Africa Breakfast Convos: Catalysing Sustainable Growth and Social Impact for the continent
On Friday, September 27, 2024, African leaders and global business executives convened at the World Trade Center in New York City for “Africa Breakfast Convos,” a side event during the 79th United Nations General Assembly.
Co-hosted by Allison Worldwide and BHM, the event focused on strategies to promote sustainable growth and socio-economic impact across Africa, and it brought the continent’s immense potential and the challenges impeding its path toward prosperity to the fore.
The event’s opening address by Claudine Moore, Managing Director of Africa, Allison Worldwide, emphasized the critical role communication plays in driving sustainable growth across the continent.
“By harnessing the power of communications and innovation, we can accelerate Africa’s socio-economic progress towards achieving its sustainable development goals,” Moore emphasised.
The importance of communication and innovation in the continent’s development has been echoed by many development experts: innovative communication strategies are crucial for engaging stakeholders—from youth to policymakers—in conversations that catalyze transformative change.
For Africa, where challenges like poverty, youth unemployment, and political instability are prevalent, effective communication not only enhances governance but also galvanizes collective action toward development targets such as the African Union’s Agenda 2063 and the UN’s Sustainable Development Goals (SDGs).
One of the most striking discussion points at the Africa Breakfast Convos was the continent’s demographic advantage. The continent’s youth population is its most valuable asset. With 70% of the population in sub-Saharan Africa under 30 and projections suggesting that by 2030 one-fifth of the global population will be African, this youthful energy presents a massive opportunity.
However, it is a double-edged sword. the continent needs to invest heavily in education, employment, and entrepreneurship to harness the demographic dividend.
As noted by panellists at the event, leveraging this young workforce will determine the continent’s future trajectory—whether it emerges as a global powerhouse or grapples with mass unemployment and unrest.
The nexus of technology and finance was another key topic discussed by experts such as Iyin Aboyeji, founding partner at Future Africa; Tobe Okigbo, Chief Strategy Officer of MTN Nigeria; and Anie Akpe, founder of African Women in Tech (AWIT).
Their conversation highlighted the remarkable business potential present on the continent and the role technology plays in solving billion-dollar problems.
Aboyeji’s vision of using the continent’s diaspora to drive economic value stood out. “The diasporan community can leverage aggregated remittances as capital to establish sustainable infrastructure on the continent,” he remarked.
Africa currently receives over $45 billion annually in remittances, and turning this into an investment pool could revolutionize infrastructure development across sectors like transportation, energy, and digital connectivity which would further accelerate the fulfilment of the continent’s potential.
Okigbo emphasized the entrepreneurial spirit of businesses on the continent, stating that “African businesses are not just solving local problems; they’re turning billion-dollar problems into billion-dollar opportunities.”
However, he also pointed out that the business environment is fraught with challenges, particularly in the realm of logistics and regulation.
MTN’s experience operating across 19 countries serves as a case study for navigating the continent’s diverse regulatory landscape. Okigbo discussed the complexity of managing a business in the continent, where each country’s legal and regulatory frameworks differ drastically.
As he noted, “What works in one country may not work in another,” creating hurdles for companies seeking to scale across borders.
Logistical, Regulatory and other Challenges in the African business ecosystem
Logistics continues to be one of the most significant barriers to growth in Africa, with issues ranging from inefficient transportation networks to fragmented communication infrastructure.
The difficulties in operating a business in Nigeria, for example, are compounded by the country’s cultural and linguistic diversity, as well as its stringent tax and regulatory policies.
Okigbo noted that Nigeria, with its 525 languages (officially 250) and the different levels of government systems; from the local government to state and federal level, presents one of the toughest markets for any business to operate in. However, he highlighted that businesses that succeed in Nigeria often find it easier to expand into other markets on the continent.
Aboyeji echoed a similar sentiment, stating, “If you want to scale across the continent, understand what you want. If you are looking for a big billion-dollar business, you want to start in Lagos.”
While Lagos offers an intense business environment filled with challenges, it remains the continent’s economic capital, with immense potential for those willing to navigate its complexities.
The role of governance and policy in sustainable Development
Panelists admitted that despite Africa’s growth potential, weak governance and poor policy implementation are stifling progress.
Iyin Aboyeji mentioned, “Governments in Africa have been more of a hindrance than a help to businesses.” This is a stark reality across many nations on the continent where bureaucratic red tape, corruption, and policy inconsistency make it difficult for entrepreneurs to thrive.
However, there is hope.
Governments in countries like Rwanda and Kenya have started adopting pro-business policies, which have made these nations more attractive for investment. The Africa Continental Free Trade Area (AfCFTA), when fully implemented, also promises to eliminate many of the trade barriers that have held the continent back for decades.
Anie Akpe repeatedly stressed the importance of collaboration and emphasised that success in Africa hinges on partnerships and a deep understanding of each country’s unique challenges.
“It’s a matter of doing research… don’t try to do it on your own,” Akpe advised. She highlighted that businesses that partner with local players often fare better, as they can leverage local knowledge and networks to overcome hurdles.
Looking ahead, the future of Africa’s sustainable growth depends on continued dialogue between businesses, governments, and other stakeholders. Okigbo pointed out, “The more we talk about them, the more people in government will pay attention to solving them.”
Events like the Africa Breakfast Convos are essential for keeping the conversation alive and pushing for the reforms needed to unlock the continent’s full potential.
Africa stands at a pivotal moment in its history. With its youthful population, growing tech sector, and increasing global importance, the continent is poised for transformative growth.
However, as discussed at the Africa Breakfast Convos, this growth will not come without challenges. Africa’s leaders, both in government and business, must work together to overcome logistical, regulatory, and governance hurdles.
By doing so, they can catalyze sustainable development and create a future where Africa’s growth not only benefits its people but has a lasting global impact.
