to work on equipment we started drawing on paper and then manufactured ourselves right here in the Western Cape.&#8221;



There is no denying that Pienaar &amp; Son embodies authenticity – even when competing in a saturated market against larger brands with financial clout that affords them more influence.



“They have marketing budgets that force their products to the front of the shelf and to the top of the menu,” says Andre. These budgets also allow them 



to reduce costs during the production and sourcing process, meaning a lower retail price. “This cost advantage makes their retail price so much lower than we could ever dream of selling our products,” says Andre. Despite their small size, prioritizing innovation is a cornerstone of their philosophy. From packaging to flavor combinations to collaborations, Andre is always looking for new ways to shake things up. 



&#8220;A lot of the alcohol industry is filled with people just repeating successful brands or recipes and, to be honest, I just think it is so boring.&#8221; But balancing growth with integrity isn’t easy. Pienaar &amp; Son&#8217;s recent launch of small-batch and rare releases aligns with their artisanal essence, but larger growth would rely on external investment, potentially altering the dynamic that’s been at their core. 



“It’s just a whole other kettle of fish,” says Andre. Even in South Africa, where the artisanal market is smaller than it would be elsewhere, Andre’s entrepreneurial spirit fuels this drive, outweighing the lure of commercial pursuits – despite how attractive they might be.



The future is bright for this small but mighty distillery, where there is ample room for growth. “The distillery is probably only operating at about 60% capacity,” says Andre. “The supply is not the issue, creating the demand is.” 



As they nurture demand, Andre also dreams of expanding internationally. “I would love a small warehouse in Europe to stock and sell online in the next few years!&#8221; Growth, while maintaining his core values, is central to Andre’s plans, but considering their achievements so far, they’re undeniably on the right path.



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IMG_3456 2

So Far(m), So Good: South Africa’s Micro-Businesses Producing Artisanal Food And Drink

Babajide Sanwo-Olu, Governor of Lagos State, disclosed construction begins soon for a $100 million African Film City Project, emphasizing support for Nollywood&#8217;s growth. Stakeholders welcome the initiative as a game-changer, addressing industry challenges and foreseeing economic and cultural benefits.



In an announcement at the 12th Africa International Film Festival (AFRIFF) press briefing, Babajide Sanwo-Olu, Governor of Lagos State, Nigeria&#8217;s cultural capital, revealed plans for a $100 million African Film City Project in Epe, a town situated on the eastern edge of the state.



Lagos, as one of the fastest-growing cities in the world, plays a pivotal role in shaping the cultural landscape of Nigeria, serving as a hub for various artistic expressions, including music, film, literature, fashion, and visual arts.



Sanwo-Olu disclosed that the project is set to commence construction in the coming weeks.



Emphasizing the commitment to fostering creative endeavors, he elaborated on increased financial and training support. &#8220;The goal is to further empower our creative talents, and we are doubling our financial and training support. This means more opportunities for skill development in modern filmmaking and increased grants for short stories.&#8221;



Highlighting the broader vision, he asserted, &#8220;Elevating the creative industry is our goal.&#8221; He acknowledged the significance of the moment for African cinema.



&#8220;We&#8217;re seizing this &#8216;African moment&#8217; to play our role in aiding Nollywood&#8217;s growth.&#8221; Nollywood, the Nigerian film industry, has its roots in Lagos and has grown to become one of the most prolific film industries globally.



Sanwo-Olu called for collaboration, saying, &#8220;Let&#8217;s collaborate and tell our stories to the world. Together, we&#8217;ll put Lagos and Nigeria on the global filmmaking map.&#8221;



As the news of the African Film City Project reverberates throughout the creative community, stakeholders&#8217; response reflect a shared sense of enthusiasm and anticipation for the transformative possibilities ahead.



Creative producer Embeleakpo Joseph Berepamo, popularly known as Emy Josephs, welcomes the announcement.



Josephs tells FORBES AFRICA that the initiative reflects a pivotal moment for Nigerian filmmakers, addressing long-standing challenges and unlocking new possibilities for the industry&#8217;s growth.



&#8220;This investment is a game-changer for Nollywood,&#8221; remarks Josephs. &#8220;Access to affordable filming locations has been a constant struggle for filmmakers, hindering our creative process. The Film City Project not only alleviates this burden but opens doors for diverse and captivating settings, enriching our storytelling.&#8221;



&#8220;Projections by PricewaterhouseCoopers (PwC) estimate that the industry&#8217;s export revenue will surpass the $1 billion mark. This prediction is indicative of the industry&#8217;s potential for not only substantial local growth but also its capacity to make significant contributions to Nigeria&#8217;s global trade landscape.&#8221;



Josephs highlights the crucial role of structured support mechanisms for the industry&#8217;s advancement. &#8220;Filmmakers often face financial barriers, limiting our ability to explore innovative projects. The Film City Project&#8217;s commitment to offering support for emerging talents is a testament to recognizing and nurturing the wealth of creative potential within our industry.&#8221;



The creative producer also acknowledges the safety concerns prevalent in the industry. &#8220;Harassment on the streets has been a dark shadow on our work. A safer working environment is not just a luxury but a necessity for fostering creativity. This project signals a shift towards ensuring filmmakers can focus on their craft without fear.&#8221;



Josephs emphasizes the broader significance of the Film City Project. &#8220;It&#8217;s not just about boosting the economy, although that&#8217;s crucial. It&#8217;s about recognizing the cultural and artistic value of our films. This investment signifies a turning point where Nigerian filmmakers are getting the respect and support they deserve. It&#8217;s a moment to celebrate and build upon for the future of our vibrant film industry.&#8221;



Similarly, Joseph Omoniyi, a film producer and director, expresses his elation, telling FORBES AFRICA:



&#8220;I have always hoped for days like these when the Nigerian government would be intentional in taking bold steps toward investing in the Nigerian creative industry, which is one of the nation’s greatest assets.&#8221;



Omoniyi commends the comprehensive approach of the project, emphasizing the significance of the proposed training support to be provided. He hails the choice of Lagos as the host city, describing it as &#8220;arguably the cultural, financial, and entertainment capital of Africa&#8221;, asserting its influence across various sectors.



Highlighting Nigeria&#8217;s standing as the second-largest movie industry globally, Omoniyi lauds the initiative as a &#8220;bold, groundbreaking move&#8221;. He stresses the potential impact on the Nigerian film industry, foreseeing an elevation that would empower countless creatives and talents.



Expressing optimism, Omoniyi notes the multifaceted benefits of the project, anticipating a substantial economic boost. &#8220;Film cities attract filmmakers, production companies, and related businesses, leading to an influx of jobs and economic activity,&#8221; he remarks, underlining the potential for the project to contribute significantly to Nigeria&#8217;s economic landscape.

Close up hands holding cinema camera shooting

$100 Million Film City Project Planned In Nigeria To Elevate Creative Sector

Manufacturing job losses spike to 108.7% in Nigeria. Analysts call for urgent policy reforms.



The Manufacturers Association of Nigeria (MAN) has reported a 108.7% increase in job losses within the manufacturing sector for the first half of the year in Africa’s biggest economy, marking the highest point in three years.



In comparison to the same period in 2022, the number surged from 1,709 to 3,567. This trend follows a 31.7% rise in job losses during the second half of the previous year, totaling 2,708.



This comes as the International Monetary Fund (IMF) revised Nigeria&#8217;s economic growth forecast down to 2.9% from the initially projected 3.2% in April. Major contributors to this downturn include demonetization effects, high inflationary pressures, and shocks in agriculture and hydrocarbons. The IMF&#8217;s World Economic Outlook underscores the challenges facing Nigeria.



MAN&#8217;s latest half-yearly review report attributes the decline in job creation to &#8220;an unfriendly business environment, primarily influenced by hastily implemented policies. The residual effects of the currency redesign policy, leading to a naira crunch, further compound the challenges faced by the manufacturing sector.&#8221;



The report emphasizes the urgent need for a reevaluation of these policies to stimulate job growth and ensure economic stability.



Despite the gloomy outlook, there is a glimmer of hope as the IMF suggests a potential moderation to 3.1% growth in 2024.



President Bola Tinubu&#8217;s administration&#8217;s recent reforms, including energy subsidy removal and the unification of exchange rates, are acknowledged as positive steps. The IMF expresses optimism that these measures could contribute to an upward trajectory in growth, offering a silver lining amidst the prevailing economic challenges.



The call for decisive and positive policy changes resonates with analysts as stakeholders grapple with the challenges in Nigeria&#8217;s manufacturing sector and the broader economy.



In response to these developments, Nigerian analyst Damilare Asiwaju expresses deep concern about the economic implications, emphasizing the inevitable consequences.



&#8220;It was bound to happen, the shutting down of big industries and Micro, Small, and Medium Enterprises (MSMEs). The cost of doing business under these current economic realities is unimaginable. If it is not a total shutdown, then downsizing,&#8221; Asiwaju remarks to FORBES AFRICA.



He laments the potential repercussions of the decline in MSMEs, underscoring their substantial contribution to the country&#8217;s Gross Domestic Product (GDP). &#8220;Sadly, with MSMEs being a significant contributor to our GDP, we might be in for more trouble,&#8221; he warns.



Asiwaju does not shy away from pointing fingers at both the previous and current administrations, accusing them of failure to implement business-friendly policies. &#8220;The previous government failed to promote and establish policies that make running a business in Nigeria easy and seamless, and this current administration has continued in that path.&#8221;



Expressing urgency, Asiwaju concludes with a stark prediction for the future: &#8220;If there isn&#8217;t a drastic turnaround in terms of policies, we might be heading into something more terrible than this.&#8221;



Also responding to the issues, business analyst Liadi Oluwaseyi Jimoh tells FORBES AFRICA: &#8220;The increase in job losses is alarming and underscores the challenges facing the manufacturing industry in Nigeria. This could have far-reaching implications for our economy.&#8221;



Jimoh highlights the multifaceted nature of the challenges.



&#8220;Various factors such as economic downturns, weak market demand, production costs, poor infrastructure, and global supply chain disruptions contribute to the challenges faced by the manufacturing sector.



&#8220;The consequences of these job losses extend beyond the sector itself,&#8221; he continues. &#8220;Unemployment can lead to income inequality, poverty, and social unrest, hindering overall development.&#8221;



Jimoh acknowledges the downgrade of Nigeria&#8217;s growth prospects, stating, &#8220;This further intensifies the challenges. A lower growth rate means slower economic expansion, impacting job creation and investment opportunities. Policy interventions and structural reforms are urgently needed.&#8221;



Providing insights into potential solutions, Jimoh emphasizes, &#8220;Creating a favorable business climate, investing in critical infrastructure, promoting vocational training, facilitating access to financing, encouraging diversification, and improving trade facilitation are key areas for policymakers to focus on.



&#8220;Addressing these areas and implementing appropriate policies is crucial for revitalizing Nigeria&#8217;s manufacturing sector, generating employment, and fostering sustainable economic growth.&#8221;

Man working in aluminium can processing plant

Manufacturing Job Losses Hit Three-Year High In Nigeria In H1 Amid IMF’s Downgraded Growth Forecast To 2.9%

A long way to go before captain Siya Kolisi can hold the World Cup trophy aloft in Paris.



South Africa’s nerve-jangling 29-28 quarterfinal victory over hosts France has reignited belief the side can win back-to-back Rugby World Cup titles, but there is a long way to go before captain Siya Kolisi can hold the trophy aloft in Paris.



The Springboks were immense in the cauldron of the Stade de France and while there will be plenty of sore bodies, they must immediately turn their attention to semifinal opponents England, who they meet at the same venue on Saturday.



On paper, the Boks will be favorites with England having come into the tournament on the back of five defeats in six games, and had a gentle ride through the pool stages before almost coming unstuck against Fiji at the weekend.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1024" height="840" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/GettyImages-1726782550.jpg" alt="" class="wp-image-59915" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/GettyImages-1726782550.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/GettyImages-1726782550-300x246.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/GettyImages-1726782550-768x630.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">South Africa celebrate victory at full-time. (Photo by Christian Liewig &#8211; Corbis/Corbis via Getty Images)</figcaption></figure>



But South Africa’s Director of Rugby Rassie Erasmus believes it will be another huge test for his side.



&#8220;If we think England is bad because people from outside say they are not doing well &#8230; our reality is the truth, not the reality that people create outside our camp,” he said.



&#8220;We know from the (English) Premiership, a lot of our players play against them and we know Steve Borthwick is an excellent coach, which he showed at Leicester, and as a captain and a player for England.



&#8220;It will be a very tough test against a team that hasn&#8217;t lost a game (in France) and more or less conceded the same amount of tries and racked up the same amount of points (as South Africa).”



The Boks have shown their ability to switch between two styles, the attacking, ball-in-hand rugby they displayed in the first half against France, and then when they needed to close out the game, the more conservative use of the boot, for which they have been criticized as ‘dull’ in the past.



&#8220;As a team, we don&#8217;t want to be this wonderful rugby side that the whole world loves (because of their expansive style), but we do want to score tries,&#8221; Erasmus said.



“We had to adapt to try and score tries through more open, fluent, running rugby. And you could see in our try-scoring tally, there&#8217;s a lot scored by our backs, more than our forwards.”



The first World Cup semifinal will be played in Paris on Friday night between New Zealand and Argentina.

France v South Africa: Quarter Final – Rugby World Cup France 2023

‘A Very Tough Test’ Awaiting South Africa’s Springboks

Nigeria&#8217;s top seven most profitable publicly-listed companies, including five banks, Dangote Cement, and MTN Nigeria, reported a total profit before tax of ₦1.89 trillion ($2.43 billion) in H1 2023. Bank profits surged due to gains from foreign exchange transactions. UBA led with ₦404 billion ($520 million), a 371% YoY increase. This trend diverges from the global norm, prompting calls for inclusive growth measures to address economic disparities and job losses, particularly in manufacturing.



Five banks, a cement manufacturer (Dangote Cement Plc), and a telecommunications company (MTN Nigeria Communications Plc) are among Nigeria’s seven most profitable publicly-listed companies in the first half of the year, collectively reporting a combined profit before tax of ₦1.89 trillion ($2.43 billion).



The five banks are United Bank for Africa Plc (UBA), Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), FBN Holdings Plc, and Access Holdings Plc. Analysts attribute their profitability primarily to revaluation gains from foreign exchange (FX) swaps and forwards with the Central Bank of Nigeria (CBN).



UBA recorded the highest profit before tax, amounting to ₦404 billion ($520 million), reflecting a 371% increase compared to the ₦85.75 billion ($110.38 million) in H1 2022.



The dominance of banks in the list of most profitable companies in Nigeria contrasts with the global trend, where technology and oil companies typically lead in profitability.



President Bola Tinubu&#8217;s declaration on May 29 to unify exchange rates prompted the Central Bank of Nigeria&#8217;s (CBN) announcement on June 14 of a free-floating system. This transition enabled deposit money banks (DMBs) and foreign exchange market dealers to freely trade forex at market-determined rates, leading to a 40% depreciation of the currency against the dollar in June. Consequently, the official exchange rate increased from ₦463.38/$ to ₦776.8/$ today.



Analysts make a call to action for the government to implement measures that promote inclusive growth, address economic disparities, and ensure the prosperity of all sectors.



Economist Kelvin Emmanuel shedding light on the implications emphasizes to FORBES AFRICA about the stark imbalance in the nation&#8217;s economic landscape.



The profits amassed by these influential banks, according to Emmanuel, underscore a concerning reality – the fragility of Nigeria&#8217;s economic structure. He argues that this financial success primarily tied to FX transactions reveals a system that is skewed, with the banking sector thriving while other crucial segments, particularly manufacturing, face challenges. Job losses in Nigeria’s manufacturing sector has spiked to a three-year high.



Emmanuel asserts that the government must address key issues to rectify this economic disparity. He advocates for a strategic approach to &#8220;decouple inflation as a tool for adjusting the Monetary Policy Rate (MPR).&#8221; According to Emmanuel, this shift is crucial to making credit more affordable for the real sector, enabling increased production capacity.



Furthermore, Emmanuel urges policymakers to focus on stabilizing the FX markets. A stabilized FX environment is deemed essential for providing businesses, especially those in manufacturing, with easy access to raw materials and machinery. This, in turn, is crucial for boosting production and narrowing the gap between the flourishing banking sector and struggling manufacturing companies.



&#8220;It doesn’t speak well about an economy if the banks are doing better than manufacturing companies,&#8221; states Emmanuel, underscoring the need for a comprehensive economic strategy that fosters balanced growth across various sectors.



Moses Adeolubodun, an investor, expresses concern about heavy reliance on FX gains for profit, emphasizing the necessity of diversification for a more sustainable economic foundation.



Adeolubodun tells FORBES AFRICA, &#8220;Banks must guard against overreliance on short-term gains and focus on long-term strategies for sustained growth.&#8221;



He underscores the importance of a diversified economic landscape to mitigate risks linked to dependency on a specific sector.



&#8220;There is a need for policymakers to carefully monitor the impact of monetary policies on the economy and consider measures to ensure stability and resilience.&#8221;



He highlights the importance of a well-balanced and transparent foreign exchange policy to foster investor confidence and economic sustainability.

Banking in Nigeria

Five Banks Among Nigeria’s Top Seven Profitable Companies In First Half, Reporting $2.43 Billion In Collective Profit

Green Modern Split Screen Tutorial YouTube Thumbnail (7)

SOUND STRATEGIES: The Innovators Going Global With African Music

Alterra Capital Partners, founded in 2020, raised $140 million in an initial phase towards a $500 million fund for Africa&#8217;s growth. Influential investors support diverse sectors, including technology and telecommunications. Analysts emphasize its impact on economic development and infrastructure challenges in nations like Nigeria, proposing solutions for increased internet penetration. 



Alterra Capital Partners, a private equity firm founded in 2020 by former Carlyle Group executives, Genevieve Sangudi, Eric Kump, Idris Mohammed and Bruce Steen, has raised $140 million in the initial phase of a $500 million fund.



This fund is poised to fuel growth in various sectors across Africa, including telecommunications, technology, logistics, healthcare, consumer, and retail. Influential investors such as Nigerian billionaire Aliko Dangote, along with Carlyle founders David Rubenstein and Bill Conway are reportedly backing this initiative.



Joining the league of investors are prominent entities like Norfund AS, Standard Bank Group Ltd., International Finance Corp., Deutsche Investitions- und Entwicklungsgesellschaft GmbH from Germany, and Allianz SE’s AfricaGrow fund.



According to information available on its website, the Africa-focused private equity firm based in Johannesburg, South Africa, leverages over 100 years of combined private equity experience, originating from the blending of Carlyle Africa and Emerging Capital Partners, which has already invested more than $2 billion in 23 companies across the continent.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="683" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2023/10/Genevieve-Sangudi-image-supplied-683x1024.jpg" alt="" class="wp-image-59808" style="aspect-ratio:0.6669921875;width:347px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2023/10/Genevieve-Sangudi-image-supplied-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Genevieve-Sangudi-image-supplied-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2023/10/Genevieve-Sangudi-image-supplied.jpg 750w" sizes="(max-width: 683px) 100vw, 683px" /><figcaption class="wp-element-caption">Genevieve Sangudi; image supplied</figcaption></figure></div>


Kolawole Oyebola, an analyst, highlights the significance of the fund&#8217;s strategy, emphasizing the diverse sectors it targets as pivotal for the continent&#8217;s economic growth.



&#8220;This successful initial fundraising is a testament to the confidence investors place in the potential of Africa&#8217;s dynamic and rapidly evolving landscape,&#8221; states Oyebola to FORBES AFRICA. &#8220;The fund&#8217;s comprehensive approach, encompassing telecommunications, technology, logistics, healthcare, consumer, and retail sectors, reflects a keen understanding of the multifaceted opportunities present in the African markets.&#8221;



Africa has increasingly become a focal point for global investors seeking high-growth opportunities. The fund&#8217;s primary goal is to support and catalyze innovation in key sectors, contributing to job creation, economic development, and the enhancement of essential services across the continent.



Oyebola further emphasizes the potential impact of the fund on Africa&#8217;s technology ecosystem, stating,



&#8220;Investments in technology and telecommunications are especially crucial, given their potential to leapfrog traditional development stages, bringing about rapid advancements in connectivity and digital infrastructure.&#8221;



The fund&#8217;s $500 million target signifies a substantial commitment to fueling transformative projects in Africa. Oyebola urges continued attention to the evolving investment landscape on the continent, stating, &#8220;As Africa continues to assert itself as a hub for innovation and economic opportunity, strategic investments like these will play a pivotal role in shaping its future trajectory.&#8221;



Technology enthusiast Destiny Young sharing his insights with FORBES AFRICA questions the potential benefits for his home country, Nigeria, emphasizing the critical role of infrastructure in enabling internet penetration.



&#8220;In investing in telecommunications and technology, it&#8217;s crucial to understand that it encompasses the entire infrastructure supporting internet access,&#8221; remarks Young.



Citing Surfshark data, he highlights Nigeria&#8217;s 109th global ranking with an index 44 times lower than the global average, underscoring challenges in internet access and quality.



Young emphasizes the impact of underfunding on Africa&#8217;s telecommunications sector, referencing a report by the South African Institute of International Affairs (SAIIA), which identified the continent&#8217;s Information and Communication Technology (ICT) deficit as a hindrance to development.



Noting Nigeria&#8217;s struggle to increase internet penetration amid funding deficits, he states, &#8220;Increasing internet penetration in developing economies requires a multi-faceted approach.&#8221;



Providing solutions, Young suggests measures for Nigeria, including promoting public-private partnerships, reducing mobile device and internet costs, enhancing digital literacy, encouraging local content creation, improving regulatory frameworks, attracting foreign investment, promoting innovation, and fostering collaboration among stakeholders.



He stresses the importance of ensuring private equity investments align with the long-term interests of the country and its citizens.



In the midst of global economic challenges, multinational tech consultant Napa Onwusah underscores the timeliness of Alterra&#8217;s focus on key African sectors, stating, &#8220;Considering the decline in startup funding and unique investors, targeted investments are crucial in this landscape.&#8221;



Onwusah commends Alterra&#8217;s strategic flexibility, allocating 50% of funds to dollar-generating companies, and notes the significance of the British International Investment&#8217;s $6 billion commitment to Africa.



To navigate diverse African markets, Onwusah emphasizes the importance of agility, market awareness, and tailoring strategies to local conditions, stating, &#8220;Maximizing impact requires a balanced approach to profitability and sustainability.&#8221;



Addressing challenges, Onwusah sees opportunities for impactful solutions, stating, &#8220;Infrastructure gaps and talent shortages can be addressed through strategic investments in development and education.&#8221;



She advocates for managing economic and political instability through diversified investments and proactive risk assessment.



Onwusah encourages a socially responsible investment approach, stating, &#8220;Contributing positively to Africa&#8217;s development is not just financial success but dispelling negative perceptions.&#8221;



She urges investors to view Africa as a dynamic landscape with potential for progress.



Citing McKinsey&#8217;s data, she highlights the potential of African startups to contribute $2.6 trillion to the continent&#8217;s GDP by 2030.



Onwusah emphasizes the cascading effect of increased funding in the tech ecosystem, fostering innovation, job creation, entrepreneurship, and sustainable economic development.



She says: &#8220;It&#8217;s about igniting a transformative journey, empowering local talent, and positioning Africa as a global innovation powerhouse, a journey Alterra&#8217;s fund has the power to catalyze.&#8221;

Abuja, Nigeria.

Dangote-Backed Private Equity Firm Secures $140 Million In Initial Funding For $500 Million Africa-Focused Fund

With a female-led workforce at his firm, Akash Ladha is working to address the skills gap in the financial services industry in Rwanda.



In the ever-evolving landscape of global business, tales of success often shine brightest when they originate from humble beginnings. Such is the narrative of Akash Ladha, an entrepreneur who charted a journey from his hometown in India to the heart of Rwanda, transforming not only his own life but also contributing to the growing financial landscape of the country.



In 2016, and as a newly-qualified chartered accounting professional, Ladha arrived in the land of a thousand hills to work for a Rwandan accounting firm. In seven years, he established a company of 30 employees, with an office overlooking the city of Kigali, just one floor above KPMG’s main branch in Rwanda.



While his entrepreneurial journey may have found its foothold in the East African country, Ladha says that he owes his passion for the art of business to Surat, located in west-central India. “I grew up in the city of Surat where I was exposed to a unique blend of traditions and modernity. Deeply influenced by its businessmen and tycoons of textile and diamond industries, [it] shaped my perspective and enriched my understanding of the world around me,” he says.



Originally keen on studying medicine, Surat’s influence steered Ladha away from the sciences and towards a bachelor’s degree in commerce. But he lost interest in the degree very quickly and dropped out of university to pursue chartered accounting (CA), calling it a strategic move.



“My long-term goals – having a work-life balance; being a good son and taking care of my parents; and becoming a globe-trotter (he has been to 23 countries so far). I had realized that CA in India is probably the only course in the world that allows you education and respect to the highest accord in your industry, but also the payback period is so unreal that you pay off your entire CA education fees with the first salary you make (should you qualify with a first attempt),” adds Ladha.



He did indeed qualify on his first attempt, and secured a job in Mumbai. But instead of continuing on in India, he decided to move to Rwanda. “I wanted to move to Africa – adventure and new experiences, and get out of my comfort zone.”



Between 2016 and 2018, Ladha worked for an oil company, but the appeal fizzled out as he grew in his career and as a person.



“It was a great learning experience since the subsidiary of this oil MNC (multinational corporation) had only commenced operations in Rwanda a couple of years back and, as such, there were a lot of things to fix and achieve. But, in 2019, I started experiencing a sense of stagnation, coupled with a growing feeling of guilt over its environmental impact. I was eager to align my professional journey with my values,” says Ladha as he glances at the wall in his office showcasing his finance and accounting certificates.



This change of heart marked the beginning of a promising chapter in Ladha’s story. After serving as a financial consultant throughout 2019 for different business groups to foster sustainable financial practices, in 2020, he launched his own accounting and financial advisory firm called ALCPA.



In the midst of the Covid-19 pandemic, Ladha turned a global economic disrupter on its head and into an opportunity.



“Recognizing the unmet need for affordable and quality accounting services in Rwanda, I took a bold step to disrupt the market. Establishing my own company, I positioned it strategically, just a floor above the esteemed KPMG offices. This innovative move allowed us to provide top-notch financial services at significantly lower fees, making quality accounting accessible to a wider range of businesses,” he says with a grin.



Determined to transform the local business landscape from an accounting standpoint, Ladha’s company, ALCPA, kept its focus on empowering startups and NGOs with its expertise. In turn, this helped it to establish credibility and a name for itself in the market, and the results of this initial strategy continue to be beneficial as his company grows every few months, acquiring a fresh list of high-value clients as it does.



“Our actions spoke volumes about the importance of making quality accounting accessible to entities that contribute to the betterment of society,” adds Ladha.



However his aspirations for himself and his company go beyond business. “It&#8217;s not just a business endeavor; it&#8217;s an endeavor to rekindle the torch of knowledge and forge a cadre of professionals that can illuminate this domain,” says Ladha.



With a workforce made up of 90% women in a field traditionally occupied by men, Ladha’s ALCPA has achieved these numbers through a conscious decision. And, while he’s pleased with this narrative, he appears more proud of the growth trajectory of his employees. “These women are the rocks of our work, coming from humble beginnings to now helming managerial roles.”



This approach to create a female-led workforce also encompasses his desire to create a company where a relationship is kindled with every employee from the time they are hired. He refers to this bond as the foundation of what he is attempting to create.



“For each individual we onboard, a commitment is kindled, to cultivate, to empower, to nurture. When one abruptly departs, it&#8217;s akin to removing a foundational brick from an edifice, painstakingly assembled,” Ladha adds, appearing slightly moved by the notion of the departure of an employee.



His description of what he is trying to build far exceeds the goals of his younger self. Rather than seeing the skills gap in Rwanda as a mere opportunity, he takes issue with it, and is working towards doing his fair share to improve the situation. “We&#8217;ve embarked on a journey to address the prevalent skills gap by fostering a culture of nurturing expertise through our bespoke training programs.”



While emulating the values and business models he picked up working as an employee, he has also innovated them to suit his stride. He calls it a ripple that spreads like a symphony of solutions, resonating across the economic spectrum.



“The destination is not just success, but a legacy of wisdom, an imprint that transforms, uplifts, and propels us all toward a future teeming with possibilities.”



It’s these possibilities that led Ladha to narrating his story from a conference room atop a high-rise building with wall-to-ceiling glass windows, flooding the space with sunlight, as the city traffic streams steadily in the background.



He has achieved a remarkable feat in just over two years, with the company progressing enough to support 30 employees, an effective office and his globetrotting lifestyle. To put numbers to his success story, he states, “We did $300,000 last year and now $500,000+ for this year.”



This success has not derailed Ladha’s original life goals. A year ago, he gifted his parents with an apartment in his hometown and seems to be hitting a perfect work-life balance. “I have found inner peace in Kigali, my days end with a perfect cup of coffee with my pups and my cat watching the sun go down,” Ladha says.



And, when asked what’s next, he answers, beaming, “This is only the beginning”.

RemasterDirector_18da6b0cf

Building An Inclusive Financial Future: How This Accounting Entrepreneur In Rwanda Is Doing It

At the age of 88, South African pianist Abdullah Ibrahim’s music is as vital, creative and important as ever. The Germany-based composer, looking forward to the release of his latest album next year, shares more in this exclusive interview with FORBES AFRICA.



A gentle breeze plays with fresh soft green leaves in the early morning hush, clear notes float in the air as the maestro moves his fingers over the keys, conjuring moods and emotions. No matter the time of day, Abdullah Ibrahim has the power to transport me from the mundane world to one of music and dreams.



He lives in a little village south of Munich in Germany these days, his base between performances on concert stages which for the next few months will be in Finland, Germany, various cities in the United States, Canada, and France.



“This is what we do best as musicians, to be on the road and take our music to the people because it is virtually impossible for everybody to come to where we are,” he says on a Zoom call, looking at his partner Marina Umari, who is a medical doctor. “So this is part of our synergy in life. We travel, we take concerts globally. Of course Marina is really the anchor. She does all the behind-the-scenes work and presentation until the time that I get on stage.”



Saxophone players can pick up their instruments and travel. It is a bit more complicated if your instrument is a Fazioli grand piano.



“It’s a beautiful instrument, because it is excellent to work with,” he explains. “It is actually top of the range. And so we have an agreement with Fazioli that wherever I play, they will provide a grand piano.”



Now, at the age of 88, Ibrahim’s music is as vital, creative and important as ever.



Throughout our interview, he refers to the masters who have helped form him, and who still form him.



For many others, he is the guru, the master of the keyboard and composition.



It was Duke Ellington, the famous pianist and jazz orchestra leader, who heard Ibrahim play in Paris, in 1963, along with his Dollar Brand Trio, and led him to a recording contract and invitations to perform at key European festivals, on television and on radio.



Ibrahim has not played a concert in his native South Africa in seven years, and he is looking forward to his next visit, which will be coordinated with the release of his latest album around January next year. It was recently recorded with the new trio at the Barbican in London.


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They recorded about five hours of music and this has to be curated into an album, which will be a combination of original compositions and pieces dedicated to jazz greats Ellington, John Coltrane and Thelonious Monk.



“This is our dedication to our masters and our mentors, wherever they are,” says Ibrahim.



Recently, he played at the Elbphilharmonie concert hall in Hamburg in Germany; a newspaper headline called the concert “a quiet prayer”. He says it is a remarkable venue, an intergrated music platform that offers a broad range of musical presentation. “It’s probably one of the most iconic music venues in the world that we are blessed to have.”



Although his latest tour is around Europe and North America, Ibrahim is no stranger to African shores. “Mozambique is very special, because of the interconnected legacy we have. Swaziland (now eSwatini) for example, I stayed there for about four or five years; in Senegal, I was resident for about three or four years. We had this excellent relationship that we established with the local culture and musicians. And of course with the drum culture. There was a drummer, Doudou N’Diaye Rose, and he had a drum choir of about 100 people, if not more – men and women.” Some years ago, Ibrahim took his New York band Ekaya to visit the Northern Cape province in South Africa and meet about 20 traditional local family groups. 



“In Africa, the music legacy is passed on through families. We were there for about two days and these musicians from New York, they have masters’ degrees from Berkeley and such, and even today they still and such, and even today they still talk about it because they were totally blown away by the complexity of the music.



“Our traditional music is very, very complex compared, for example, to western music. Many people won’t agree with us of course, but that is the absolute truth. One of the things we implore our educators to do is to focus on African traditional music, because of its complexity and to integrate it into our education system.”



Having started piano lessons at the age of seven, and making his professional debut when he was 15, growing up in apartheid-era Cape Town, South Africa, Ibrahim was about 16 or 17 years old when he studied Indian music, the ragas (melodic elements) and talas (rhythmic structure).



“A lot of jazz musicians also gravitated towards that rhythmic and modal concept, because in Africa, all the music is modal and rhythmic, and there is a link.”



He believes that young Indian children grow up with complex music, which can then be translated into an understanding of mathematics, which in turn could have influenced the information technology boom in India. The same could be said of the education system in Japan, where young children are exposed to the complexities of tradition.



His Green Kalahari Project in South Africa makes a focus on traditional music implicit as a springboard to get into technology. When you deal with rhythm, he says, you deal with mathematics.



I ask him whether the appeal of jazz speaks to a niche audience and how diverse his audiences may be. He laughs and replies that he had once asked Ellington what his understanding was of jazz, to which Ellington replied: “Jazz, now let me see, we haven’t used that word since 1947.”



“If I had written a composition and dedicated it to my grandmother and she found out it was jazz, she would be very disappointed. So, this term that they affix to the music – all of us, we never called ourselves jazz musicians. It is a divisive mechanism and almost elitist because the roots of the music has always been community-based.”



It was the slave trade that took African tradition to the US. “This idea of improvisation is also a very basic method of



survival and of understanding. We have lost this footprint of improvisation, so we depend on playing safe. Because when you improvise you go into an area that you haven’t been before. So it’s very scary. So, I play a concert with a philharmonic orchestra, there are 90 musicians, and I say ‘Does anyone want to take a solo’? And they say ‘No’. Why not? ‘Well, we’re afraid’. Afraid of what? ‘Afraid of making a mistake’.



“From my understanding, there is no such thing as a mistake. Something occurs in life that you have to deal with and you have to find a resolution. So this is how we think of the music – like Thelonious Monk said ‘The piano ain’t got no wrong notes’.”



The term ‘jazz’ is a strange, strange concept, Ibrahim says. “Our audiences all over the world are not necessarily jazz audiences.



Breath and life is a gift for everybody regardless. We just know that we learn from our masses. Theyare unsung. They prefer to remain anonymous. So we learn from them what this is all about and how we should conduct ourselves. What shall we do with this gift God gave us? We invest in loss. That means we don’t expect anything in return. So this is what we present to the audience when we play the music.”



It takes a long time to achieve this, he explains.



“It is about more than music. It is about how I can be a better human being. And how I can dedicate my life to those close to me and to the community,” Ibrahim says.



There is deep sincerity in every note of his music. It is mesmerizing. Whether you listen to it in solitude on a gentle spring morning or by a night fire in winter. Or in a large concert hall anywhere in the world. Abdullah Ibrahim speaks to the soul.

Author: Forbes Africa

FORBES AFRICA SOCIAL MEDIA