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Discussion Starter · #1 ·
Bringing you updates from the World economic forum on Africa, from the 7th to the 9th of May, 2013.
The World Economic Forum on Africa is opening in Abuja, Nigeria’s capital on Wednesday with participants, including Heads of Governments and Statesmen, CEOs of global firms, leading financiers and policy and development technocrats, from over 100 countries attending. It is the first time that the forum is holding in West Africa and Africa’s largest economy is hosting the event that equally attracts global players. Ahead of the forum, preparations reached top gear on Tuesday with Nigerian armed forces increasing presence in the capital city and surrounding towns.




 

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Discussion Starter · #4 · (Edited)



President Dr Jakaya Mrisho Kikwete meets and holds bilateral talks with the CEO of Bharti Airtel Mr Sunil Mittal in the sidelines of the World Economic Forum on Africa today May 7, 2014​
 

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Discussion Starter · #7 ·
Global investors defy insurgents, converge in Abuja for WEF


Two bomb blasts and a kidnapping that has sparked global outrage did little to deter global investors, heads of state and policy makers from attending the World Economic Forum (WEF) on Africa set to begin in Abuja, Nigeria’s capital this morning.

BusinessDay has gathered that there have been little or no cancellations for the event which has so far attracted investors from Asia, Europe, North America and Africa.
The summit with the theme, ‘Forging Inclusive Growth, Creating Jobs,’ is expected to be the biggest yet, with the World Economic Forum saying that the “interest in the Nigeria meeting has been unprecedented.”

Nigeria will host heads of state and executives from companies including General Electric Co, (GE), Bharti Enterprises, the Dangote group, McKinsey & Company, Heineken, and Telkom Group, South Africa, among others.

Home to the country with Africa’s largest population and consumer market, Nigeria also recently emerged as the largest economy in Africa with a GDP of $510 billion.

Many investors see the meeting in Nigeria as representing the continent’s largest business opportunity.
The country is Africa’s largest oil producer, its largest telecommunications market, the second largest beer market, SSA largest cement market, as well as one of the world's largest exporters of Liquified Natural Gas.


“It is a big vote of confidence in Nigeria,” said Olusegun Aganga, Minister of Industry, Trade and Investment.

“Sixty-five percent of the over 1,000 delegates attending the WEF are private sector players that will channel investments into various sectors of Nigeria’s economy.”

Chinese Premier Li Keqiang visiting Nigeria for the WEF, touched down in Abuja, last night. Meanwhile, the World Economic Forum on Tuesday announced its selection of Global Growth Companies (GGCs) in Africa, consisting of 16 of the region’s most dynamic and high-growth companies. These companies are considered trailblazers, shapers and innovators that are committed to improving the state of the world.

GGCs are fast-growing companies with the clear potential to become global economic leaders.
The 16 nominated African GGCs represent a broad cross section of industrial sectors, but share in common a track record in exceeding industry standards in revenue growth, promotion of innovative business practices and demonstration of leadership in corporate citizenship.

The selected companies are: Seplat Petroleum Development Company Plc (Nigeria); Computer Warehouse Group (Nigeria); Interswitch Limited (Nigeria); Nagode Group (Nigeria); UAC of Nigeria Plc (Nigeria); Notore Chemical Industries Ltd (Nigeria); Nation Media Group (Kenya); Bidco Oil Refineries Ltd (Kenya); GML (Mauritius); Growthpoint Properties (South Africa); Capitec Bank Holdings Ltd (South Africa); Webber Wentzel (South Africa); KZN Oils (South Africa); Net1 UEPS Technologies, Inc (South Africa); Tekkie Town (South Africa); and Simba Group (Uganda).

“The World Economic Forum is proud to recognise these 16 champions that are at the forefront of driving responsible economic growth, job creation and entrepreneurism in Africa. We look forward to the active and dynamic role they will play at our meeting in Abuja, working with the region’s leaders to foster inclusive, sustainable growth in the region,” said David Aikman, Managing Director and Head of New Champions at the World Economic Forum.

Together with the Social Entrepreneurs, Technology Pioneers, Young Global Leaders, Global Shapers and Young Scientists, the GGCs make up the New Champions, a larger World Economic Forum community of pioneers, disruptors and innovators. Nomination as a GGC provides companies with an opportunity to join the larger GGC community of over 360 companies worldwide. These companies contribute to the Forum’s meetings, projects and knowledge products, which in turn support them on their path to achieving responsible and sustainable growth.
 

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Invest Africa’s money in Africa — Dangote​



May 08, 2014

BY EMMA UJAH, Abuja Bureau Chief

The solution to poverty in Africa is for Africans to invest their money at home rather than take the continent’s wealth away to others parts of the world, the President of the Dangote Group, Alh. Aliko Dangaote, has proffered. He spoke, in Abuja, yesterday, as a panelists on “More Inclusive Growth and Creating Jobs” at the on-going World Economic Forum Africa, WEFA.

According to Africa’s richest man, the problem of poverty and lack of development on the continent had a lot to do with activities of Africans who deny the continent of its resources by taking them to other parts of the globe.

His words, “the challenge is that some Africans, rather than keeping their money in Africa take such money away to other parts of the world. Many are not investing our money in Africa. When such money is taken out Africa loses”. Alh. Dangote who said he would invest $16 billion on the continent in the next four years, emphasized that massive investment in Africa should be the pre-occupation of both state and non-state actors in Africa.

He explained that there was no alternative to industralisation of the continent, as according to him, “when you import goods, you import poverty and you export jobs to other parts of the globe where such goods are produced”. The next phase of investments by his group, the billionaire said, would be in the critical real sectors such as agriculture, petrochemicals and fertilizers to boost areas that could directly create jobs.

He believed that the provision of jobs to Nigeria’s teaming population was the only effective way to check the twin problems of poverty and terrorism in Nigeria and other parts of the African continenet.

“The only way to solve the problem of Boko Haram is to create jobs” the business mogul said, adding that he had acquired over 200 hectares in Niger and Edo states for the cultivation of rice and sugar with the intention of creating massive employment opportunities for the nation’s youth population. He also stressed the need for increased intra-African trade which he put at a current level of a mere $ 100 per annum of 15 per cent of its trade volume, which compares dismally with the Asian record of about 40 per cent and Europe’s 5o per cent.

Also speaking the Executive Director, Oxfam International, Ms. Winifred Byanyima lamented that the poverty rate on the continent has been exacerbated by massive looting of Africa’s resources and skewed policy measures which make tax evasion easy for companies operation on the continent. Quoting a report of the African Development Bank, AfDB, she disclosed that $63 billion was being taken out of Africa, annually in illicit funds and that a whopping $1.4 trillion had been stolen from Africa in the last 30 years.

She warned against the growing inequality in many African countries and pointed out that it was dangerous to record impressive macro-economic growth without such growth impacting positively on the people. Her words, “60 per cent of Africa is still live below the poverty line.

Although many African countries are posting impressive growth rates, millions have been left behind. Most people are not impacted on by the growth because the growth is coming from minerals and other resources. Only few conglomerates are involved in these activities and they just take the resources straight from the ground, take it out and earn revenue without the people being part of it.​


Source
 

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Here is a follow up to that

Dangote to invest $2.3bn in northern Nigeria​

May 08, 2014

Africa’s richest man, Aliko Dangote said on Thursday he will invest $2.3 billion in sugar and rice production in the north of the country.

Dangote, who is Africa’s richest man, told the World Economic Forum in Abuja that creating employment was key to ending an insurgency in the region.
He also said he would invest $12 billion in Nigeria and $4 billion outside the country over the next four years.
SOURCE
 

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Given that these statements were made at the WEF, I decided on posting it here

‘Govt policies made Aliko Dangote richest in Africa’​


on May 09, 2014


Abuja – President Goodluck Jonathan says Africa is open for direct foreign investments and will cease from demanding aids from the developed world.

The president spoke during a session on ‘Partnering for Prosperity’ at the World Economic Forum (WEF) on Africa, holding in Abuja.

He said that the continent had been more stable in the past decade, having shifted considerably from the days of military coups and constant demand for relief aids.

The president said that the economies of some African countries had been growing in double digit figures while that of Nigeria, though at 6.8 per cent, was the largest on the continent.

“African market is huge and less competitive for big foreign investors; that is why the demand now from African leaders is less aid and more investments,” he said.

President Jonathan argued that the excuse of inadequate infrastructure was becoming untenable.

He said this was sequel to the gradual but massive improvements being made by Nigeria and other African countries in rail, roads and other facilities, to promote business and industry.

Jonathan explained that some restriction on some importation and other areas were only meant to protect local industry and not to build barriers and send investors away.

“We are open. We are not building walls; there is no way you erect barriers and think things will work well.

“That is why we are having negotiations. There is political will in Africa now for us to integrate.

“Let me urge you businessmen and women that Africa is a green field and you will not regret investing here,” he said.

He underscored the need for the manufacturing sector to be encouraged, noting that a Nigerian, Aliko Dangote, is the richest African because of favourable government policies.

In a remark, Chairman of Telkom Group, South Africa, Jabu Mabuza, said that government policies must remain consistent for private businesses to grow.

He also pointed out that unnecessary bureaucracy must be stopped.

He said it was good that the government policies made Aliko Dangote the richest African.

“We need more Alikos because they will invest in Africa.

We need growth that will be inclusive, that is why we are here,” he said. (NAN)
SOURCE
 

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Discussion Starter · #20 ·
APC would rather sabotage the progress of this country, for their political gains....
Just another PDP, really.
 
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