The president of the World Bank, Ajay Banga, visited Nigeria to reaffirm support for the bank’s aspirations &#8220;for Nigerians to live with dignity in a prosperous and climate-resilient Africa&#8221;.



In a CNBC Africa exclusive interview on Monday, Banga disclosed: &#8220;Talks with President [Bola] Tinubu have given me some direction. Africa is important to the world. Ethiopia and Nigeria can become African giants. Nigeria and Ethiopia have ambitious governments with similar challenges.&#8221;&nbsp;



He added: &#8220;Job creation requires policies that leverage comparative areas. Hard country negotiations over debt is ongoing. Concessional finance and grants [are] needed to complement private sector resources. There are partners we can work better with.&#8221;



According to a statement by presidential spokesman Ajuri Ngelale, Tinubu highlighted Nigeria&#8217;s resilience and intellectual prowess when he received a visit on Friday from a World Bank delegation led by Banga, at the Presidential Villa, Abuja, Nigeria&#8217;s Federal Capital Territory.



‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’ Tinubu was quoted to have said.



Banga, according to the statement, responded saying: &#8221;Yes, we give money and our dollars are very important, but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts, and you should be rest assured about that.&#8221;



During a private sector roundtable also convened on Friday by Banga and Damilola Ogunbiyi, CEO of Sustainable Energy For All (SEforALL), discussions were held on the crucial role electricity plays in the country&#8217;s economic development.



The World Bank notes that 85 million Nigerians lack access to electricity, and if left unaddressed, this figure is expected to rise to 94 million by 2030.



Ahmad Salihijo, Managing Director and CEO of the Rural Electrification Agency, disclosed joining Banga, Ogunbiyi, and other stakeholders on a visit to Petti Village in Abuja, on Saturday. They have &#8220;through the World Bank-funded Nigeria Electrification Project, deployed a 60 [kilowatt peak] KwP solar mini-grid, closing the energy gap in this vibrant, agrarian community&#8221;. The World Bank tweeted it aims &#8220;to assist in funding the construction of 1,000 mini solar power grids in partnership with the Nigerian government and the private sector&#8221;.

The World Bank president (second from left) visited Nigeria to reaffirm support for its aspirations ‘for Nigerians to live with dignity in a prosperous and climate-resilient Africa’; Image supplied

World Bank President Visits Nigeria To Support Energy Access And Economic Development

Among the key topics to be addressed at the BRICS Summit in August are the expansion of the bloc, a common currency within it, and ensuring food and energy security.



After three years of virtual summits, South Africa is hosting in person the 15th BRICS Summit at the Sandton Convention Centre in Johannesburg from August 22 to 24.



An acronym for the world economies of Brazil, Russia, India, China, and since 2010, South Africa, BRICS, according to Trevor Bester, CEO of BRICS Global Television Network (expected to launch on August 20), “is a continuation of a vision established in 2010 as a platform to trade with a common currency, decreasing reliance on the dollar as the global reserve currency. The fastest-growing economies joined together to become the dominant global economies by 2050”.



The summit comes at a vital time in the alliance’s history as more than 20 countries have expressed interest in joining. None is more certain than Saudi Arabia, largely because of its interest in funding the BRICS Bank.



This will have massive positive implications for the emerging economies in the bloc and their development.



Iran is also likely to be accepted. It has embraced the global south and expressed its desire to eliminate Western dominance, one of the goals of BRICS, and will not hesitate to embrace and assist in de-dollarization efforts.



The United Arab Emirates, Indonesia, Bangladesh, Argentina and Egypt all stand a chance of also being accepted and bring with them varying benefits.



Among the key topics to be addressed at the summit are the expansion of BRICS, a common currency within the bloc and ensuring food and energy security.



“BRICS already accounts for 31.5% of global GDP and by 2030 will account for 50%. China is the fastest-growing economy at the moment but India is likely to take over,” says Bester.



“BRICS countries’ combined population is at 3.24 billion, which represents almost half the world’s population and have a combined GDP of $26.03 trillion. This, combined with the gradual decrease of unemployment in the BRICS countries from 4.8% in 2022 to 4.7% in 2023, illustrates the progressive nature of the concerned economies.”



The New Development Bank, formerly referred to as the BRICS Development Bank, established in 2014, offers member countries a platform to trade with each other in either local currency or a new currency backed by gold.



“The benefits of this bank, amongst others, is to finance infrastructure and sustainable development projects in emerging markets and countries,” says Redge Nkosi, Executive Director and Head of Research at Firstsource Money and Monetary Reform, to FORBES AFRICA.



“BRICS members will be able to achieve a level of self-sufficiency in international trade.”



The move could make it easier for economies to take on the US dollar and challenge its global reserve status.



In the last 18 months, BRICS nations have increased their gold buying expenditure and are stockpiling the precious metal.



The dollar is now a risky asset as it comes with the dangers of debt. If the debt ceiling crisis worsens, it could cause a domino effect of financial problems in developing countries. Therefore, a handful of countries in Asia,



Africa, Latin America, and Europe are looking to stay away from the dollar for global settlements.



For Africa, this is an opportunity. In recent years, BRICS has expanded its involvement on the continent. BRICS members are now Africa’s largest trading partners and significant investors, especially in the manufacturing and service sectors.



Pursued properly, BRICS participation can position South Africa and other African countries as being among the world’s fastest-growing economies.



Pravin Maharaj, Chairman of Trade BRICS, believes that by South Africa hosting the summit, “the time for Africa has arrived, it has moved from vision to reality”.



“The summit will focus on bringing about less poverty, less inequality and more development. Youth will have more to look forward to as education is also a key focus area at the summit,” he says to FORBES AFRICA.

BRICS summit

‘Less Inequality And More Development’: What To Expect At The BRICS Summit

Dr Preeti Aghalayam, the first woman to lead an IIT, hopes to operate at a scale that is impactful and leverages scientific strengths.



The Indian Institute of Technology Madras (IITM), India’s top-ranked engineering and technology university, is set to open its first international campus in Zanzibar, Tanzania, in October, bringing to the African continent its prestigious, world-renowned legacy and expertise headed by Dr Preeti Aghalayam, also the first woman to lead an IIT.



“We&#8217;ve been looking at what makes sense for us [as an institution] because we are nationally ranked number one [in India], and what are the places where our kind of education and research will find value,” says Aghalayam, the Dean of School of Science &amp; Engineering and Director-in-charge of IITM’s Zanzibar campus, to FORBES AFRICA. “Also, which nation, or which region would find useful what we bring to the table, which is quite different than other institutions, say in the West, or even in India.”



The Zanzibar campus is expected to onboard 50 undergraduate and 20 post-graduate students in October for bachelor’s and master’s degrees in data science and AI. The academic offerings are expected to be expanded in 2024.



After over two years in the Office of Global Engagement at IITM and an over 10-year career teaching at IIT Bombay (in Mumbai, Maharashtra) and IITM (in Chennai, Tamil Nadu), where she was a professor of chemical engineering, Aghalayam was hand-picked to lead the campus, as part of a partnership with the Government of Tanzania. Aghalayam is also a former IITM student and pursued her post-doctoral research at the Massachusetts Institute of Technology in the United States.



“This whole relationship is at the level of the education ministries of [India and Tanzania] and IIT Madras is a designate of the Government of India,” she adds of the new partnership.



“I believe that Tanzania is also very keen on this, especially in the Zanzibar region, because they are looking to expand their education offerings. Apart from being a tourist destination, they are looking if it can also become an educational destination.”



With a challenging and aggressive timeline to open the campus and build the same institutional reputation, infrastructure, and ecosystem in a new part of the world, Aghalayam is tasked with a difficult feat, but one she is embracing as a seasoned academic and researcher. With scientific rigor and research at the core of her ambitions, she hopes to propel the campus to be both inclusive with more diversity than India sees, but also competitive in nature.



“[We] will offer the type of academic programs that are needed by the young people, not only in Tanzania, but also the larger East African region, at the level of quality that is the IIT hallmark,” says Aghalayam.



“It&#8217;s important for us to operate at a scale that is impactful, makes a difference, leverages our scientific strengths etc., because it helps solve global challenges.”

Preeti Aghalayam, the first woman to lead an IIT_ image supplied

Tourism And Tech In Zanzibar: India’s Top-Ranked IIT To Debut Academic Programs In Africa

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Pfizer CEO Albert Bourla said during an investor call Tuesday the Food and Drug Administration could authorize the company’s new Covid-19 booster shot by the end of the month—moving closer to a system of regular flu-like vaccinations that keep up with the coronavirus as it evolves and as people’s immunity wanes.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



In June, Pfizer, along with its German partner BioNTech,&nbsp;<a href="https://www.pfizer.com/news/announcements/pfizer-and-biontech-submit-applications-us-fda-omicron-xbb15-adapted-monovalent" target="_blank" rel="noreferrer noopener">asked the FDA</a>&nbsp;to approve a new version of its Covid-19 vaccine booster designed to protect against XBB.1.5, a coronavirus subvariant that emerged in late 2022.



XBB.1.5 is no longer the dominant strain, having been usurped by XBB.1.6, according to the Centers for Disease Control and Prevention, but experts say the two are similar enough that a new booster should protect against both (XBB.1.5 represented 12.3% of all new cases in late July while XBB.1.6 represented 14.8%, according to&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-summary" target="_blank" rel="noreferrer noopener">CDC data</a>).



Bourla said he and his colleagues expect “a new Covid wave to start in the U.S. this fall” and want the new version of the vaccine to be available prior to that.



However, with only 17% of the U.S. population having received a fall 2022 booster shot that was updated for the Omicron variant, according to&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-booster-percent-pop5" target="_blank" rel="noreferrer noopener">the CDC</a>, it’s unclear how many Americans will choose to adopt the latest booster.



<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



The CDC will ultimately recommend who should receive the updated boosters, but that announcement likely won’t come until after the FDA authorizes them. The most recent boosters released in fall 2022 were eventually recommended by the CDC for everyone above the age of six.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



The first Covid-19 vaccine booster shots, authorized by the FDA in fall 2021, were meant to help replenish waning immunity to the virus. However, after the coronavirus’ Omicron variant launched a new vicious wave of the pandemic last year, drugmakers released a modified “bivalent” booster shot in fall 2022 that was designed to protect against both the original virus strain as well as Omicron, which was more resistant to the original vaccines. This new booster is attempting to do what that bivalent booster did with Omicron, but with an update for the XBB strains. The news comes as 8,035 people were hospitalized for Covid-19 in the week ended July 22, according to the most recent&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#maps_new-admissions-rate-county" target="_blank" rel="noreferrer noopener">CDC data</a>&nbsp;available. That’s a 12.1% increase over the week before, but a far cry from the peak in January 2022, when there were around 150,000 hospitalizations a week.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



This new booster falls in line with doctors’ long held predictions that the Covid-19 vaccines would likely need to become similar to the influenza vaccine, where a new iteration is released annually to update the formulation to new strains of the virus. Anthony Fauci, former director of the National Institute of Allergy and Infectious Diseases and the leader of the federal government’s response to the pandemic, said at a White House briefing in September 2022: “We likely are moving towards a path with a vaccination cadence similar to that of the annual influenza vaccine, with annual updated Covid-19 shots matched to the currently circulating strains for most of the population.”



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/willskipworth/2023/07/31/nih-opens-clinical-trials-for-long-covid-treatment/?sh=27c710007331">NIH Opens Clinical Trials For Long Covid Treatment</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/roberthart/2023/06/01/fda-approves-pfizers-rsv-vaccine-for-older-adults-it-could-be-available-this-fall/?sh=742adb6435ca">FDA Approves Pfizer’s RSV Vaccine For Older Adults—It Could Be Available This Fall</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/roberthart/2023/05/18/rsv-vaccine-fda-advisors-recommend-pfizer-shot-to-protect-infants-from-infection-heres-what-to-know/?sh=55dc2bf33859">RSV Vaccine: FDA Advisors Recommend Pfizer Shot To Protect Infants From Infection—Here’s What To Know</a> (Forbes)

Coronavirus Vaccination In Gaza, Palestine

Pfizer Expects Signoff For New Covid Boosters As Soon As This Month. Here’s What To Know—And Why They’re Needed

Basketball lovers consider Giannis Antetokounmpo&#8217;s visit to Nigeria significant, as it reflects a growing interest in Nigerian basketball and the recognition of the country&#8217;s athletes on a global stage.



Greek-Nigerian basketball star Giannis Antetokounmpo (originally Adetokunbo), a two-time National Basketball Association (NBA) Most Valuable Player, fulfilled a long-awaited dream as he arrived in Lagos last week, for the first time, a few months after the launch of the Poverty Is No Joke initiative, a concept introduced by the Charles Antetokounmpo Family Foundation.



Antetokounmpo has always embraced his Nigerian heritage. The initiative, he has previously highlighted, would be focused on three places: Milwaukee, where he plays, currently; Greece, his birthplace; and Nigeria – the country his parents migrated from.



In 2013, after acquiring Greek citizenship, Antetokounmpo’s official surname changed to Αντετοκούνμπο, the Greek transcription of Adetokunbo. This was later transliterated letter-for-letter and officially spelled as Antetokounmpo on his Greek passport. Due to the complexity of his original surname, many NBA fans found it difficult to pronounce, leading him to be affectionately referred to as the ‘Greek Freak’.



Antetokounmpo shared his excitement on social media on his arrival in Nigeria. He tweeted a picture of himself and his mother, Veronica, in Lagos on Saturday night, saying, “Finally made it to Nigeria with Mama the Mama.”



His first stop was at the Youth Alive Basketball Championship held on Friday at Rowe Park in Yaba, a suburb on the mainland of Lagos.



The event host, Abayomi Ajowele, tweeted: “When I announced to the kids that @Giannis_An34 would be at Rowe Park and begged them to wait after the event for another 20 minutes, they thought I was mad and hallucinating. The rest, they say, is history.”



According to Shololo Shuaib, a sports marketing agent, Antetokounmpo played with the under-12 category and spent time talking to them.



Additionally, a Twitter handle dedicated to basketball activities in Nigeria, @BballNaija, noted that Antetokounmpo was in the country briefly “to shoot a documentary and it’s connected to the book about him – The Improbable Rise of an NBA Champion. He leaves tonight (Saturday).”



Mirin Fader&#8217;s book tells the remarkable story of Antetokounmpo&#8217;s journey from poverty in Athens, Greece, to superstardom in America with the Milwaukee Bucks. It portrays him as one of the most transcendent players in history, ultimately becoming an NBA Champion.



The development comes just a few months after the launch of the Poverty Is No Joke initiative. His ties to Nigeria run deep, with both of his parents hailing from the country.



He proudly revealed their names for the first time in an interview with The Undefeated in 2019. Despite being born in Athens, he emphasized that his home life was steeped in Nigerian culture, with values centered on discipline, respect for elders, and strong moral principles.



His journey to Africa is not entirely new; he had previously represented Team Africa in the first Africa Game in Johannesburg in 2015, scoring a game-high of 22 points. According to his interview with The Undefeated in 2019, he also obtained his Nigerian passport that same year, cementing his connection to his roots.



Basketball lovers consider Antetokounmpo&#8217;s visit to Nigeria significant, as it reflects a growing interest in Nigerian basketball and the recognition of the country&#8217;s talented athletes on a global stage.



Dayo Mustapha, a basketball enthusiast, praises Antetokounmpo&#8217;s gesture, seeing it as a positive development for Nigerian basketball.



Mustapha tells FORBES AFRICA: “With a surge in interest and investment in the sport, Nigeria is becoming a priority destination for talented athletes to showcase their skills.



“Antetokounmpo&#8217;s presence in Nigeria marks a momentous occasion for Nigerian basketball, highlighting the potential for growth and inspiring young players to pursue their dreams on and off the court.”



Oluwaseyi Giwa, a devoted fan of Antetokounmpo, shares with FORBES AFRICA: “Giannis, as a person, has shown a deep love for Nigerians and a strong desire to give back to the children in Nigeria through basketball, which I find truly inspiring.



“I have watched documentaries, short films, and full cinematic movies about his life story; through these, you can witness how this young man never forgot his roots, background, real surname, and ancestors. He proudly carries the emblem of his heritage, despite not being born here, all thanks to his parents who instilled in him and his siblings the worth and richness of their culture. I believe many of us resonate with him as he grew up,” says Giwa.

At Rowe Park in Yaba, Nigeria, Photo credit @BballNaija

NBA Superstar ‘The Greek Freak’ Embraces Nigerian Heritage With Debut Trip

Greta Gerwig’s Barbie and Christopher Nolan’s Oppenheimer are bringing audiences back to the cinemas.



&nbsp;‘Barbenheimer’ fever is gripping South Africa too.



The word, coined by social media users days ahead of the simultaneous release dates of Greta Gerwig’s Barbie and Christopher Nolan’s Oppenheimer, has turned the spotlight on the thumping return of the big screen, post-pandemic.



“The results for the opening weekend of Barbie and Oppenheimer were way beyond our forecasts and our expectations,” says Lynne Wylie, Chief Marketing Officer at Ster-Kinekor (network of movie theaters in South Africa), to FORBES AFRICA. “It was Ster-Kinekor’s biggest opening weekend by far in the post-Covid environment, and we are thrilled that more and more people are once again experiencing the joy of watching a film in a cinema.”



In the United States (US), ‘Barbenheimer’ generated more than $235.5 million in ticket sales, according to CNBC, on its opening weekend. Barbie smashed expectations by earning $155 million, becoming the biggest movie launch of the year and the biggest box office debut by a female director. Oppenheimer collected a reported $80.5 million, making it one of Nolan’s most-acclaimed and commercially successful films.



A full-fledged international box office phenomenon, according to Google Trends, interest in the two films also continues to soar in South Africa.



Despite being starkly different, with one being a sweetly subversive comedy starring Margot Robbie as the popular doll and the other with Cillian Murphy portraying the father of the atomic bomb, the two movies have managed to pull audiences in for an unlikely double feature.



“There’s something really fun about coming back [to the cinema], and I know our show is sold out,” Daniela Lamparelli, a member of the theater audience last weekend in Johannesburg watching Barbie first, followed by Oppenheimer, tells FORBES AFRICA. “It’s going be really fun to watch it and hear everyone’s reactions. It’s quite a nice experience to watch it in a cinema with lots of people. When cinemas are quite empty, you feel like watching movies at home.”



Much like the rest of the world, South Africa’s cinemas have struggled to get audiences back to theaters after the pandemic. According to a recent report in News24, cinema attendance at Ster-Kinekor was <a href="https://www.news24.com/news24/tech-and-trends/news/has-barbenheimer-fever-hit-south-africa-20230720">below 50%</a> of 2019 pre-pandemic levels until recently. Restoring a sense of normalcy is a mountainous endeavor, given factors such as the rise of streaming giants such as Netflix, Disney+, and Showmax.



The theatrical window of exclusivity, or the time frame between when a movie is shown in cinemas and when it becomes available on streaming platforms, has also shrunk significantly. Reportedly, toward the end of the 1990s, movies would have six-month runs at theaters before they were found on other platforms. Today, a movie can be released in cinemas and streaming services on the same day.



“The pandemic and lingering economic impact are still hard felt on South Africans’ pockets, and with cheaper streaming offerings, going to the movies has become more of a luxury than ever before,” Gabi Zietsman, a film critic, tells FORBES AFRICA. “They are only willing to shell out money for the big blockbusters or films that demand to be seen on a big screen. Otherwise, they’ll just wait for it to go on streaming and save their money.”



Wylie says one of the major benefits of cinema is that you get to see the big blockbusters first as they were meant to be seen, on the big screen, which is “something no streaming platform can offer”.



“Great movie experiences, like great moments in life, live large in our hearts and minds. Watching a film in a cinema is also an interruption-free experience – you are able to be completely absorbed in what is playing out on the screen for the duration of the film.”



Power outages, or what is known as load-shedding in South Africa, are also why cinema audiences are being affected. South Africa is experiencing daily power cuts reaching up to 10 hours. Audiences aren’t willing to travel to a theater if there’s a chance that their movie-going experience will be interrupted. With mobile data, they can binge-watch multiple shows and movies on streaming platforms to their hearts’ content.



“While load-shedding has impacted our cinemas and affected some of the screening timings, the fact that we have already installed generators at 34 out of our total 44 cinema complexes around the country ensures that people can always come and watch a movie,” counters Ster-Kinekor’s Wylie. “Twenty one of these sites also have uninterrupted power supply systems installed to enable a completely uninterrupted movie experience.”



Data from IMDbPro reveals that the number of Hollywood films being released has also decreased since the pandemic. For countries like India, with a booming and thriving Bollywood industry, less overseas content to show in cinemas isn’t a major concern. But for South Africa, a small number of films are being produced locally, making the nation dependent on the US for pulling audiences back in to theaters.



For now, the ‘Barbenheimer’ effect reigns.



“This phenomenon wasn’t created by studios – it was birthed by audiences and fans organically,” Zietsman says. “That doesn’t mean we won’t ever have such a cultural event at the movies again. Audiences just want something new and different that they can participate in, like dressing up, and if it’s also critically good, then you’ve got a winner. Oppenheimer had the prestige, Barbie had the brand recognition, and everyone involved in both was just passionate about their work, and that passion is infectious.”

People attend showings of the Barbie movie in Somerdale

Return Of The Big Screen: ‘Barbenheimer’ Spells Box-Office Glory In South Africa

The unfortunate developments relating to the Black Sea grain shipments are not good news for India and the African continent. Food prices and security are threatened and big power rivalry is ensnaring us developing countries once again.



India believes the G20 agenda should be protected from this rivalry and it has done its best, during its presidency this year, to keep the development agenda and the Sustainable Development Goals (SDGs) in focus.



The country has also challenged the G20 membership to accept the African Union (AU) as a peer. Given the Indian emphasis on heralding the voice of the Global South during the presidency, it is befitting that the largest regional organization of the Global South, the AU, should be a G20 member rather than an invitee.



This initiative is unprecedented. Since the G20 was formed, no new members have been admitted.



In January 2023, India sought a collective articulation of the Voice of Global South (VoGS) through a virtual summit.



Having Africa speak for itself is important. The continent suffered deeply from the impact of Covid-19 and the Ukraine crisis.



African countries enthusiastically participated in the VoGS summit manifesting their expectations and priorities.



President Macky Sall of Senegal, the AU chair in 2022, formally sought AU inclusion into the G20 and several AU partners like the United States (US), European Union (EU) and China enunciated support.



While it remains uncertain if Africa’s partners intend to use this as a step to include other candidates by opening the membership issue, for India, it is a leap of faith to champion the AU alone and not be held back by claims of ASEAN, Latin American institutions, and permanent invitees like Spain.



Prime Minister Narendra Modi wrote to all G20 members seeking the inclusion of the AU as a member of the G20 and would like this announced at the G20 Summit in New Delhi in September 2023. Through this direct approach, India placed the proposal on the agenda of the G20. Each G20 member now must state a clear response to this.



Some who vocally articulated support for the AU bilaterally have to abide by their commitment. Others who were quiet would need to break their silence. It’s also worth noting that this issue was also discussed in the Modi-Biden summit, and Modi included it in his address to the US Congress in June.



This is a significant recognition of Africa, by one of its oldest and steadfast partners, India, which has shown its commitment to ensure that African voices are audible in all international fora. Clear examples include the Bandung Conference in 1955 and NAM from 1961 which were Indian-supported efforts for Africa to be heard after decolonization. The ‘AU-in-G20’ initiative is a 21st century ‘Bandung moment’ for resurgent Africa.



Added to the fact that Africa and India lack a permanent presence in the United Nations (UN) Security Council and that the UN reform process is crawling slowly, stymied by China, among others, India has decisively grasped the opportunity afforded by its presidency of the G20 to enable Africa its largest opportunity for representation at an intergovernmental forum on a permanent basis.



The AU <a href="https://au.int/sites/default/files/decisions/42725-Assembly_AU_Dec_839_-_865_XXXVI_E.pdf">adopted a decision at its summit in February</a> 2023 to obtain its place at the G20. Presently, the African Union Commission and the African Union New Partnership for Africa’s Development (AU-NEPAD) are invitees and South Africa is the only African member. The AU-NEPAD invitation was specially created when NEPAD was a separate entity.



One thing is certain, since 2008 when the G20 transitioned to a summit, Africa has changed remarkably and it needs the platform to be able to speak for itself.



– The writer is a former Ambassador of India to Germany, Indonesia, Ethiopia, ASEAN and the African Union

Redeveloped And Illuminated ITPO complex

‘African Union Must Be In The G20′

New MoU signed between Central Bank of Nigeria and Central Bank of Egypt to boost fintech innovations.



The Central Bank of Nigeria (CBN) and Central Bank of Egypt (CBE) are enhancing fintech innovation and collaboration between their African powerhouse economies, Nigeria and Egypt.



At the Seamless North Africa 2023 conference this month in Egypt’s capital Cairo, the apex banks signed a Memorandum of Understanding to establish a Nigeria-Egypt fintech bridge.



Aishah Ahmad, Deputy Governor of the CBN, said at the signing that months of engagement on payments, fintech, and financial inclusion paved the way for the collaboration.



“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African continent,&#8221; she said.



The growth of fintech in both Nigeria and Egypt is part of a larger trend of its development in Africa.



According to a 2022 McKinsey report, each of the two countries is expected to show a growth rate of 12% per annum, until 2025, forming part of the 11 key markets.



A research paper, An Overview of Fintech Evolution in Nigeria, highlights that Nigeria&#8217;s fintech landscape has over 200 startups, with key stakeholders such as banks, telecom companies, and the government.



According to the CBE, the number of technology companies that offered fintech services in Egypt grew five-fold to 177 in 2022 from 32 in 2017.



Industry experts view the collaboration as a game-changer for the global remittance space and cross-border trade in Africa, encompassing a wide array of initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals, and talent development.



Tomisin Salam, the CEO of FiatMatch Inc, tells FORBES AFRICA: &#8220;The partnership will unlock new opportunities for businesses, attract fresh investment, and streamline the efficiency of fintech companies in Africa.



&#8220;With China and Saudi Arabia already transacting in their local currencies, this move sets a commendable precedent for other African states to follow suit, and potentially increase the demand for local currencies in the continent,&#8221; says Salam.

Image supplied by Central Bank of Nigeria

Fintech Bridge To Unlock New Opportunities Between Two Powerhouse African Economies

Attendees at the just-concluded Women Deliver 2023 Conference in Kigali exchanged ideas and experiences through thought-provoking discussions that set the stage for the unveiling of new and transformative policy frameworks supporting women’s rights and issues.



In the heart of Kigali, Rwanda, the BK Arena and Kigali Convention Centre buzzed with excitement as women from all corners of the world gathered for the Women Deliver 2023 Conference (WD2023), from July 17-20, held for the first time in Africa.



Held under the theme, Spaces, Solidarity, and Solutions, the sixth Women Deliver Conference aimed to ignite collective action, empower the feminist movement, and foster a world where gender equality and women&#8217;s rights thrive.



A wide range of topics, including abortion access, LGBTIQQ rights, gender-based violence and impact of the climate crisis on women and girls, were discussed, along with focus on fostering youth engagement and elevating the perspectives of young women in the global gender equality movement.



The event saw an impressive turnout with thousands in attendance. Notable speakers included renowned personalities such as activist Malala Yousafzai. Also in attendance were four heads of state including Rwanda’s President Paul Kagame – with his wife and first lady Jeannette Kagame – Ethiopia’s President Sahle-Work Zewde, Senegal’s President Macky Sall, and the President of Hungary, Katalin Novák.



One of the most significant announcements came from the collaboration between Women Deliver and Open Society Foundations, a grant-making network founded and chaired by Hungarian-American business behemoth and philanthropist George Soros.


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Together, they unveiled a new funding facility to address, among other things, neglected areas of female sexual health and reproductive rights. The room erupted in applause as the audience recognized the potential of this facility in empowering marginalized women and girls who have long been denied access to basic healthcare.



As the conference progressed, it became evident that the commitment to drive change extended beyond the arena’s walls. More than 40 organizations came together to launch a powerful campaign addressing the gender nutrition gap. Their collective call urged governments to take transformative action, shining a spotlight on the stark inequalities that persist globally in women&#8217;s and girls&#8217; nutrition.



Another momentous step forward was the unveiling of the RESPECT Women website. Developed by the World Health Organization (WHO), UN Women, and United Nations Population Fund (UNFPA), this policy framework and online platform has been designed to combat and respond to violence against women and girls. The website&#8217;s potential to create a safer environment and promote gender equality and women&#8217;s empowerment was met with resounding support and recognition.



Perhaps the most moving moment at the conference was when UNFPA introduced Kigali Call to Action: United for Women and Girls&#8217; Bodily Autonomy. This powerful call placed bodily autonomy, reproductive rights, and gender equality at the core of the agenda. With a clear focus on women-led organizations and the feminist movement, the call aimed to drive coordinated and collective action towards gender equality by 2030.



The conference&#8217;s commitment to empowering future generations was expressed with the launch of the Women Deliver Emerging Leaders Program to provide young people with trust-based funding, knowledge, resources, and leadership opportunities in the pursuit of gender equality and reproductive



health advocacy. As the torch was passed on to the next generation, the attendees celebrated the potential of these emerging leaders to create a lasting impact on the global stage.



Throughout the conference, attendees engaged in thought-provoking discussions, exchanging ideas and experiences, leaving no stone unturned in their quest for progress. Challenges were acknowledged, and the urgency to address them collectively was clear.



The importance of funding for gender equality advocacies resonated strongly among the attendees. Julia Fan, Senior Manager for Youth Engagement at Women Deliver, emphasized that funding remains a critical aspect in driving forward the agenda for gender equality and women&#8217;s empowerment.



Alongside the vibrant discussions and inspiring stories of progress, Soraya Hakuziyaremye, the Deputy Governor of the National Bank of Rwanda, too offered valuable insights. She acknowledged the strides Rwanda has made in promoting women to leadership positions, highlighting that this progress did not happen overnight but has been the result of extraordinary leadership that recognized gender equity as a vital indicator of the nation&#8217;s progress, almost three decades ago.



While there were successes to celebrate, Phumzile Mlambo-Ngcuka, the Board Chair of Women Deliver, also addressed a pressing concern shared by many attendees.



She remarked: &#8220;What concerns most women today here is that progress in gender equality has been slow and uneven, and a major space where all countries have failed is violence against women. It is sad to sit and talk about this here again; I was talking about this 10 years ago.&#8221;



While gender issues still persist, efforts to combat them also have a history, starting with the Beijing Declaration in 1995 that opened the door for women’s issues to find mainstream recognition globally, leading to the Platform for Action adopted unanimously by 189 countries. In the words of Mlambo-Ngcuka, “it was a defining moment when women’s rights received the status of human rights”.



The development and acceptance of the Maputo Protocol on Women’s Rights in 2005 has also come a long way. The protocol has one of the highest number of ratifications for an instrument in the African Union (AU) and has objectively established a uniform basis for protecting the rights of women and girls in Africa. Forty nine of the 55 AU member states have signed the Maputo Protocol thus far.



Reflecting on the week&#8217;s transformative experience. Rania Dagesh, the Deputy Regional Director for eastern and southern Africa at UNICEF, expressed her sentiments: &#8220;The past week at Women Deliver has been phenomenal; there have been moments of reflection, profound exchanges, and valuable learning. I am truly grateful for participating.&#8221;



As the final moments of the conference unfolded, the atmosphere was one of hope, determination, and camaraderie.

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From Rwanda To Beyond: New Collaborations And Collective Action At Women’s Conclave

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to raise the benchmark interest rate by 25 basis points. It also called for the exploration of policies that enhance investor confidence in the Nigerian economy and create opportunities for both foreign and domestic investments.



In response to the increased influx of cash to offset the effects of the fuel subsidy removal, the MPC of the Central Bank of Nigeria has voted to raise the benchmark interest rate, bringing it to 18.75% from its previous rate of 18.5%.



The CBN started its monetary policy tightening cycle in May 2022, with the benchmark interest rate rising from 11.5% then to 18.5% in May this year.



During the fourth meeting of the year held in July, the acting CBN governor, Folashodun Shonubi, revealed that “members of the MPC took the decision because of expected liquidity injections into the economy from the recent policy developments and the likely impact on inflation.”



“Members noted the need to continue to support investment, which will ultimately lead to the recovery of output growth,” Shonubi added.



The MPC saw it fit to adjust the asymmetric corridor at +100 and -300 basis points around the MPR from the previous corridor of +100/-700 basis points around the MPR; retain the Cash Reserve Ratio (CRR) at 32.5%; and retain the Liquidity Ratio at 30%.



Advising the federal government, the MPC called for them to look into policies that boost investor confidence in the economy in Nigeria and to create opportunities for foreign and domestic investments alike.



The MPC members recognized the significance of attracting investments, especially in key sectors like auto manufacturing, aviation, and rail industries. The goal is to diversify revenue sources and reduce dependence on oil-related earnings.



Additionally, the committee urged the government to swiftly implement essential policy mechanisms to safeguard the Nigerian economy from persistent global shocks and emerging domestic challenges.

Central Bank of Nigeria headquarters in Abuja.

CBN Raises Benchmark Interest Rate To 18.75% Following Fuel Subsidy Removal

This is set to elevate the overall credit share of SMEs from the current 9% to 25% over the next few years.



With the goal of reaching CFA3,000 billion ($5 billion) in outstanding loans by 2028, Senegal aims to empower and uplift its small and medium-sized enterprises (SMEs) for accelerated growth and economic prosperity.



At the opening of the third edition of the Senegalese SME forum in Dakar, the country&#8217;s capital, Prime Minister Amadou Ba promised to collaborate with the private sector and elevate the volume of financing available to national SMEs.



&#8220;I salute the patriotic commitment of public and private players, who together determined the integrated monitoring framework bringing together all players around the Central Bank of West African States (BCEAO) SME scheme, and who share the ambition of increasing the volume of SME financing from CFA500 billion ($841 million) in 2023 to CFA3,000 billion in 2028,” Ba said.



This substantial boost is set to elevate the overall credit share of SMEs from the current 9% to 25% over the next few years.



The Agency for the Development and Supervision of Small and Medium-Sized Enterprises (ADEPME) presented its plan to boost financing for this vital category of companies at the forum.



A surge in investor interest greeted the Emerging Senegal Plan in 2014, a public policy framework spanning from 2014 to 2023. To ensure that SMEs actively contribute to the country&#8217;s emergence and progress, the ADEPME launched a dedicated forum in 2017 with the primary objective of mobilizing increased funding.



Senegal envisions considerable expansion in the number of SMEs benefiting from financing provided by microfinance institutions, the Delegation for Rapid Entrepreneurship (DER), and other financial mechanisms. The objective is to elevate the number of benefiting SMEs from 500,000 to 1.2 million, amplifying opportunities for business growth and innovation.

General Economy In Senegal Capital Ahead Of Elections

Senegal Aims For $5 Billion In Outstanding Loans By 2028, Setting Ambitious Targets For SME Financing

The sector experienced a drop in value during the first half of the year. According to pre-shipment inspection agents&#8217; reports, a total of 3.94 million metric tons of products worth $2.54 billion were exported from January to June, compared to $2.593 billion during the same period last year. This reflects a marginal decrease of 0.09% in export returns for the period under review.



The CEO of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, recently announced that the country&#8217;s non-oil export sector experienced a slight dip in value during the first half of 2023.



Yakusak highlights two significant factors that contributed to this decline.



“The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government, which might have largely affected economic activities,” he says.



“The second reason is the changes in global economic conditions, such as a slowdown in global demand or decline in productive prices, which may have negatively impacted non-oil export performance.”



In contrast to the recent dip, Nigeria&#8217;s non-oil export earnings in 2022 showed a remarkable performance. The country recorded earnings of $4.82 billion, marking an impressive increase of 39.91% compared to 2021.



The growth last year showcased the potential and resilience of the sector. It was a testament to the efforts made to diversify the economy and reduce its dependence on oil revenue. The country&#8217;s exports of agricultural products, solid minerals, and manufactured goods played a pivotal role in driving this positive trend.



According to the National Bureau of Statistics’ (NBS) report on Nigeria&#8217;s Gross Domestic Product (GDP) for the first quarter of the year, the economy grew by 2.31% in real terms, on a year-on-year basis. However, this growth rate represents a decline compared to the 3.11% recorded in the first quarter of 2022 and 3.52% in the fourth quarter. The slowdown is attributed to the adverse effects of a cash crunch experienced during the quarter.



During the first quarter, the services sector played a pivotal role in driving economic expansion, recording a growth rate of 4.35% and contributing 57.29% to overall GDP. In contrast, the agriculture sector experienced a contraction of -0.90%, which is in contrast to the growth of 3.16% recorded in the first quarter of the previous year. The decline was primarily due to lower livestock production and the lingering impact of severe floods experienced in the third quarter of 2022.



The industry sector&#8217;s performance improved slightly to 0.31% growth compared to the steep decline of -6.81% in the same quarter of last year. Despite the slight improvements in the industry sector, both



agriculture and industry contributed less to the aggregate GDP in the first quarter of the year compared to the corresponding period last year.



Some specific sectors were instrumental to the growth observed in the first quarter. Solid minerals recorded a substantial growth of 37.71%, indicating a significant improvement compared to the previous quarter&#8217;s 22.04% growth rate. Meanwhile, the services sector, while still a significant driver, experienced a lower growth rate of 4.35% compared to the 5.69% recorded in the last quarter of 2022.



The construction sector also contributed to the economic expansion, recording a growth rate of 3.27%, albeit a moderation from the 3.80% growth rate in the previous quarter. Similarly, the manufacturing sector continued its positive trajectory, but the growth rate slowed from 2.83% in the last quarter of the previous year.



Despite the challenges faced by certain sectors, the services sector&#8217;s robust performance contributed significantly to sustaining overall economic growth in the first quarter of the year. However, attention and targeted interventions may be required to address the setbacks experienced in other critical sectors such as agriculture and manufacturing, to ensure a more balanced and resilient economic expansion in the coming quarters.

Jetty with vessels drone vie

Slight Dip In Nigeria’s Non-Oil Exports

The food and non-alcoholic beverages sector account for 11.81% of the overall inflation figures. Stakeholders recommend government interventions in critical sectors like agriculture, power, and energy.



According to a recent report by the National Bureau of Statistics (NBS), Nigeria&#8217;s headline inflation rate for June surged to 22.79%, marking a 0.38% increase from May. This rise underscores the persistent inflationary pressures plaguing the nation&#8217;s economy.



Furthermore, on a year-on-year basis, the inflation rate for June was 4.19% higher compared to the same period last year, indicating a trend of escalating inflation. Notably, the food and non-alcoholic beverages sector played a significant role, accounting for 11.81% of the overall inflation figures. Food inflation surged to 25.25% on a year-on-year basis, surpassing the 20.60% recorded in June 2022. In the month under review, food prices increased by 2.40%, which is 0.21% points higher compared to the rate in May. The year-on-year basis rate also exhibited a significant rise of 4.19% compared to the 18.60% rate registered in June 2022.



This report comes in the wake of President Bola Tinubu&#8217;s recent declaration of a state of emergency on food security. He directs that all matters related to food and water availability and affordability, as essential components of livelihood, be included within the purview of the National Security Council.



Kenneth Odoemenam, an aquaculture consultant and catfish farmer, expresses deep concerns about the escalating food prices in Nigeria and their far-reaching impact on both the economy and the wellbeing of its people. Odoemenam highlights the critical role of fish farming in providing essential protein to Nigerians and contributing significantly to food security. However, like other farmers, fish farmers face numerous obstacles that hinder fish production and increase operational costs.



Odoemenam explains to FORBES AFRICA: &#8220;The alarming inflation rate [for June], coupled with the declaration of a food security emergency, underscores the seriousness of the situation for Nigeria&#8217;s fish farmers. One of the major impacts of inflation is on fish feed, which constitutes over 70% of the operational expenses.&#8221;



He adds: &#8220;As fish feed costs rise due to inflation, it directly affects the profitability of fish farmers and their ability to offer competitive prices for their fish. Additionally, the high inflation rate may lead to reduced consumer demand for the products, ultimately impacting farmers&#8217; income.&#8221;



To address these challenges and promote sustainable growth in fish farming, Odoemenam urges the government to prioritize agriculture and fisheries development. He emphasizes the need for investment in research and technology to find innovative and cost-effective solutions that improve fish farming practices, enhance fish feed production, and minimize environmental impacts.



Furthermore, Odoemenam recommends providing fish farmers with accessible credit facilities and grants to enable them to adopt modern techniques, boost productivity, and adapt to changing market dynamics. Strengthening market connections and value chains will ensure fair prices for fish farmers while making fish more accessible and affordable to consumers.



In a press conference, Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry, expressed concerns about the potential rise in inflation due to subsidy removal and the floating of the naira exchange rate.



&#8220;Increasing the monetary policy rate has, thus far, proven to be ineffective and insufficient in taming inflation. Therefore, there is a clear need for the government to strengthen its support to critical sectors like agriculture, power, energy. It should also look at ways to improve supply chains as well as cushion the cost of production,&#8221; he said.



He urges the government to look into improving supply chains and providing concessions for Micro, Small, and Medium Enterprises (MSMEs) to alleviate production costs and tackle unemployment.

Nigeria Monthly Inflation Hits Seven-Year High on Food Prices

Rising Food Costs In Nigeria Propel June Inflation Rate To 22.79%

The country&#8217;s foreign exchange unification policy has garnered favorable sentiment in the financial landscape, enabling individuals and businesses to access financial services more efficiently. Experts say these steps toward a collective and transparent foreign exchange system could contribute to Nigeria’s economic recovery.



Following President Bola Tinubu&#8217;s decision to unify exchange rates in Nigeria, the Central Bank of Nigeria (CBN) has taken the initiative to allow the deposit money banks (DMBs) and foreign exchange market dealers to freely buy and sell forex at market-determined rates. This move marks a shift from the previous multiple forex regime to a &#8220;free-floating&#8221; system.



The foreign exchange unification policy has yielded positive developments in the country&#8217;s financial landscape. Customers have quickly embraced the initiatives introduced by the DMBs, which aim to provide seamless and convenient foreign exchange services.



With the option to convert FX to naira through online banking platforms, customers can now avoid the hassle of withdrawing cash and resorting to the parallel market for currency exchange. This shift reflects the increased confidence in the unified exchange rate system and the government&#8217;s commitment to creating a transparent and efficient FX market.



Smart Solutions For The FX Market



Recognizing the importance of diaspora remittances to the Nigerian economy, the CBN introduced measures to facilitate smoother transactions. A recent circular issued by the CBN announced that the naira is now a payout option alongside FX and the eNaira for the receipt of diaspora remittances.



In response to the evolving financial landscape, Nigerian banks are introducing innovative solutions to better serve their customers. One notable offering is the FX Cash Backed Loan, which enables domiciliary account holders to access naira loans of up to 85% of their available FX balance. This financial product allows individuals to meet their immediate financial needs without the requirement to withdraw or spend their FX holdings. By leveraging their FX assets as collateral, customers can access funds conveniently, supporting their personal and business objectives.



The suspension of international transactions on naira cards has been lifted by one of the banks, offering individuals greater flexibility in conducting cross-border transactions. This development allows cardholders to make international payments and purchases seamlessly, eliminating the previous limitations that hindered international financial interactions. The restoration of international transaction capabilities represents a significant step toward aligning Nigeria&#8217;s financial system with global standards and facilitating international trade and commerce.



Nigeria&#8217;s dollar-denominated sovereign bonds have experienced notable gains, reflecting the market&#8217;s positive sentiment. The announcement of the FX rules has resulted in an increase in the price of the country&#8217;s eurobonds, with some issues reaching their highest prices in months. Issuance matured in 2033 up 2.4 cents to 78.625 cents, the highest in over five months.



It is worth noting that Nigeria has been grappling with severe dollar shortages, which have led many individuals to seek foreign currency in the parallel market. The implementation of the foreign exchange unification policy aims to address these shortages by promoting transparency, reducing the reliance on the parallel market, and aligning the naira&#8217;s value with its official exchange rate. These efforts will contribute to a more stable and efficient foreign exchange market, providing individuals and businesses with greater certainty and access to FX.



Short-Term Pressure vs Long-Term Gains



The Nigerian government&#8217;s decision to unify exchange rates and implement comprehensive FX reforms is a significant milestone in the country&#8217;s economic journey. However, Nigerian economists note further efforts are needed to strengthen the export sector, increase FX earnings, and ensure effective control measures to prevent market distortions.



Subomi Plumptre, the Chief Executive Officer of Volition Cap, predicts a competitive market to the benefit of the public. Plumptre tells FORBES AFRICA: &#8220;The fact that customers can now convert dollars to naira on online banking platforms is expected to drive competition among International Money Transfer Operators (IMTOs). This could spark innovation leading to lower transaction fees and better rates for the public. The FX Cash Backed Loan, which offers naira loans to foreign currency holders, serves as an example of how easing foreign exchange regulations can stimulate innovation among financial service providers due to competitive pressures.&#8221;



She believes that &#8220;while the naira has depreciated substantially following the implementation of the FX unification policy, in the long-term, reduced FX intervention could yield positive outcomes.&#8221;



Plumptre adds, &#8220;A singular, market-determined exchange rate would improve transparency, eliminate opportunities for arbitrage and rent-seeking, and ultimately contribute to greater investor confidence and financial markets stability. In turn, these benefits could encourage dollar inflows, which may strengthen the naira’s exchange rate. The ongoing naira depreciation is part of the short-term price discovery process further driven by the fact that the official naira exchange rate was held artificially low, worsened by the stringent global financial conditions that underpin dollar shortages.&#8221;



Kelvin Emmanuel, an economist, commends the Nigerian government&#8217;s decision. &#8220;This is critical not only because the difference between official and parallel markets created a 63% black market premium for arbitrageurs that cost the government about $329 million every month in FX subsidy, but also because unification is going to address a chronic issue the Nigerian government has been battling with for years,&#8221; he tells FORBES AFRICA.



Emmanuel expresses excitement that &#8220;the decision to book independent revenues from government-owned enterprises, at investors and exporters rates, its decision to have the CBN create non-deliverable forwards for short- and long-term foreign investors is leading to appreciation of bond yield curve and bringing investors back into both the capital markets and the real economy.&#8221; He also believes that these reforms will contribute to economic reflation and long-term growth.



FX Round-Tripping And How It Affects The Market



Iheakanwah Felix Arinzeh, a financial expert and doctor of business administration, supports the recent FX policy, acknowledging &#8220;the need to defend the naira against excessive foreign exchange fluctuations.&#8221; However, Arinzeh emphasizes to FORBES AFRICA the importance of addressing the inadequate FX earnings and reserves by enhancing export infrastructure.



Arinzeh suggests measures to further strengthen the control of FX rates and discourage round-tripping. &#8220;In exploring the unending increase in the FX rate, particularly in the black/parallel market, FX round-tripping is one of the major causes. FX round-tripping is a situation where customers divert foreign exchange obtained from the CBN at an official rate to the black market for higher profits. The practice had created artificial FX scarcity and had denied users of foreign exchange even in their most basic transactions. I recommend that all export FX proceeds be converted via banks and that willing sellers should not in any way be allowed to nominate a willing buyer.&#8221;



&#8220;The harmonization of exchange rates requires a transition period for the adjustment of the exchange rate to align with the official rate. During this period, inflationary pressures may arise, especially if the parallel market rate was significantly higher than the official rate. However, with proper monetary and fiscal policies, these inflationary pressures can be managed effectively,&#8221; says Arinzeh.

Chaotic New Naira Banknote Shortages Causes Bank Queues

Positive Developments Follow Nigeria’s Free Floating Forex Market To Harmonize Exchange Rates

During his campaign, President Bola Ahmed Tinubu of Nigeria emphasized his administration&#8217;s commitment to focusing on &#8220;modern economic drivers such as the digital economy, creative industries, sports, and entertainment sectors&#8221;.



The youth, who make up a significant portion of the population, have welcomed this vision.



Uriel Tomori, a tech and civil rights advocate, expects the new administration to create an enabling environment for the digital and creative industries to thrive. In recent years, the tech sector has faced challenges such as bank account freezes, internet shutdowns, tax disputes, and service bans. Tomori emphasizes the need for the government to &#8220;provide a better pathway for accessing local and global opportunities&#8221;.



Nigerian filmmaker, Joseph Omoniyi, expresses excitement about the new president’s vision for the creative industries. He highlights the potential economic growth and social development that can be achieved by harnessing Nigeria&#8217;s rich cultural heritage.



With the film industry already contributing over $600 million to the GDP annually, Omoniyi hopes that &#8220;the new administration will address challenges such as piracy, funding, distribution networks, infrastructure, and regulatory barriers to enable the production of quality content that can compete globally&#8221;.



Author and digital creator, Immanuel James Ibe-Anyanwu, urges the government to &#8220;inspire interest in scientific innovation alongside the focus on sports and entertainment&#8221;.



He says: &#8220;Young people have the potential to contribute to scientific advancements and solve their own problems if given the opportunity.&#8221; Ibe-Anyanwu calls for a &#8220;refocusing of young people&#8221; and highlights the need to &#8220;build infrastructure with indigenous talent.&#8221;



Iyinoluwa Aboyeji, CEO of Future Africa, who helped to develop and present Tinubu’s digital economy plan to Nigeria’s organized private sector, encouraged the tech ecosystem to rally around and set an agenda for the new government.



The tech sector in Nigeria has been one of the fastest-growing and most innovative sectors, attracting significant funding and contributing to the growth of African startups.

Author: Forbes Africa

FORBES AFRICA SOCIAL MEDIA