<blockquote class="wp-block-quote">
“We are committed to a modern Botswana that is not only open to but is also able to compete with the rest of the world” – H.E. Dr Mokgweetsi Eric Keabetswe Masisi, President of the Republic of Botswana
</blockquote>



In less than four decades after its independence, Botswana has quickly climbed the ranks from a poor country to an upper middle-income country, proving to be a development success. Setting out a compelling vision for the nation, the government has now introduced Vision 2036, placing strategies to take Botswana even further from an upper middle-income country to a high-income country. “Our National Vision 2036 is anchored on four pillars of sustainability–economic development, human and social development, sustainable environment and governance, and peace and security,” says His Excellency Dr. Mokgweetsi Eric Keabetswe Masisi, President of Botswana. “If you look at the Standards and Poor rating, I think the short-term rating is A2 and the long-term investment is triple B plus. Botswana has been growing for about 5% per annum over the last 30 years and the employment market has grown by about 10% over the last 30 years,” says Reinette Van der Merwe, CEO of First Capital Bank.



Botswana’s rich mineral resources are often credited for its strong economic performance, with 80% of export earnings coming from diamond mining. “Botswana is significantly endowed with mineral wealth, whether you&#8217;re talking about base metals like nickel or copper, precious metals, coal, not just thermal coal, but also metallurgical coal, which is used in steel making,” notes Matome Tsholetsa Malema, CEO of Minerals Development Company Botswana. The nation has been working on a project that aims at establishing a mineral exploration fund to drive more benefits from mining.



Botswana has made use of its wealth to build a robust social welfare system in the country, providing free education to its citizens and availing reliable health care. The mere existence of diamonds, however, is not the secret to Botswana’s miraculous growth. Oduetse Motshidisi, CEO of Non-Bank Financial Institutions Regulatory Authority says the role of Botswana’s institutions made the definitive difference in the country’s success. “Our institutional strength and legitimacy assures that there is proper governance, rule of law and most importantly, stops corruption and other activities that are harmful. The institutional structure and the resilience of those institutions and their ability to withstand challenges and threats makes a great difference,” he says.



Apart from mining, Botswana also relies on tourism and agriculture. Combining a land of rugged and untamed beauty, pristine landscapes, spectacular wildlife and river deltas, the country is truly a place of enchantment. “We have a strong heritage and culture, not just heritage sites to visit. We have a culture that is inclusive and convenient for investors and tourism. We have a history of prudent management of our natural resources,” says Hon. Philda Kereng, Minister of the Ministry of Environment, Natural Resources Conservation and Tourism. In terms of the agriculture sector, the government has introduced different programs that are geared at supporting people cultivate their land and promote food security. “Early this year, we imposed a two-year import ban on horticultural products. Now tomatoes, ginger, garlic, potatoes are locally produced and it is encouraging how people have responded to the ban,” states Fidelis Molao, Minister of Minister of Agriculture, Development and Food Security. “The agricultural sector currently contributes 2% to the GDP. The sector is undergoing transformation and there are a lot of opportunities. We are targeting communities who seem to be low on the economic ladder because agriculture is a major employer for these groups of people,” mentions Professor Julius R. Atlhopheng, CEO of National Agricultural Research and Development Institute.



Botswana has a business landscape that is remarkably friendly. The government has been providing incentives for investors with a focus on the export sector. “We allow investors a 99-years land lease. We also allow investors to continuously train their teams with a training rebate of 200%. Any raw materials or machineries we need to start businesses are imported duty free,” notes Lonely Mogara, CEO of Special Economic Zones Authority.



“We&#8217;ve run prudent macroeconomic policies over the years such that we can run deficits that are sustainable in the medium to long term. We have been able to build a buffer of foreign exchange reserves,” says Andrew Maatla Motsom, Managing Director of Debswana Diamond Company, explaining that the government is committed to building a knowledge economy, providing opportunities for investment in digitalization.



Digitalization expanded significantly during the COVID-19 pandemic with the government functioning online, and the education sector delivering much of the curricula and teaching through digital technologies.



“We are working very hard to bring down the cost of data in this country. We are now second after Morocco in terms of reaching the target for 2% of gross national income,” says Hon. Thulagano M. Segokgo, Minister of Minister of Communications, Knowledge and Technology. This successful practice in digitalization has expanded to the investment sector. “We have set up an online business registration system, which is linked to people’s IDs. We have also ratified the Trade and Industrial Development Act, which established the One Stop Service Centre for all investment authorisations. We’re granting permanent residence to investors who have value. We have decentralised the visa issuance to our embassies across the world, so they can do it instead of us,” states Hon. Mmusi Kgafela, Minister of Investment, Trade and Industry.



Botswana holds access to international markets through the Southern African Development Community (SADC), the African Growth and Opportunity Act (AGOA), the EU and SADC economic partnership agreements and the African Continental Free Trade Area Agreement. This is one of the many appealing elements of Botswana as a business destination for foreign investors. “As a foreign company, we have easy access to our funds with no restrictions, and the government is the least corrupt government in Africa. The government facilitates everything and things get done in the right manner. We pay our investors dividends with no issues,” says Naseem Lahri, Managing Director of Lucara Diamond. “We have a very good system and structure in place. Everything works in this country. The laws and the systems are much more business friendly in the region,” adds Ramachandran Ottapathu, CEO of Choppies.



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Gaborone, South East, Botswana 27 April 2017 aerial panorama of  Main Mall

Botswana: A Hidden Gem Of Africa

<blockquote class="wp-block-quote is-style-large">“The time has come to renew the founding values of our beautiful Ivory Coast, and to reunite&nbsp;Ivorians. Let us celebrate peace, without which there can be no development.” H.E.&nbsp;Alassane&nbsp;Ouattara, President of Côte d&#8217;Ivoire&nbsp;</blockquote>



Host to UNESCO sites such as the Biosphere Reserve, the&nbsp;Comoé&nbsp;National Park, the Grand&nbsp;Bassam&nbsp;historic town, the breathtakingly beautiful Mount&nbsp;Nimba&nbsp;Strict Natural Reserve and the richly bio diverse Tai National Park, Côte d&#8217;Ivoire is a nation&nbsp;brimming with&nbsp;&nbsp;variety&nbsp;in its&nbsp;beach resorts, rainforests and quirky architectural landmarks such as La&nbsp;Pyramide&nbsp;and St. Paul’s Cathedral.&nbsp;“Côte d&#8217;Ivoire&nbsp;is a tourist and business destination,” explains&nbsp;Daniel&nbsp;Karbownik, Regional Director West &amp; Central Africa, Accor. “Developing a&nbsp;tourist&nbsp;destination creates direct and indirect jobs and promotes&nbsp;economic development and prosperity of the country.”&nbsp;With a view to this, in 2018, the government launched its ‘Sublime Côte d&#8217;Ivoire’&nbsp;flagship tourism project. Due for completion in 2025, Sublime’s initial phase looks to transform the tourism landscape via a number of projects and schemes and the creation of 700,000 new jobs aimed at its youths.&nbsp;&nbsp;



The government’s&nbsp;National Development Plan&nbsp;2021-2025&nbsp;is intent&nbsp;in maintaining a stable socio-political environment while&nbsp;mobilising its domestic resources following the&nbsp;ramifications&nbsp;of the pandemic.&nbsp;It targets the private-sector&nbsp;investment&nbsp;and construction&nbsp;needed to spur productivity, advance diversification and inclusive growth while boosting job creation, in particular regarding the nation’s youth.&nbsp;With&nbsp;solid relations with international institutions and bilateral partners,&nbsp;Côte d’Ivoire&nbsp;is committed to making its&nbsp;business environment ever more attractive and&nbsp;its economy more competitive by relaxing&nbsp;economic policies&nbsp;in a bid to&nbsp;attract foreign companies and promote business creation, especially in the digital,&nbsp;information&nbsp;and&nbsp;technology sector.&nbsp;Paul-Harry&nbsp;Aithnard,&nbsp;CEO of&nbsp;Ecobank&nbsp;Côte d’Ivoire&nbsp;says, “The private sector&nbsp;is a&nbsp;driving force because all ideas&nbsp;not only&nbsp;come from the state but also come from the private sector.&nbsp;At&nbsp;Ecobank, we believe that digitisation and the digital economy make it possible to have an inclusive economy and that&nbsp;with technology we are capable of anything today.&nbsp;Technology allows for a true inclusive economy and true inclusive development.”&nbsp;



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Another important driver to the nation’s development,&nbsp;and indeed its economic backbone,&nbsp;is its natural resources,&nbsp;such as fossil fuels and ores and agriculture. The government has&nbsp;expanded its vision&nbsp;to the&nbsp;encompass the&nbsp;enormous&nbsp;potential&nbsp;inherent in the production of&nbsp;added-value&nbsp;solutions, thereby increasing its&nbsp;manufacturing and processing industries.&nbsp;With a focus upon Green Tourism and carbon neutrality,&nbsp;Côte d&#8217;Ivoire’s government is well aware of the importance of boosting sustainability and creating supply chains.&nbsp;Over the last two decades, the world’s largest cocoa bean producer and exporter, has&nbsp;expanded its range to the cultivation of cashew nuts with impressive results.&nbsp;As part of the government’s National Development Plan, the nation is now&nbsp;looking&nbsp;to process its crops&nbsp;so as&nbsp;to harness a new source of income&nbsp;and promote the&nbsp;‘Made in Côte d’Ivoire’&nbsp;label. “We have great agricultural potential in the country.” declares&nbsp;&nbsp;Issiaka&nbsp;Savane, Interim Administrator of UNACOOPEC-CI. “If we want&nbsp;a&nbsp;dynamic and strong growth, we must participate&nbsp;in the transformation of agricultural products.”&nbsp;



In 2014, the Ivorian government&nbsp;also&nbsp;implemented one of the most favourable mining codes on the continent, which introduced greater transparency, the extension of exploration permits to ten years, strengthened local development and enhanced mining investment, particularly in the gold sector. As a result, mining activities increased 43% in 2019, generating a revenue of US$1.3 billion and creating almost 55,000 jobs. To this effect, training the local workforce is critical to the continued growth of the mining sector.&nbsp;Abdoulaye&nbsp;Diallo, General Manager of SFTP Mining, is proud to be a part of this initiative that improves the lives of&nbsp;Ivorians.&nbsp;Diallo&nbsp;says, “SFTP mining operations are sustainable and provide a position between the communities and the stakeholders. We train the local community in order to have international standards skills.”&nbsp;



True confirmation of&nbsp;Côte d&#8217;Ivoire’s stable outlook and the promise of its strong economic development occurred when&nbsp;Fitch&nbsp;assigned&nbsp;Côte d&#8217;Ivoire with a&nbsp;BB rating&nbsp;in July 2021, forecasting&nbsp;GDP growth to average 6.2% in 2021-2022.&nbsp;Léonce&nbsp;Yace, Managing Director of NSIA&nbsp;Banque&nbsp;CI, believes the nation’s multiple achievements is due to a number of factors. “Côte d&#8217;Ivoire&nbsp;has&nbsp;a dynamic economic fabric, players, opportunities, well-trained young people and booming banking sector. The&nbsp;government&nbsp;is&nbsp;made up of experts and competent people who understand the issues well and who manage to take the initiatives that drive development under the leadership of His Excellency President&nbsp;Alassane&nbsp;Ouattara.&nbsp;Investors&nbsp;who come to Côte d’Ivoire&nbsp;will find a business hub where their&nbsp;interests&nbsp;will be&nbsp;preserved.”&nbsp;&nbsp;



A gateway to West Africa,&nbsp;Côte d’Ivoire is well positioned as a hub for international trade&nbsp;and a story of success as one of Africa’s most resilient economies promoting inclusive and sustainable growth within a peaceful environment. As&nbsp;Côte d’Ivoire’s record results guarantee its trajectory towards economic recovery, the nation is also firmly moving forward towards a new era of growth, opportunity and a bright and shining future.&nbsp;&nbsp;

Yamoussoukro

Côte d’Ivoire: Unlocking The Potential Within

<blockquote class="wp-block-quote is-style-large">“It is from this human capital that the genius of tomorrow will emerge capable of inventing solutions adapted to the equations of our own future. I ask them to become aware of their irreplaceable role in the construction of Africa, of its regional communities and of each of its States.” AU Chairperson, H.E. President Félix Antoine Tshisekedi of the Democratic Republic of Congo</blockquote>



Africa’s achievements throughout its history are indicative of the impenetrable spirit of the African people from all corners of the continent and beyond. Founded in 2002, the African Union is a continental body consisting of the 55 member states of the African continent with the main objectives of eliminating remaining remnants of colonization from the continent; promoting a unified Africa; coordinating socioeconomic development; safeguarding the territorial integrity of the Member States and promoting international cooperation. With these missions at the forefront of the AU’s development plans, the continent is approaching a future ripe with opportunity in the social, economic, political, and equality spheres.



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Since the establishment of the AU, Africa has been working collectively toward its potential in an ever-changing world economy. A large part of this journey is represented through Agenda 2063, Africa’s blueprint for economic development, and the African Continental Free Trade Area (AfCFTA) agreement, which will create the world’s largest free trade area and connect 1.3 billion people across 55 countries. These two monumental plans will further Africa’s collective economic development, regional integration, innovation, security, political and cultural influence across the world.



Agenda 2063 is designed to deliver sustainable development for Africa through wealth creation, collective progress, gender equality, opportunities for Africa’s youth, and a high standard of living for all. On the national level, many countries have developed similar visions that are catered to their local economies that still push forward Agenda 2063 and continue to transform Africa into an empowered world player. AU Chairperson, H.E. President Félix Antoine Tshisekedi of the Democratic Republic of Congo, recently emphasized the Agenda and its role in the rebirth of the continent and the potential it brings to Africa’s children. H.E. Tshisekedi says, “It is from this human capital that the genius of tomorrow will emerge capable of inventing solutions adapted to the equations of our own future. I ask them to become aware of their irreplaceable role in the construction of Africa, of its regional communities and of each of its States.&#8221;



In conjunction with the AU’s Agenda 2063, the AfCFTA agreement is accelerating intra-African trade, expanding Africa’s trading position in the global market, and strengthening Africa’s common voice. The AfCFTA will create a combined GDP of about US$3.4 trillion for the benefit of African nations, inspire a 7% increase in African income by 2035, create an increase in exports to US$560 billion, and increase wages that will lift millions of Africans out of poverty. Wamkele Keabetswe Mene, Secretary-General of the AfCFTA, adds, “The recovery from COVID- 19 will come from the implementation of the AfCFTA. We will work very aggressively to make sure that we implement the agreement to the best of our abilities. It will be difficult and challenging, but we owe it to millions of Africans who are expecting that, in these positions, we make a difference in their lives.”



Over the years, Africa’s historic steps in equality have set the global standard in gender inclusion. In 2018, Ethiopia proudly welcomed Sahle-Work Zewde, the country’s first female



president. This year on March 1, Nigerian-born Ngozi Okonjo-Iweala became the first female and first African Director-General of the World Trade Organisation in a monumental appointment that demonstrates to the world that Africa is more than prepared to lead the world economy. While we mourn the untimely passing of His Excellency President John Pombe Joseph Magufuli, Tanzania made history this year with the inauguration of Tanzania’s first female president, Her Excellency Samia Suluhu. These advancements in inequality are a signal to the collective African spirit and pursuit of the Africa that future generations deserve. H.E. Suluhu says, “If your children will be touched by the coming changes, you should understand that we have done so for the good of the country, and not otherwise.”



Other notable examples of gender inclusion and women empowerment are inspiring all and inciting change on national and local levels. In Nigeria, philanthropist and businesswoman Apostle Folorunso Alakija founded the Rose of Sharon Foundation, a non-profit, faith-based, non-governmental Organisation focused on easing the burdens of existence for widows and orphans. In Madagascar, Pure Vanilla is a female-run company founded by two sisters, Naomy and Rosemine Rasolofonirina, who understand the importance of highlighting the invaluable role that women play in the African and global economies. Naomy Rasolofonirina says, “Our company is 99% women, and in our context, where women are usually not that self-reliant, this is incredible. We want to achieve equal pay; our women are already paid over 50% more than they would be in other companies. We aim to continue to grow their salaries alongside the company’s own development. In this way, our women can be financially independent and programme their future as well as those of their children.”



Equipped with a young and skilled labour force to make the production hub for the world, Africa remains an important resource and is key to global economic progression. “We have a tremendous workforce that is going to be the base of the future of Mozambique,” explains José Parayanken, Founder and CEO of Mozambique Holdings Limited. The advent of the 4th Industrial Revolution presents numerous opportunities for Africa; investing in skilling her youthful population and leveraging home-grown and external technological advancements will position Africa on a sustainable development trajectory. H.R.H. Prince Lonkhokhela, CEO of the Eswatini National Provident Fund, says, “Africa is diversifying and can lead in sustainable development. Africa has the ability to look at what works elsewhere then fashion its own answers. It can openly embrace new technology and ideas, with no historical imprint from which to break free.”Through the strength of the African Union and the dedicated guidance of the continent’s leaders, Africa represents a beacon of possibilities that have emerged from perseverance, unity and African pride.

Business people putting their hands together

The Africa We Want, The Future We Deserve

<blockquote class="wp-block-quote is-style-large">“Let us rather see Africa not as a land of humanitarian emergencies and a recipient of public aid for development but as a continent on the build, a pole on the cusp of progress. Such is the Africa of roads and highways, of bridges and railways, an Africa of dams and power plants, of industrial parks and agricultural farms. We will realize this ambition not through aid but by massive and urgent investments in those sectors that bring growth and development” <cite>President Macky Sall</cite></blockquote>



Senegal has been described as one of the most welcoming, peaceful, tolerant and friendly countries on the continent, with the World Economic Forum ranking it sixth most welcoming country in the world. Driven by its philosophy of teranga, the Wolof word for hospitality, Senegal has focused on boosting trade and investment opportunities on the West African regional market while prioritising a consistent improvement of its business climate.



<figure class="wp-block-image size-large"><a href="https://cms.forbesafrica.com/wp-content/uploads/2021/07/FORBES-SENEGAL_2021_26pags_v09_online-1-1.pdf" target="_blank" rel="noopener"><img decoding="async" loading="lazy" width="591" height="591" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1.jpg" alt="" class="wp-image-51707" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/SENEGAL-MPU-NEW-01-1-150x150.jpg 150w" sizes="(max-width: 591px) 100vw, 591px" /></a><figcaption><a href="https://cms.forbesafrica.com/wp-content/uploads/2021/07/FORBES-SENEGAL_2021_26pags_v09_online-1-1.pdf" target="_blank" rel="noreferrer noopener">Download the report here</a></figcaption></figure>



<h3 class="wp-block-heading" id="h-plan-s-n-gal-mergent-pse">Plan Sénégal Émergent (PSE)</h3>



The nation’s high level of Foreign Direct Investments (FDI) is irrevocably linked to President Macky Sall’s Emerging Senegal Plan (Plan Sénégal Émergent, PSE) launched in 2014. The Plan aims to drive the national economy with a new impetus and direction, growing the GDP 8%, creating 600,000 formal jobs and becoming a middle-income nation by 2035. In order to do this, the PSE has focused on boosting four key sectors of its economy: agriculture, ICT, transport and energy. Indeed, regarding the latter, Senelec’s MD, Pape Mademba Biteye, states: “Senegal&#8217;s energy sector is currently a booming sector and is an essential engine for improving the country&#8217;s economic performance, as seen in the PSE.”



In April 2021, President Macky Sall launched a US$ 827 million youth employment scheme as part of the government’s emergency programme for the socioeconomic integration of the nation’s youths. Spread over a time period of three years, it includes initiatives such as: the recruitment of 5,000 youths in the education sector, recruitments in the road maintenance and paving sectors, 15,000 jobs for subsidised jobs through the state-employer agreement with the private sector, the injection of CFAF 15 billion into the agribusiness, the creation of 25,950 jobs as part of the National Agency for Integration and Agricultural Development (ANIDA)’s numerous projects, training of 30,000 young people and a further 40,000 youths targeted for vocational training, amongst others.



<h3 class="wp-block-heading" id="h-a-technological-hub">A Technological Hub</h3>



With Dakar placed amongst the top 10 digital cities in Africa with incubators for start-ups, Senegal is well placed to become a technological hub for the whole of West Africa as its business landscape flourishes under its digitalised telecommunications network. “If this is the century of Big Data, Africa is the place to be because we have a population that is mostly made of young people,” affirms Samba Bathily, Chairman of ADS Group. “It is up to us, the business people and government, to come together to prepare the ground for these innovators to innovate.” The government has also launched a plan to create 35,000 new jobs in the field of technology by 2025, with the nation’s youths and women playing a key role in driving the technological revolution.



In June 2021, President Macky Sall also announced governmental intention to move all government data and digital platforms from foreign servers to a new national data centre in a bid to strengthen digital sovereignty. The state-of-the-art data centre will be built in Senegal’s Digital Technology Park in the city of Diamniadio and will tap into global networks through an undersea cable and Senegal’s existent 6,000 kilometre fibre optic network.



<h3 class="wp-block-heading" id="h-a-regional-business-hub">A Regional Business Hub</h3>



Over recent years, Senegal has significantly invested in the upgrade of all of its transport infrastructure in order to further promote its potential as regional business hub for logistics, services and industries, providing Africa with the link to the rest of the world. With the Autonomous Port of Dakar at the crossroads of three key trade routes, Senegal serves major shipping lines as well as a transhipment centre for landlocked counties in West Africa. Major modernisation and extension plans are currently underway while a US$ 1 billion investment is developing a colossal new deep-water port at Ndayane. Alongside large-scale road construction and rehabilitation projects, Senegal is also looking into improving connectivity through rail with work on the Regional Express Train (TER) currently underhand. “This is the flagship project for the PSE and will connect the city centre of Dakar to the Blaise Diagne International Airport in 45 minutes,” explains Mountaga Sy, CEO of APIX. “This train will be operational at the end of 2021.”



<h3 class="wp-block-heading" id="h-economic-diversity-sustainability-and-inclusion">Economic Diversity, Sustainability And Inclusion</h3>



Senegal’s large range of economic drivers, including mining, renewable energy and agriculture, are of great attraction to investors and the PSE Priority Action Plan has identified a funding gap of US$ five billion spread across several diverse projects. “The private sector is pivotal for the industrial development of the country,” says Youssef Omaïs, CEO of Patisen. “We have gold, gas and oil, which will increase the purchasing power of our young population and contribute to our targeted growth.”



Senegal is a land of opportunity and abundance offering ideal living and working conditions, access to advanced technology, ease of doing business, modern infrastructure interlocked in an ambitious vision that has proved successful in unlatching economic transformation and growth while enhancing prosperity to both Senegal and West Africa. “I am convinced that the PSE will secure Senegal as one of the pillars of Africa,” declares Omar Cissé, CEO of InTouch. “It will be key to our operations, development and future.” There is no doubt that Senegal is a nation burgeoning with opportunity for all, while driving economic growth and development in the region.”

african-renaissance-monument-de-la-renaissance-africaine-senegal

FOCUS ON SENEGAL: Welcoming Opportunity And Promoting Emergence

Ghana is a prosperous nation whose economic outlook and stable democratic system is powering its way to becoming West Africa’s regional powerhouse. Guiding the nation’s progress and transformation is the nation’s twice-elected President Addo-Akufo and his long-term National Development Plan, a four-decade strategy devised to provide a comprehensive framework to Ghana’s medium-term economic plans which aims to lead the nation to becoming a high-income country by 2057, on its centennial anniversary since its independence. This new development scheme aims to drive industrialisation, diversification and an export-oriented economy and is modelled upon a scenario for the country to achieve a per capita income of over US$60,000 by 2057.



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2021/03/FORBES-GHANA_2021_60pags_v08.pdf" target="_blank" rel="noopener"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01.jpg" alt="" class="wp-image-50441" width="248" height="248" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2021/03/GHANA-MPU-NEW-01-80x80.jpg 80w" sizes="(max-width: 248px) 100vw, 248px" /></a><figcaption><a href="https://www.forbesafrica.com/wp-content/uploads/2021/03/FORBES-GHANA_2021_60pags_v08.pdf">Download the full report here.</a></figcaption></figure></div>



Ghana’s growth trajectory is indeed promising and rooted on realistic ambitions; the country’s GDP has been on the rise since 2015, a trend which continued on into 2019, with an estimated 7.1% growth according to IMF figures. This noteworthy outcome has meant that Ghana is consistently placed amongst Africa’s ten fastest-growing economies. “Ghana is not only the best place for doing business in West Africa but it is also the fastest growing economy in the world according to the World Bank’s Ease of Doing Business Report 2019,” explains Hon. John-Peter Amewu, Minister of Energy and Petroleum. “The country has developed into an established business destination for investors seeking a conducive business environment, committed and progressive government-private sector participation, political stability, transparent regulations and a dynamic private sector ready for partnerships.”



Most of Ghana’s recent prodigious results have been due to its exceptional endowment of mineral and natural resources. Ghana’s oil production is expected to double over the next four years, peaking at a rate of over 400,000 barrels per day, while the country’s mining industry in a wide range of minerals such as gold, diamonds, manganese and bauxite accounts for 5% of the GDP. According to &nbsp;Solomon Asamoah, CEO of the Ghana Infrastructure Investment Fund (GIIF), it is “a country with huge growth potential and opportunities.” Industry accounts for 31.5% of its GDP and sits at the very core of Ghana’s governmental plans in its potential to transform the economy from one reliant on its resources to one driven by value-added exports. Key to this shift is President Akufo-Addo industrial agenda and his enterprising ‘One District, One Factory’ (1D1F) flagship initiative which aims to establish a factory in each of the nation’s 216 districts. The initiative has established a widespread network of factories across the nation, secured job creation for Ghana’s abundant and well-qualified human resource base and encouraged fair wealth distribution amongst its people. “In terms of industrial transformation we are looking at bringing together all these efforts in a way that brings about a massive transformation to the economy and puts Ghana onto the path towards growth and transformation in a way which leads to better jobs, livelihoods and overall development,” affirms Michael Ernest Ansah, CEO of Ghana Integrated Aluminium Development Corporation (GIADEC). While the 1D1F initiative has increased the nation’s capacity for self-sufficiency, its programme for Planting for Food and Jobs has remodelled the nation into becoming&nbsp; a net exporter of food. Ghana is developing industrial exports and high-value manufacturing and in order to decentralise development the government has created industrial zones across the nation, with the goal of opening a park in each of Ghana’s 10 regions.



<blockquote class="wp-block-quote">“The talents, energies, sense of enterprise and innovation of the Ghanaian can be harnessed to make Ghana the place where dreams come true.” <cite>President Akufo-Addo</cite></blockquote>



Ghana’s implementation of its national single window has also been key in the automation and consolidation of all trade processes through an e-payment system and single paperless system. According to the World Bank, Ghana’s service sector has proved to be the largest player in the economy and comprises 43% of its GDP while employing 48% of the population. The country also has one of the highest financial inclusion rates (58%) and mobile data penetration rates (88.8%) in the whole region. Policies such as the ‘ICT for Accelerated Development’ (ICT4AD) programme have also been launched in order to ensure a friendly regulatory environment for ICT businesses and the development of IT products, propelling Ghana towards becoming an information-rich knowledge based society. Digitalisation is playing a crucial role in driving Ghana’s transformation towards becoming a regional powerhouse while ensuring its youth are active participants. “One of the roles we play is bringing modernity through technology and increased interest from youth,” declares &nbsp;Tucci Goka Ivowi, CEO of GCX.



As global economies around the world pick themselves up and shake themselves free of the challenges imposed by the pandemic, Ghana continues to shine its light upon the continent and show itself to be the beacon of positivity, success and stability for sub-Saharan Africa that it is. President Akufo-Addo confirms this, going further to add: “I am of the firm conviction that this nation, the Black Star of Africa, is on the brink of a decisive step into a brighter future, which will deliver progress and prosperity to all the peoples of our country”

PHOTO-COVER-GHANA REPORT

Ghana: Blazing A Trail For Sub-Saharan Africa

<figure class="wp-block-pullquote"><blockquote>“This resilience of our economy is by no means accidental. It has been a deliberate focused effort by the NRM Government to build an independent, integrated and self-sustaining national economy, that is able to feed its people, generate the resources it&nbsp;&nbsp; needs, both human and financial, provide security to its people and their property and&nbsp;&nbsp; develop a prosperous nation.” <cite>H.E. Yoweri Museveni/President of Uganda</cite></blockquote></figure>



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Following his visit to Uganda, Winston Churchill famously stated, “For magnificence, for variety of form and colour, for profusion of brilliant life – bird, insect, reptile, beast – for vast scale – Uganda is truly ‘the Pearl of Africa.’ Today, its unique land linked location at the heart of sub-Saharan Africa and its steady economic growth has further added to its shining potential. According to the UNCTAD’s 2020 World Investment Report, Uganda also happens to be one of the countries in East Africa to have attracted the most Foreign Direct Investment (FDI), reaching an unprecedented record of US$1.3 billion in 2019 (a stunning 20% increase from 2018), the result of developing construction, manufacturing and agriculture projects.



<h2 class="wp-block-heading" id="h-energy">Energy</h2>



Crucial to engaging FDI in Uganda is its focus in expanding major oil fields and in September 2020, a host government agreement was signed with Total for the lucrative East African Crude Oil Pipeline (EACOP) project. The US$3.5 billion 1,445 kilometre long pipeline will be the longest electrically heated oil export pipeline in the world and the FID is due to be signed during the first quarter of 2021. “The crude oil pipeline will cross 90 kilometres of Ugandan land and more than 100,000 kilometres of Tanzania land to reach the Tanzanian coast,” explains Pierre Jessua, Managing Director of Total CP Uganda. “It is a big landmark and it is the longest pipeline in the world and a big investment for both Tanzania and Uganda and also for the international oil companies who are going to be the shareholders. So, this project, along with the Tilenga and Kingfisher ones are going to develop the economy of both countries and produce indirect effects and jobs through the contractors and subcontractors.” The Minister of&nbsp; Energy and Mineral Development, Hon. Mary Goretti Kitutu, has disclosed that the project will create as many as 10,000 jobs and that proceeds will be invested back into the economy in order to promote and develop other key sectors such as infrastructure, education and health. “The FID related to the exploration of oil production is a big deal not only for Uganda but for the continent as well,” declares Mumba Kalifungwa, Managing Director of Absa. “A lot of work has gone into preparing the country to get to a certain point of production.” Proscovia Nabbanja, CEO of Uganda National Oil Company Ltd agrees, “The achievement of FID paves the way for a lot of things: number one, of course, is that &nbsp;it makes our crude hit the international market and gives visibility to our future refinery project.”



<h2 class="wp-block-heading" id="h-vision-2040-and-industrialisation">Vision 2040 and Industrialisation</h2>



Through the implementation of President Museveni’s Vision 2040 strategies and policies, Uganda transformational trajectory towards becoming a competitive upper middle income economy is on track. Ranked 10th best in the world in curbing the spread of COVID-19, H.E Museveni has buffered the blow by activating a focus on import-substitution in a bid to boost job creation, self-sufficiency and local skills. Indeed, in October 2020, President Museveni revealed that Uganda no longer needed to import buses into Uganda due to state enterprise, Kiira Motors Corporation’s (KMC), capacity to assemble and manufacture vehicles locally. “When we speak about securing the future we believe the strategy lies in industrialisation, mechanisation of agriculture to improve productivity and the automotive industry, as well as value addition such as agri-industrialisation,” states Paul Isaac Musasizi, CEO of KMC.



<h2 class="wp-block-heading" id="h-ict">ICT</h2>



ICT is Uganda’s fastest growing sector and contributes majorly to its GDP. Its Digital Uganda Vision promotes a unified programme for ICT development and provides an enabling environment for investment. In liberalising communication services and improving the legal and regulatory environment as well as rolling out high-standard ICT infrastructure, such as the national fibre optic network, the government has diligently worked towards expanding the nation’s digitalisation in&nbsp; a number of fields. “Uganda has updated the regulations on telco and fintech in 2019 and 2020, creating the framework and the foundation to attract new investments clarity, transparency and visibility,” states Wim Vanhelleputte, CEO of MTN Uganda. According to the Global National Cyber Security Index, Uganda was also ranked as the most secure cyberspace in Africa while the increased use of digital technologies, such as mobile money, during the COVID-19 lockdown displays how ICT is proving to be a key player in economic recovery and in boosting resilience.



<h2 class="wp-block-heading" id="h-tourism">Tourism</h2>



Home to 55% of the world’s gorilla population, 11% of its bird species and Africa’s largest lake, the chief reservoir of the Nile, Lake Victoria, Uganda is a high-value tourist destination. “The diversity of culture in Uganda is vast,” says Lilly Ajarova, CEO of the Uganda Tourism Board. “Uganda is still very pristine, a territory to discover and we have the best conservation laws in Africa, so although we are developing fast we are very cautious of the impact on the environment, 20% of tourism revenue is being provided to local communities.” Recently, the Uganda Airlines was also rehabilitated. With a fleet comprising of four Bombardier CRJ900 planes, Uganda Airlines has also recently acquired the Airbus A330-800 neo as part of its fleet for international long-haul flights. “It felt important to provide direct access and connectivity intra-Africa and with the rest of the world,” explains Cornwell Muleya, CEO of Uganda Airlines.



Opening up to the immense potential inherent within interregional trade as well as reining in its vast capacity to generate economic growth, Uganda has taken a grain of sand and produced a pearl that reflects hope, solidity, vast opportunity and a shiny bright future.&nbsp;

PHOTO-COVER-UGANDA REPORT

Focus on Uganda: Securing Long Lasting Lustre And Resilience To The Pearl Of Africa

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<h2 class="wp-block-heading" id="h-60th-anniversary-since-independence">60th anniversary since independence</h2>



On October 1st 2020, Nigeria celebrates its 60th anniversary since independence and, as it looks back at its triumphant journey to becoming Africa’s largest economy, it also looks positively ahead to the promise of increased prosperity and growth. “We have seen our challenges and learnt our lessons,” explains Adetokunbo Ogundeyin, GMD and CEO of Proforce Defence Limited. “We realised that if we do not work together as a team, there is no way that we can be a success story.” As His Excellency President Muhammadu Buhari has been re-elected for a second term, Nigeria finds itself on a path of unity and integrity, with the World Bank’s Doing Business 2020 index witnessing it make a breathtaking leap of 15 places. “Over the years, we have provided a very enabling environment,” affirms Alhaji Garba Abubakar, Registrar General of Corporate Affairs Commission (CAC). “We have made the process of registration easy, cheaper and accessible to everybody.” This has had the chain effect of providing foreign direct investment a reliable space in which it can comfortably unfold within the economy. “Nigeria is a credible investment destination for international investors and providers of FDI,” declares Alex Okoh, Director General and CEO of BPE. “As far as the investment destinations of Africa are concerned, Nigeria stands above all the other economies.” The AfCFTA will also open enormous opportunities for local and international investors. “The AfCFTA for me is a revolutionary decision of African leaders,” explains Adesola Adeduntan, CEO of First Bank. “Africa as a continent cannot develop without Nigeria. Roughly 20% of Africans are here. It&#8217;s a critical mass of people, with resources.” Indeed, opening trading borders will improve productivity, result in job creation and power Nigeria’s commitment to diversification.



<blockquote class="wp-block-quote">
“This year marks the 60th year of Independence of our country. It is a time of hope, optimism and fresh possibilities. We look forward as a nation to the opportunity to build on the foundations we have laid together on security, diversification of our economy and taking on the curse of corruption.” 
<cite>President Muhammadu Buhari</cite></blockquote>



As Africa’s largest oil exporter and home to the largest natural gas resources, Nigeria looks to boost its economy further by tapping into this great well of potential. Indeed, natural gas has the capacity to diversify and power industries and homes, create wealth and jobs and develop petrochemical industries. “Gas is a transition fuel for the whole world,” explains Mele Kolo Kyari, GMD of NNPC. “For our country, the quickest way to prosperity in industrial growth is through investment with gas. That will give us the cash we need to build the domestic market and allow the country to prosper.” The Ajaokuta-Kaduna-Kano (AKK) US$2.8 billion natural gas pipeline project is the single biggest gas pipeline project in Nigeria’s history and will boost domestic gas consumption, power generation and industrialisation by unlocking 2.2 billion cubic feet of gas to the domestic market while adding 3,600MW of power to the national grid.“We are very excited about AKK. Once the gas is here, we have plans to build more power stations and fertiliser production plants,” explains Nasir Ahmad El-Rufai, Governor of Kaduna State. “It will open up great opportunities for industrialisation and the provision of electricity that is necessary for development.” In December 2019, with a view to diversify its power input, Nigeria also allocated N61 billion for the Nigeria Electrification Roadmap developed in partnership with Siemens AG.



President Buhari’s bold policies has placed diversification at centre stage with Nigeria expanding its economic reach through investment and involvement in a number of different sectors such as mining, agriculture, ICT and banking. “I keep telling people that Nigeria is going to be a centre for solutions for the continent,” declares Habeeb Okunola, CEO of TILT Group of companies. “It is going to be a hub.” Indeed, the potential of Nigeria’s abundant untapped mineral reserves has led President Buhari’s administration to set a target for the mining sector to contribute 3% of the nation’s GDP by 2025. “Nigeria has invested N50 billion to generate mining data, which is beginning to generate interest, and we are seeing the results,” declares Hon. Olamilekan Adegbite, Ministry of Mines and Steel Development. The government has also provided numerous initiatives to add value to the entire chain within the agricultural sector. “From every angle you look at it, Nigerian economy is an agriculture economy,” claims Hon. Sabo Nanono, Federal Minister of Agriculture and Rural Development. “Agriculture employs about 70% of the population.”



The initiatives implemented blend sectors in a way that combine and evolve the sectors so that the next generation of young, tech-savvy entrepreneurs can become involved in the agriculture sector to create a better and sustainable future for Nigeria. &nbsp;With one of the fastest-growing population of youths in the world where the number of people aged between 18 and 40 years forms 65% of the Nigerian population, Nigeria’s youth population is indeed proving to be its most valuable asset. “Looking ahead, we shall consolidate on the gains in the agribusiness, capitalising on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology,” claims Oluwatomi Somefun, CEO and MD of Unity Bank Plc. “We have the talent in Nigeria,” affirms Kashifu Inuwa Abdullahi, Director General and CEO of National Information Technology Agency (NITDA). “We are building the infrastructure in terms of the digital infrastructure and the recent ratification of the African Continental Free Trade Area will open up the market. Nigeria&#8217;s startups will capture Africa.” The role women are playing is also shaping Nigeria’s future as they take on important leadership roles in the country. “I am conscious of the fact that my actions are not just limited to me “but affect the perception and opportunity of any young woman.” explains Hadiza Bala Usman, MD of NPA.



Diversification solidifies an economy, and this proves to be true as Nigeria has again surpassed South Africa as an economic power. “Nigeria is the biggest market on the continent,” declares Hon. Babtunde Raji Fashola, Minister of Works and Housing. “She is the diamond of the continent and the best kept secret from investors. Today, Africa’s diamond is not only celebrating its Diamond Jubilee but the consolidation of a legacy of hope and prosperity for all future generations.

PHOTO COVER NIGERIA 60TH ANNIVERSARY

Focus on Nigeria: Unravelling The Evolution And Progression Of Nigeria’s Economy On The Eve Of Its Diamond Jubilee

BY DANTE DI IULIO 



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Since 2015, the Tanzanian Fifth Phase Government, under reform-minded President Dr. John Pombe Magufuli, has set an ambitious industrialization agenda in pursuit of the goals articulated in its National Development Vision 2025. To achieve that, and in addition to focusing on industrial products, President Magufuli has emphasized the need for attracting foreign investments into the country to drive economic development while implementing the Vision 2025 to become a middle-income nation.



Despite the global COVID-19 pandemic, Tanzania has achieved its middle-income vision five years ahead of schedule. Tanzania achieved the status, with a GNI per capita of USD $1080 up from an average of USD $622 in the previous administration. &#8220;I congratulate all my compatriots on this historic achievement. We had envisaged to achieve this status by 2025 but with strong determination, this has been possible in 2020. God bless Tanzania,&#8221; Dr. Magufuli posted on Twitter when the World Bank had just announced the new status for Tanzania on 1st July, 2020. &nbsp;This development was markedly celebrated by authorities, patriots and the common citizens, an outpour of joy from its ambitious population following years of strong focus on delivery, hard work and determination.



<blockquote class="wp-block-quote">
I congratulate all my compatriots on this historic achievement. We had envisaged to achieve this status by 2025 but with strong determination, this has been possible in 2020. God bless Tanzania




<cite>President of Tanzania, Dr. John Pombe Magufuli </cite></blockquote>



According to the World Bank, Tanzania was among seven countries that moved to a higher category, the lower middle-income level, from the least developed category, demonstrating a definite step forward in the national development process. In five years, Magufuli doubled the national GDP twice to TZS 124.0 trillion (about USD $60 billion), up from an average of TZS 52.4 trillion (USD $25 billion) attained between 2005 and 2015. &nbsp;



<h2 class="wp-block-heading" id="h-middle-income-status-has-its-benefits">MIDDLE-INCOME STATUS HAS ITS BENEFITS</h2>



As a coastal economy bordering eight countries, six of which are nearly or completely land-locked, Tanzania is well situated to become a regional economic and transit hub. The country is endowed with&nbsp;rich renewable and non-renewable resources that can power not only its own economic transformation but that of its neighbours as well.



Tanzania’s transition into a lower middle-income status also boosts its credit worthiness, which will ultimately benefit a nation with such ambitious growth plans. The nation’s task ahead is to continue translating that middle-income status into the realities of the lives of the people, something President Magufuli is already doing by focusing on people-centered initiatives such as health, education, water and infrastructure reforms.



The entry into middle-income status was also good news for industrialists and the business community who were part of the success. Confederation of Tanzania Industries (CTI) Director of Policy and Advocacy, Akida Mnyenyelwa said:



&#8220;This means that our country&#8217;s credit worthiness will improve and industrial investors will get an opportunity to borrow externally. I believe more lenders will trust us, and Tanzania will attract more investors.&#8221;



<h2 class="wp-block-heading" id="h-projections-and-projects">PROJECTIONS AND PROJECTS</h2>



While this achievement has done wonders for international credibility, the global pandemic will still have an effect on the economy as many of its economic and development partners still grapple with Covid effect. Currently, the International Monetary Fund (IMF) and the Economist Intelligence Unit (EIU) both assert that Tanzania’s economic growth will slow down to 2% and 2.7% respectively but will rebound and trend upwards in proceeding years.



Tanzania’s projections are however optimistically higher to between 5.5% and slightly above 6% growth as it didn’t lock down most of its economy. The promising prospects are also supported by a growing services sector, planned public investments in infrastructure, staggering gold prices and a tourism sector that is returning to normalcy.



The Tanzanian sky is open with tourist chartered and non-chartered planes rerouting to the country’s unforgettable destinations such as the Kilimanjaro, the Serengeti, the Ngorongoro Crater and the Spice Islands of Zanzibar. Sky giants like Emirates, Fly Dubai, Qatar Air, KLM and Ethiopian airlines are flocking Dar es Salaam, Kilimanjaro and Zanzibar Airports.



During the apex of the Covid pandemic, Tanzania did not act carelessly rather they implemented significant health and other scientific measures plus local experience to curb it. Today, there cases are minimal and the country is close to being declared Covid-free, allowing its strategic economic projects to carry on.



Some major projects under the transformation-minded President Magufuli include the construction of the USD $2.9 billion Julius Nyerere Hydropower Project, Africa’s fourth largest dam, the construction of the first two lots of the USD $3.0 billion Standard Gauge Railway (SGR), East Africa’s longest and ultra-modern speed train lane, the expansion of the Dar es Salaam, Tanga and Mtwara ports and a new liquefied natural gas plant at Likong’o-Mchinga worth over USD $30 billion.



Tanzania is also partnering with neighbor Uganda to realize another remarkable dream; construction of the 1,443 USD $3.5 billion East Africa’s Crude Oil Pipeline plus a&nbsp;new electric railway line&nbsp;between Dar es Salaam and Dodoma, where a new international airport is being built.



<h2 class="wp-block-heading" id="h-mining-reforms-that-worked-well">MINING REFORMS THAT WORKED WELL</h2>



Mining is among the key sectors that have been touched by reforms which have contributed to the growth of Tanzania’s economy during Magufuli’s first term. The National Bureau of Statistics (NBS) showed that mining contributed 15.3% to the country’s GDP in the first quarter of 2020.



Ultimately, these reforms have benefitted small-scale miners, especially as a recent law enactment relieved them of the burden of paying the withholding tax of 5% and 18% VAT. Choosing to shift towards national small-scale miners, Magufuli withdrew licenses belonging to few non-performing investors to allow more than 5000 small-scale miners to gain access.



Magufuli also built a wall around Mirerani, the Tanzanite mining and marketing small town. The results in the growth of national gross mining revenues and personal earnings among small minors speak for themselves with gross national revenues from mining doubling in size. Of course, the tale of a small Tanzanite minor, Saniniyu Laizer, who became a multi-billionaire, speaks volumes on the Magufuli transformation effect in the sector.



<h2 class="wp-block-heading" id="h-closing-the-gap">CLOSING THE GAP</h2>



While other sectors are currently booming, Tanzania’s&nbsp;agriculture&nbsp;remains a weak spot. The agriculture sector which largely remains underdeveloped provides livelihoods directly to about 55% of the population. Three quarters of Tanzania’s poor subsist in agriculture, while a further 15% is indirectly related to the sector through value chain functions such as traders, transporters and processors.



President Magufuli has stated recently that the situation was caused by shortage of processing industries in Tanzania as is the case for the most of the African countries. Now, with a booming manufacturing sector, Tanzania will work to close the gap and help take the rural Tanzanian to the next level.



<h2 class="wp-block-heading" id="h-diversification-is-key">DIVERSIFICATION IS KEY</h2>



The home of the Serengeti and the Kilimanjaro, Tanzania continues on its path to become an African economic giant, partly due to its strategic location, diverse resources and political stability.



Its significant progress over the past half-decade can be directly attributed to its current leader, President John Pombe Magufuli, a scientist who turned into politics. His consolidation of several national resources combined with economic diversification has been the key to achieving his 2025 vision, five years ahead of planned schedule.&nbsp;



So far, during his tenure, Tanzania has become one of the top five gold producers in Africa. Manufacturing has gathered momentum after years of decline resulting now in the production of cement, textiles, ceramics, tools, and simple machinery.



The country has attracted about USD $1 billion in foreign direct investment (FDI) in the past five-years, specifically geared towards the manufacturing sector. Due to significant improvements in processing and the delivery of goods to countries like Burundi, Rwanda, Democratic Republic of Congo, Uganda and Zambia, Tanzanian ports became a relevant source of income.



As a result of expansion in these sectors, financial services, telecoms and construction have experienced impressive growth, coinciding with Dar Es Salaam becoming the largest city in Eastern Africa.



For its 55+ years, Tanzania has always been a peaceful country with a predilection for political stability. The Bulldozer, as Magufuli is affectionately known, has taken great strides and achieved much during his tenure. Up for re-election in October this year, the country’s goal will be to maintain and exceed its 2025 vision.



While the nation is certainly ahead of schedule in transforming from a&nbsp;quasi-socialist to a market economy, now is not the time to rest on laurels. Rather, Tanzania should choose Mt. Kilimanjaro as its point of reference and move unrelentingly until the country reaches the apex of the African economy.

5158d149-edc6-4829-95c7-a13dc0c7deb3-1

TANZANIA IS AHEAD OF SCHEDULE

Through the AfCFTA and their own Vision 2030 blueprint for economic enhancement, Egypt is preparing to emerge as a world leader in the global economy.



<blockquote class="wp-block-quote">
 “We have a lot of determination and we own a lot of capabilities and natural resources that can put us in the lead in the world.&#8221; 
<cite>H.E. Abdel Fattah President al-Sisi</cite></blockquote>



            As Egypt embraces the initiatives behind the African Continental Free Trade Area Agreement (AfCFTA) and H.E. Abdel Fattah President al-Sisi ‘s Vision 2030, the country is on track to completely revitalise its economic landscape. Vision 2030, Egypt’s blueprint for transforming the economy into a global powerhouse, is focused on specific pillars that are aimed at empowering sectors and enhancing the country’s potential through youth development, technology, ICT, urban development, industry and infrastructure. On Egypt’s efforts to become an economic world leader and its commitment to the AfCFTA agreement, H.E. President al-Sisi said, “We have a lot of determination and we own a lot of capabilities and natural resources that can put us in the lead in the world.” Vision 2030 seeks to take advantage of Egypt’s natural resources and its key geographical location in Africa to remove barriers to intra-African trade and increase the investments across the continent. Adherence to the agenda will improve connectivity to link the continent by rail, road, sea and air and will boost trade, spark growth and create jobs.



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01.jpg" alt="" class="wp-image-46798" width="295" height="295" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/EGYPT-MPU-NEW-01-80x80.jpg 80w" sizes="(max-width: 295px) 100vw, 295px" /></figure>



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In order to realise these goals, Egypt must first prepare its most valuable asset: its people. Egypt has a growing young population, where about 62% of the population is under age 29. This creates near limitless opportunities as the country strives to penetrate new markets and develop its “Made in Egypt” brand. Not only that, but Egyptian youth are also unique in their worldview. The post-revolution generations in Egypt are empowered with visions to change the future of their country, and companies are meeting this passion with training opportunities and education. Mohamed Shalbaya, CEO of PepsiCo, says, “The DNA of Egyptians, especially after the revolution, is ‘I want to achieve something’. Once you give them the right education, the right training, they excel. In the past two, three years, we have had 33,000 training hours for employees, and that gives us the edge because once they train, they can excel. Generation Z wants to be entrepreneurs, and we help them with that.”



In addition to training, many initiatives to nurture ideas and invest in talent are in place, such as innovation centres and incubators for entrepreneurial growth. Hala El Gohary, CEO of ITIDA, says, “In 2013, ITIDA established TIEC: the Technology, Innovation and Entrepreneurship Centre. Its main mandate is to develop the entrepreneurship ecosystem by developing talent from the universities, giving them the basic education around how to create their own companies and to develop business plans.” Technology centres exploit the youth’s propensity for technology, creating opportunities to innovate business and penetrate new markets via the internet.



The TIEC also houses an incubator and an accelerator to help establish start-ups in the country. Gohary continues, “President al-Sisi launched a programme for capacity development for 10,000 African youth and 100 start-ups. ITIDA has been mandated to deliver this initiative. Last year, we worked with about 3,000 youth out of Africa and Egypt and we delivered 30 start-ups. The idea is to have these 3,000 make their own company, and some of them did. In the first year, we helped the most prominent start-ups showcase their products.” With a driven and dedicated youth that are ready to become entrepreneurs, Egypt’s future is in good hands.



Technology development and the ICT sector not only appeal to the capabilities of Egypt’s youth but have also proved to be invaluable in the country’s human capital development endeavour. Egypt has been working diligently toward innovation and digital infrastructure for the benefit of all. H.E. Amr Talaat, Minister of ICT, says, “What is driving the telecom growth are internet penetration, more fixed broadband and more households with a computer. As for the IT sector, that’s a transformation on which Egypt is embarking impressively.” H.E. Talaat continues, “We need to create an ecosystem that encourages innovation and entrepreneurship. We are inviting start-ups into ideation camps, matchmaking forums, creating innovation hubs across the campuses of universities so that students can form teams, aggregate their solutions and focus on specific goals.” A strong digital infrastructure opens many opportunities and plays an innovative role in the overall wellbeing of the African continent.



In terms of urban development and infrastructure enhancement, the Central Bank has launched an EGP 50 billion programme to aid real estate developers to finance housing units for middle-income families. As the sector influences other industries, supporting real estate development and the local industry is one of the government’s priorities. For the 2020/2021 fiscal year, Egyptian government investment expenditures have been increased from EGP 150 billion to EGP 230 billion to expand various development and service projects nationwide. The New Urban Communities Authority fiscal budget has also been increased, amplifying construction company expansion.



The goals of the AfCFTA and Egypt’s Vision 2030 is to empower African industries, accelerate intra-African trade via a continental geographic zone in order to boost the continent’s position in the global market. Overall, the initiatives seek to strengthen the common African voice in global trade negotiations, a position that is long overdue. The Minister of Industry and Trade, H.E. Naveen Gamea, says, “The AfCFTA is a big step towards the economic integration through the actual liberalisation of trade, as it achieves major strides in the rates of economic development, and regional and continental integration through the productive and commercial integration based on competitive edges and building value-added chains across the continent. Egypt is keen to achieve tangible results in the fields that can lead to the regional economic integration and development, connecting civilisations and cultures of the African countries and deepening the cooperation with the international partners, as well.”

Panorama of Cairo

Egypt’s Blueprint For A Better Tomorrow

On 21 March 2020, Namibia’s President Hage Gottfried Geingob was sworn in for his second term on the very same day the nation celebrated its 30 years of independence. Present at the celebration, a sure sign of Namibia’s peaceful and stable governance since independence, were the nation’s two prior presidents His Excellencies Dr Sam Nujoma and Dr Hifikepunye Pohamba, as well as the Presidents of Angola, Zimbabwe and Botswana. A grand and worthy augury for the future of continued progress, collaboration, growth and freedom for the nation.



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01.jpg" alt="" class="wp-image-46801" width="308" height="308" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/08/NAMIBIA-MPU-NEW-01-80x80.jpg 80w" sizes="(max-width: 308px) 100vw, 308px" /></figure>



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Indeed, under President Hage Gottfried Geingob’s guidance, Vision 2030, the nation’s long term plan for industrialisation, is taking a very defined shape. Aided by the complementary Harambee Prosperity Plan fast-tracking the nation’s development, Namibia’s fifth National Development Plan  (NDP5) highlights four pillars in order to target growth “In our development plan, we are trying to create an inclusive financial sector,” Hon. Carl-Hermann Gustav ‘Calle’ Schlettwein, Minister of Agriculture explains. An emphasis on education and a focus on SME development has been key to this inclusivity. “We allocate quite a few funds to our training programmes for SMEs,” states Baronice Hans, MD of Bank Windhoek. In recent years, Namibia’s Ministry of Education has highlighted the importance of vocational training. “At Letshego Bank, we are dedicated to improving livelihoods and promoting financial literacy initiatives,” claims Ester Kali, CEO of Letshego Bank. CEO of the Development Bank of Namibia, Martin Inkumbi details the Bank’s dedication in supporting the nation’s youth: “We have introduced a special lending product for targeting youth.”  This, combined with a dedication to improving ease of doing business has been crucial to growing Namibia’s industries. “We have very favourable tax laws as well as lots of incentives,” confirms Patty Karuaihe-Martin, CEO of NamibRe. Vetumbuavi Mungunda, CEO of Standard Bank concurs, “Namibia has the key pillars of stability that are imperative for any business. There is political stability, social stability, a strong rule of law and a good judicial system.”



<blockquote class="wp-block-quote">
“We will live with the concept of &#8216;unity in diversity&#8217; with diverse languages, cultures and religions. We live in harmony and celebrate each other with love. We welcome people from other countries with respect and care that is our valuable tradition as Namibians.” 
<cite>President Hage Gottfried Geingob’s inauguration speech, March 2020</cite></blockquote>



Namibia is also extremely well established within the global economy with excellent market access from an export point of view. It is a member of the Southern African Development Community (SADC) and the Southern African Customs Union and has preferential trade agreements with SADC, the Common Market for Eastern and Southern Africa (COMESA) and East African Community (EAC). With&nbsp; borders on Angola, Botswana, South Africa, Zimbabwe and Zambia, the role of transport and logistics in Namibia has also been key to its economic development. Strategically located half way down Namibia’s coast, Port Walvis Bay, Namibia’s largest commercial world-class deep-water port, provides the SADC region with the quickest and shortest route to Europe and North and South America and a gateway for export and import of goods by neighbouring countries. “The government has invested quite a lot of money to extend and put a container terminal in Walvis Bay so that this hub can handle more containers and enhance trade,” reveals Hon. John Mutorwa, Minister of Works and Transport.



Awarded top position for the best roads in Africa by the World Economic Forum (WEF) for several consecutive years, Namibia’s road network has also been key in its contribution to the economic growth of other SADC countries. “We have about 47,000 km of road network of which 9,000 is bitumen road. In addition to that, we have four transport corridors, which are mostly serving our neighbouring countries and, by implication, the rest of Africa,” confirms Conrad Lutombi, CEO of Roads Authority of Namibia. &nbsp;Namibia’s ICT instrastructure, ranked one of Africa’s best, provides a different sort of connectivity to neighbouring countries.&nbsp; “Telecom Namibia also provides data connectivity to neighbouring countries via the SAT3 and WACS submarine cables,” explains Armando Perny, Acting CEO of Telecom Namibia.



As part of Vision 2030, Namibia is also determined to promote its Blue Economy Strategy 2017-2022 which addresses the development of marine mining, tourism, port infrastructure and services in an ecologically sustainable manner. . “We have a very long coastline and a very large maritime area which has a lot of potential,” states Immanuel Mulunga, MD of NAMCOR. Currently, Namibia’s fisheries contributes to about 15 % of total exports and is the country’s second biggest export earner, after mining and the third largest contributor to GDP. Namibia is also world leader in recovering diamonds from the sea. “Namibia has been a diamond mining economy for a long time,” elaborates &nbsp;Tom Alweendo, Minister of Mines and Energy . “We are currently exploring the sea through the development of unique technology.” Indeed, in May 2019 Namibia pioneered a distinctive form of marine diamond recovery which is also highly environmentally sustainable.



Namibia has a long history in mining and is replete with several minerals. “Namibia is a big country with a low population and lots of natural resources. Name it and we have it: minerals, fisheries, tourism, natural resources,” concludes Reinhard Gärtner, CEO of Namibia Civil Aviation Authority (NCAA).Today, due to first-class infrastructure and the ease of doing business, it is the nation’s best performing economic sector through the production of diamonds, uranium, copper, magnesium, zinc, silver, gold, lead, semi-precious stones and has the potential to lead the way towards the Fourth Industrial Revolution. “The great potential the country has as far as mining and mineral resources are concerned is evident,” claims Mark Dawe, Country Manager of B2Gold Namibia. “Everything is about re-establishing a natural environment.”&nbsp;



Farming also supplies nearly two-thirds of the population with an income, undeniably highlighting the importance of agriculture for Namibia’s economy. Ian Collard, CEO of Namib Mills states: “Namibia is currently a net importer, so we grow our business based on import substitution.” In February 2020, Namibia became the first African country to export red meat to the United States with state-owned Meatco’s shipment to Philadelphia of 25 tonnes of beef. “We penetrate the most advanced markets, like the US and China because we have made serious investments in our infrastructure,” declares Mwilima Mushokabanji, CEO of MeatCo.



Namibia’s horizons are limitless and today provide nation and continent with the opportunity for expansion as its policies and strategies work to crack open the nation’s immense capacity for potential and possibility.

Focus on Namibia: The Vision Which Is Breaking Down Boundaries To Expand Namibia’s Infinite Horizons

<blockquote class="wp-block-quote">
The world is looking at us with a different perception. Madagascar has regained its notoriety on the international stage because we have a company project, we have a vision, we have dynamic and determined leaders
<cite> H.E. Andry Rajoelina, President of Madagascar</cite></blockquote>



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Madagascar is the fourth largest island in the world, making it larger than Spain, Thailand, Sweden and Germany, with a population of 26.2 million&#8211;more than Australia, the Netherlands and Greece. Thanks to its largely undisturbed ecosystems, Madagascar is also one of only 17 countries that is considered “megadiverse” by Conservation International. Overwhelming with natural beauty, flora and fauna, as well as natural resources, Madagascar is quickly coming onto the scene as an investment paradise.



&nbsp;Madagascar is poised to penetrate the investment landscape even further with the implementation of the Initiative for the Emergence of Madagascar (IEM). His Excellency President Andry Rajoelina has ignited a nationwide plan to improve 13 crucial sectors that will usher Madagascar into even more economic prosperity. Among the plan’s specifics are specialised attention to the island’s main industries, mining, tourism and agriculture, as well as measures to aid in the facilitation of foreign investment and job creation.



With all the unique biodiversity that the island has to offer, it is no surprise that tourism is a major industry in Madagascar. Not only does the country rank number one in Africa with 90% in biodiversity but Madagascar also boasts over 5,000 kilometres of maritime coasts and healthy oceans and registers about 280,000 annual tourists. As this number is steadily increasing, President Rajoelina and his administration have focused more attention to the tourism industry to spur the economy and create jobs. The annual tourism growth is 20% and offers over 640,000 jobs, about 11% of total employment and 13% of overall GDP. Madagascar’s natural beauty is an alluring asset to the economy.



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The abundant natural resources in Madagascar make it a haven for many industries, especially the mining sector, offering great investment opportunities. Mining is an important economic sector, where small-scale and artisanal mining alone generates 1.5 million full-time and seasonal jobs for locals in the country, proving that the communities are one of the mining industry’s greatest assets. Conservation of Madagascar’s unique biodiversity is a top priority in the mining sector, as well. As a diversity hotspot, the sector works with local communities to define sustainable ways to make a living and harvest natural resources.



The Initiative for the Emergence of Madagascar also closely focuses on the energy sector as it moves forward. The IEM places new energy policies at the forefront of the administration as they seek an electricity access rate of 70% and further implement renewable energy resources through hydro, solar and wind power. The potential of Madagascar in terms of renewable energy has been detailed: it is immense. The future is headed toward an energy transition through a hybridisation strategy based on the locally and naturally available potential and a financially viable “pay as you go” system to overcome the difficulties in the short and medium-term.



The technology sectors of Madagascar are also expanding at an incredible rate. Madagascar now boasts the second-fastest internet service in Africa, which is a great asset for telecommunications companies such as NextHope. Tsilavo Ranarison, CEO of the company, speaks of Africa’s success and potential in the telecom sector: “The growth of Africa on the technological level is unavoidable. We will not stop innovating, just like any other company, so that we can be the best. We think that in the future we want to be a skill centre for the whole continent. We want to be a skill centre for IT expertise.”



In other sectors such as agriculture, Madagascar is the world leader and largest exporter of vanilla, and the sector holds immense opportunity for the potential investor. The agriculture sector represents 40% of GDP and 80% of jobs in the active population. The country is also leading in cocoa production, where Malagasy cocoa is considered to be of exceptional quality. The fertile landscape contains over 36,000,000 hectares of arable land and the favourable climate creates various agricultural and farming opportunities. In an effort to create jobs, nurture the agriculture industry and guarantee food security, the administration is focusing on a modernisation of the sector that uses innovative techniques while respecting the environment. This transformation of agriculture will only be possible with the professionalisation of the sector.



Not to mention, Madagascar exhibits incredible opportunity in the oil sector, as well, with the development of the Tsimiroro field. Madagascar Oil is dedicated to an expansion project which will contribute 100,000 barrels per day of oil production, increasing revenues by roughly US$2 billion per year. Russell Kelly, CEO of Madagascar Oil, says, “This will have a huge impact on the economy. Tsimiroro is one of the world&#8217;s largest oil developments at the current time. Future is looking very good. The resources are there. It&#8217;s only about getting them out of the ground and into the market. I see this emerging East Africa economy developing, and it makes sense for us to develop it and get our oil into East Africa, which is a huge market.”



&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madagascar is a haven of investment opportunities with ample resources, strong sectors and a predominantly young population where 70% of the population is under the age of 25. Matthieu Mace, CEO of MVola, says, “Madagascar is a young country. Our human resources are good; Malagasy people are very resilient. We speak very good French, and people are very well educated. Under the guidance of President H.E Andry Rajoelina and the Initiative for the Emergence of Madagascar, the country is creating an attractive business environment. Various regulatory reforms and public investments in infrastructure, as well as significant public and private investments in infrastructure, such as roads, ports, airports, telecommunication and energy, have reduced the costs of doing business. Access to many markets and strategically located to facilitate trade agreements and the exportation of goods and services through international business. With the current extension of the port of Toamasina in the East and the construction of Port d’Ehoala in the South, Madagascar provides world-class facilities for transportation of goods. As a peaceful and stable country, Madagascar is welcoming to investors to energise an inclusive and sustainable economic transformation.

Antananarivo, Madagascar: skyline

FOCUS ON Madagascar: Emerging Into The Investment Landscape

“Let us provide the business community with the necessary tools to carry out their operations in a predictable, transparent and fair manner and let the private sector walk alongside us by taking a measure of responsibility for growing a prosperous, empowered and equitable society. Let the public-private sector alliance be built on good governance, transparency and accountability.” H.E. Pravind Kumar Jugnauth, Prime Minister of Mauritius



<figure class="wp-block-image size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2020/05/FA-2020-MAURITIUS-20pags-FORBES-vok-1.pdf"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00.jpg" alt="" class="wp-image-45249" width="281" height="281" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/05/MAURITIUS-MPU-NEW-00-80x80.jpg 80w" sizes="(max-width: 281px) 100vw, 281px" /></a><figcaption>Download the report <a href="https://www.forbesafrica.com/wp-content/uploads/2020/05/FA-2020-MAURITIUS-20pags-FORBES-vok-1.pdf">here</a>.</figcaption></figure>



Mauritius is a breathtakingly beautiful tropical island of 1.3 million inhabitants and an upper middle-income economy positioned in the Indian Ocean at a strategic converging point for Africa, Asia and Australia. “Mauritius is a gateway to Africa, and is one of the superior places in terms of establishing your services,” says Sanjiv Bhasin, Chief Executive Officer, AfrAsia. “The service industry can penetrate any economy from here.” The nation set out about reinventing itself after its independence in 1968, becoming not only one of the most stable democracies in Africa, but one whose prosperous diverse economy aims to achieve high-income status by 2025.



<blockquote class="wp-block-quote">“Let us provide the business community with the necessary tools to carry out their operations in a predictable, transparent and fair manner and let the private sector walk alongside us by taking a measure of responsibility for growing a prosperous, empowered and equitable society. Let the public-private sector alliance be built on good governance, transparency and accountability.” <cite>H.E. Pravind Kumar Jugnauth, Prime Minister of Mauritius</cite></blockquote>







With only half a century since its independence, Mauritius has come a long way due to the implementation of its diversification policies which have fortified its local economy. The accomplishment of its Sustainable Development Goals (SDGs) have played a key role. Using a social platform, the SDGs address youth unemployment, while implementing technology and innovation to push Mauritius to the next level, with a specific focus upon the protection of its marine and terrestrial ecosystems against climate change. Its aim is to be simultaneously a model of sustainability, a green destination and a fully fledged ocean economy. “With the help of the Mauritius Oceanographic Institute, we are currently working on wave energy,” states Deputy Prime Minister and Minister of Energy and Public Utilities, Hon. Ivan Leslie Collendavelloo, GCSK, SC. “We have launched a prototype, which is an entirely Mauritian concept, developed by five scientists of the Mauritius Oceanographic Institute; the technology is there.”  In January 2020, Mauritius implemented a fisheries and acquaculture reform programme in order to empower SMEs  while promoting acquaculture through PPPs. “The island aims to be sustainable,” states Sanjiv Bhasin, CEO of Afrasia Bank. “We are concentrating on how we can adapt sustainable technologies and methods to doing business and conducting business in the corporate way and carry that forward.”



Mauritius has understood the importance of focusing upon fostering a conducive business environment in order to strengthen the island’s position as leading investment destination. Mark van Beuningen, Chief Executive Officer of CIM Finance, affirms: “If you look at Mauritius as a base for growing a business in Africa, it has a very stable climate. It is very easy to do business here, there are very strong financial services regulations and the legal framework is very strong as well.” Mauritius ranked 13 out of 190 countries according to the Ease of Doing Business Report in 2019, while coming in absolute first in Africa in the World Bank Doing Business report for 2020 and the Ibrahim Index of African Governance. It is also amongst the top 30 countries in the world on a further eight indicators, as well as amongst the top 10 countries in terms of business facilitation for ‘Paying Taxes’ and ‘Dealing with construction permits.’ It appears clear that the rapid growth of its economy is no miracle but a result of perseverance and policy. “Mauritius is a country where investors over the years have seen that there is certainty and stability,” declares Ravin Dajee, Managing Director of Absa Mauritius. “Rule of law applies and we have educated and skilled talent, ready to add value.”



The government has set upon itself to take significant measures to support SMEs, including setting up a US$12 million SME fund, encouraging the ‘Made in Mauritius’ brand. Focusing upon the implementation of sustainable development programmes, Mauritius Commercial Bank (MCB) is an example of how the nation supports entrepreneurship and innovation in the country. “SMEs contribute about 40% of the country’s GDP, at MCB, we believe it can go up to 60%.,” declares Raoul Gufflet, Deputy Chief Executive Officer of MCB. “SMEs can be the framework of a parachute that can land Mauritius in this high-income country track. We are currently focusing upon manufacturing, biopharming, agriculture, waste management, recycling, and technology sectors.”



As a multiethnic, multi-religious, multicultural and multilingual nation, Mauritius is also the most liberalised country on the continent. In these uncertain times, it is also a robust model and example of the importance and strength of unity in diversity, never has its 50th anniversary slogan ‘Lame Dan Lame’ (meaning hand-in-hand) been so pertinent and crucial to its resilient development. Mohammed Shamshir Mukoon, General Manager of Central Electricity Board (CEB) agrees: “Our people are very versatile and we have structures available to satisfy all the different cultures we receive. We are very mixed ourselves, so, it&#8217;s easier for us to feel and welcome investors in the country and meet their expectations.” The key to Mauritius’ success appears to lie in its aptitude to inject innovation into its economic policies combined with a dose of pragmatism in its effective and efficient policies; an idyllic business landscape whereby global civilisations converge and prosper.

Opening picture

Focus on Mauritius: Promoting Sustainability Through Perseverance And Policy

<blockquote class="wp-block-quote"> “Foreign companies, especially oil prospects and development companies, have been in Nigeria for about two generations &#8211; 40 years and above and so on. So, they know the environment. They stayed that long. They continue to invest because they know the potential Nigeria has in oil and gas and the capacity of the people to learn and work hard.” H.E. Muhammadu Buhari, President of Nigeria </blockquote>



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With the recent re-election of
President Muhammadu Buhari,
Nigeria has secured an additional four years with an administration that is
dedicated to the nation in its efforts to continue its path toward bringing
Africa to the next level. With the largest population on the continent,
domestic demand in Nigeria continues to rise while resources and favourable
demographics are attracting the strong flow of FDI. As one of the leading
markets in the continent, investment possibilities in the country cannot be
overlooked. Improved macroeconomics, which are supported by recovering oil
prices and production, has ensured that Nigeria maintains the title of the
largest economy in Africa. This title is largely aided by Nigeria’s powerhouse
of GDP generation: oil and gas.



Nigeria has seen strong and steady
growth in the oil and gas sector over the past sixty years when petroleum was
officially discovered. To bring the reality of the oil and gas industry into
perspective, the first quarter of 2018 reported that sales of crude oil made up
76.3% of Nigeria’s export earnings, bringing in about US$11.7 billion. In the
same time span, processed oil products (e.g. condensates and lubricants) earned
an additional US$1.75 billion, which accounted for an additional 11.4% of the
total export earnings. In regard to contributing to the immense success of the
industry, Segun Adebutu, CEO of Petrolex says, “As integrated energy conglomerate with strategic
investments across the energy value chain, we are committed to building
communities, transforming lives and driving economic growth and development in
Nigeria.”



Driving economic growth and development is ultimately the central goal of His Excellency President Buhari’s administration. H.E. President Buhari says, “The administration is committed to responsibly managing our oil wealth endowments.” The administration’s commitment is further brought to life through a focus on infrastructure development. Nigeria currently has several on-going and upcoming gas projects in the works for the rapid development of the country’s energy sector. One such project is the 614km Ajaokuta-Kaduna-Kano (AKK) pipeline. The AKK pipeline is a continuation of infrastructure built for the domestic gas market. “The AKK pipeline is part of the Gas Master Plan,” says Emeka Okwuosa, CEO of Oilserv. “It is going to move 1.5 billion scf of gas a day and provide resources for power generation and other energy requirements. It is not only a development of the north; it is such for the entire country. So, this single project can transform the whole of Nigeria in terms of industrial capacity.”



The implementation of the AKK
pipeline will only further Nigeria’s potential in the industry, specifically by
monetising the incredible opportunity in the gas market. Focus on this type of
infrastructure is testament to how the current administration is embracing the
Gas Master Plan, which is poised to help Nigeria become the gas hub of West
Africa while improving the socio-economic development of the nation. Recently,
State Minister of Petroleum Resources, Hon. Chief Timipre Marlin Sylva has
declared 2020 as “the Year of Gas”, and this proves to be true as the country
makes moves to capitalise on gas and improve its local energy distribution.
With an extensive roadmap in place, the gas revolution is on the right track to
usher in Buhari’s vision for a next-level Nigeria. 



Reflecting this dedication to the
next level of the sector, Chief Tunde J. Afolabi, Chairman &amp; CEO of Amni,
speaks of the potential of gas in the country: “Given that Nigeria has three to four times more gas than
oil, companies such as ours should focus more on gas; in our discovery of gas
reserves we should look to harness and monetise the gas as we go along. The
government is making a requirement that when looking for oil, companies must
find a solution for the gas before they are allowed to produce oil.”
This mentality will inevitably evolve the prosperous sector toward new avenues
and make even greater use of the natural resource.&nbsp; 



While the oil and gas industry
continues to sustain further growth in forthcoming years, FDI remains crucial
for the sector and new investments keep being launched to make sure it
continues sustained growth and development. Tein T.S. Jack-Rich, Founder and
President of Belemaoil, says “Nigeria has been pretty predominant in the oil
business. Nigeria has great potential. We have the demographics to decide the
right economic framework.”&nbsp; Investment
opportunities range from upstream oil and gas production, such as deposits or
drill wells, or in downstream production that focuses on the post-production of
crude oil and natural gas activities, such as seen in refineries plant
production, or sales. Within any level of exploration, extraction or
production, the partnering opportunities are immense.



Under the guidance of H.E. President
Buhari’s administration and the Gas Master Plan, the oil and gas sector is
destined to spur economic growth and drive industrialisation with linkages to
other key sectors such as construction, ICT, power, railways and agriculture.
H.E. President Buhari is confident in the future of Nigeria, saying, “We have
laid the foundations for a strong, stable and prosperous country for the
majority of our people.” As such, the upcoming years are sure to prove that the
“Year of Gas” is, in reality, a new era for the industry, which will further
signal a new age for Nigerians by creating jobs, facilitating investment, and
offering greater access to electricity. While it is known that oil is a
constant, Nigeria is showing that gas will continue to play an increasingly
important role to ensure that the nation progresses forward towards the next
level.

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FOCUS ON NIGERIA: The Next Level For Africa

<blockquote class="wp-block-quote">“Gabon has the potential to pilot real innovation and redefine how governments and the private sector collaborate to create sustainable growth. We want to create the long-term potential for our people to innovate, to allow them to compete, not just with each other or with their neighbours on the African continent, but globally. I firmly believe that these ideas are the bedrock of a development model for the third millennium, a model that the entire world recognises as necessary.” His Excellency President Ali Bongo Ondimba</blockquote>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><a href="https://www.forbesafrica.com/wp-content/uploads/2020/02/FA-2020-GABON-Online.pdf"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2.jpg" alt="" class="wp-image-42796" width="225" height="225" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2.jpg 591w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-300x300.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-100x100.jpg 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-150x150.jpg 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/02/Gabon-2-80x80.jpg 80w" sizes="(max-width: 225px) 100vw, 225px" /></a><figcaption>DOWNLOAD THE REPORT HERE </figcaption></figure></div>



Gabon is one of
the top ten oil producers in sub-Saharan Africa. With current production rates
hovering around 200,000 bpd, the hydrocarbon sector has been a pillar of the
country’s economy for over five decades, and remains an unparalleled driver of
growth. However, since 2009, Gabon has been diligently focused upon
modernising, transforming and diversifying its economy through its implementation
of its Strategic Plan for an Emerging Gabon (PSGE), which, powered by
significant public and private investments, has seen strategic infrastructure
put into place. Recently, a US$350 million debt finance from the Emerging
Africa Infrastructure Fund (EAIF) was secured to develop new deep-sea
facilities at the Owendo port in the outskirts of Libreville. This will boost
the terminal’s general cargo capacity, doubling the port’s current capacity. Furthermore,
works are underway for the construction of a new international airport in
Libreville, with completion scheduled for 2022 and aims at serving as a major
regional hub, connecting Gabon and surrounding countries with the whole
continent, as well as UAE, China, India and the Americas. 



The PSGE relies
upon three major pillars to enhance diversification: Industrial Gabon, Green
Gabon, and Services Gabon.“We have embarked on a significant effort to
modernise and diversify the economy through the PSGE,” states Prime Minister
Julien NkogheBekale. “We intend to put Gabon on a sustainable path with the
establishment of these foundations for sustainable development.”



Industrial Gabon



Industrial
Gabon strives to diversify through local processing of the country’s resources
such as wood, mining and agriculture. Gabon has also established an open
investment climate for investors through the Special Economic Zones (SEZ) that
have been established in the country, such as the one in Nkok. The zone’s main
function is to develop various industries, most notably the wood processing
industry, to promote investment. SEZs offer a unique fiscal status providing a
stable and competitive economic climate for foreign investors and prospective
companies.“We have a one-stop shop here,” says Gabriel Ntougou, CEO of ANPI. “It
is the right time, the grounds are there. Gabon is a land of opportunity.” The
expansive acreage, modern port and tax breaks are attractive to foreign investors
and create favourable circumstances across all sectors. 



In terms of
mining, Gabon is seeing impressive growth as well. As the country focuses on
the plentiful resources of manganese and other minerals, there are
opportunities for mining support companies to provide heavy equipment to aid in
mining processes. Firms have also obtained exploration licenses for iron ore,
copper, gold and even diamonds. Gabon has also invested in the construction of
a hydroelectric barrier designed for supplying energy in two transformation
factories of manganese which generate 10% of the annual production. Moreover,
Gabon has reinforced the governance of its mining sectors, namely by the
revision of the Mining Code in order to change the business sector to attract
more investors. 



The forestry
industry especially is seeing huge industrial growth. Minister of Forests, Oceans, Environment and Climate
Change, Hon. Prof. Lee
White, says, “The fact that we banned the export of raw wood means that all
timber has to be transformed. We shifted from an exporting industry to a
transformation industry.” As a result, new opportunities are born for timber
processing companies. 



Green Gabon



With forests
covering &nbsp;87% of Gabon’s area, placing
conservation efforts is also at the forefront of the PSGE’s goals. The country
is attempting to increase the revenue of the forestry sector while keeping
practices environmentally sustainable and avoiding species destruction. The
sector creates 17,000 jobs and more than 60% of output&#8211;excluding oil. Hon. Prof.
Lee White says, “The vision is to increase the contribution of the forestry
sector to the Gabonese economy, yet preserving the forests. We have made a
commitment with the Paris agreement to reduce our CO2 emissions, and forests
play a critical role as an absorber of CO2. To achieve that ambition, we have
to give value to the forests.”



Services Gabon



Gabon is
building on the digital revolution as it becomes a high value-added services
centre. In the realm of the digital financial economy, Gabon utilises
technology to maintain one of the best rankings of financial inclusion in the
region. Nicholas Achiri Asangwe, Managing Director of Ecobank Gabon, explains,
“The widespread use of mobile phones means that Ecobank is empowering the
Gabonese to conduct their banking transactions from their mobiles wherever and
whenever they want. We are making banking accessible, convenient and affordable
to everyone in Gabon.” 



The success of
the PSGE and the diversification of the economy is a time of exciting transformation
and transition for the country. “Few countries match so many favourable assets
to investment,” claims Fabrice Bonatti, Director General of SOBRAGA.“We have a
stable legal and fiscal framework, an efficient banking system, and a growing
population with one of the highest GDP per capita on the continent.” These
advantages, coupled with the PSGE initiatives, provide Gabon with the promise
and the prospect of a prosperous and paradisiacal future.

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