The African Leadership Magazine is pleased to announce that the Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Nigeria, Dr. Armstrong Takang will be honoured and presented with the African Finance Industry Personality of the Year Award during the 14th African Leadership Magazine Persons of the Year (POTY) Ceremony. The highly anticipated event will be held on 21-22 February 2025, at the Casablanca Marriott Hotel, Morocco, bringing together influential leaders from across Africa and beyond.

In addition, Dr. Takang will also be inducted into the African Leadership Council, a highly exclusive network of
prominent African leaders. He will join a distinguished cohort of leaders.
including H.E. Andry Rajoelina, President of
Madagascar; Rt. Hon. Robinah Nabbanja, Prime Minister of Uganda; H.E. Jakaya
Kikwete, former President of Tanzania; and H.E. Douye Diri, Governor of Bayelsa
State, Nigeria, during the event in Morocco.

Now in its 14th year, the African The Leadership Magazine Persons of the Year Ceremony continues to be the premier annual event for celebrating exceptional leadership and the achievement of pan-African objectives. The event brings together policymakers, private sector leaders, thought leaders, and stakeholders from across Africa and the globe. The 2025 edition is expected to attract over 400 in-person delegates, with online streaming reaching more than one million followers across the magazine’s social media platforms. The event serves as a unique platform for networking, collaboration, and dialogue, fostering innovative solutions to Africa’s most pressing challenges, all aimed at advancing a prosperous and sustainable future for the continent.

Dr. Armstrong Takang’s recognition is a testament to his
exemplary leadership in public finance and investment
management, driving financial innovation, strategic
asset management, and economic transformation in Nigeria. As
CEO of MOFI, he has played a pivotal role in repositioning the institution as
Nigeria’s strategic investment vehicle, ensuring efficient management of the
nation’s public assets, fostering public-private partnerships,
and unlocking value for sustainable economic growth.

Under his leadership, MOFI has embarked on bold institutional reforms, enhanced transparency, and restructured Nigeria’s sovereign investment portfolio. His efforts have been instrumental in strengthening corporate governance, optimising state-owned enterprises, and facilitating high-impact investments that align with Nigeria’s long-term economic development goals. His leadership has also positioned MOFI as a key driver in mobilizing capital, attracting foreign direct investment, and fostering an enabling environment for sustainable finance in Nigeria and Africa at large. Beyond investment management, Dr. Takang has been a champion of financial inclusion and innovation, working to bridge financing gaps in critical sectors such as infrastructure, energy, and technology. His strategic vision has catalyzed partnerships that are fostering economic resilience, enhancing fiscal sustainability, and ensuring that Nigeria remains competitive in the global finance ecosystem.

Among the distinguished special guests of honour and honorees at the ceremony in Morocco are H.E. Andry Rajoelina, President of the Republic of Madagascar; Rt. Hon. Robinah Nabbanja, Prime Minister of Uganda; H.E. Douye Diri, Governor of Bayelsa State, Nigeria; Dr. Jane Ruth Aceng Ocero, Minister for Health, Uganda; H.E. Fardowsa Osman Egal, Minister for Transport & Civil Aviation, Somalia; Hon. Nani Juwara, Minister of Petroleum, Energy & Mines, The Gambia; H.E. Rindra Rabarinirinarison, Minister of Economy and Finance, Madagascar; Hon. Augustine Kpehe Ngafuan, Minister of Finance and Development Planning, Liberia; Hon. Lefoko Maxwell Moagi, Former Minister of Minerals and Energy, Government of Botswana; and Mr. Mustafa Y. Shek, Director General of the National Communication Authority, Somalia.

Prominent leaders from the private sector in Nigeria, including Dr. Seinye O.B. Lulu-Briggs, Executive Chairman, Moni Polu Limited, and Olusegun Alebiosu, Managing Director/CEO of FirstBank Group, Nigeria, will also be in attendance, alongside policymakers, business leaders, and industry titans from Ethiopia, Nigeria, Madagascar, Angola, Uganda, South Sudan, and Zimbabwe, Congo, Cape Verde, Botswana, South Africa, and Kenya.

About African Leadership Magazine

The African Leadership Magazine, published by the African Leadership Organization (UK) is dedicated to showcasing the best of Africa to a global audience, telling the African story from an African perspective while developing solutions to the challenges facing the continent. For the past 16 years, we have been committed to promoting impactful leadership. across Africa and advancing African opportunities globally through a robust ecosystem that includes quality Afro-positive content, trade facilitation, market entry solutions, networking platforms, and public sector training and consulting.

For media enquiries and event participation, please contact:

Ehis Ayere

Group General Manager

African Leadership Organisation

Email: info@africanleadership.co.uk

The post MOFI’s Takang to Receive the African Finance Industry Personality of the Year Award at the African Persons of the Year Ceremony, Morocco 2025 appeared first on African Leadership Magazine.

The Current Landscape of the African Business Ecosystem

African businesses are redefining the principles of prosperity and progress. The Dangote Group, for instance, has evolved from a modest trading operation into a multi-billion-dollar conglomerate, while Clover has transitioned from a cooperative into a leader in South Africa’s food industry. Brands like Amarula and Tropika celebrate African culture and creativity, while Tiger Brands sets high standards in food production across the continent.

READ ALSO:  African Leadership Magazine Announces Winners for 14th African Business Leadership Awards (ABLA) 2024

Despite this progress, the African business ecosystem still contends with significant challenges. These include regulatory complexities, inadequate infrastructure, limited access to finance, market volatility, and a skills gap that affects workforce productivity.

Challenges of Doing Business in Africa

Regulatory Environment: Businesses must navigate a patchwork of complex regulations, which vary widely between countries and regions. Sudden shifts in policy can deter investment and impede growth.

Infrastructure Deficits: Poor infrastructure—ranging from unreliable transport networks to inconsistent power supplies—limits efficiency and raises operational costs.

Access to Finance: Small and medium-sized enterprises (SMEs) often face difficulty securing financing due to restrictive lending practices, curtailing their growth potential.

Market Volatility: Economic instability and political uncertainty can disrupt operations, reducing investor confidence.

Skills Gap: There is often a disconnect between the skills available in the workforce and those required by businesses, stifling productivity and innovation.

Solutions to Address These Challenges

To unlock Africa’s full business potential, several strategies can be implemented:
Streamlining Regulations: Governments should simplify regulatory frameworks, reduce bureaucratic obstacles, and ensure consistent enforcement of policies.

Investing in Infrastructure: Collaborative efforts between public and private sectors can improve infrastructure, including transport, energy, and internet connectivity, which are crucial for economic growth.

Enhancing Access to Finance: Financial institutions can adopt innovative models such as microloans, peer-to-peer lending, and alternative financing solutions to empower SMEs.

Promoting Skills Development: Aligning education with industry needs through partnerships between academic institutions and businesses can close the skills gap. Encouraging youth entrepreneurship is equally essential.

Market Diversification: Expanding into domestic and international markets can mitigate risks associated with local economic fluctuations and drive sustainable growth.

The Role of African Leaders in Business Growth

African leaders play a pivotal role in fostering an environment conducive to business success. Their initiatives should focus on:

Promoting Local Innovation: Supporting domestic businesses through grants, awards, and platforms to showcase African ingenuity can boost competitiveness.

Building Public-Private Partnerships: Collaboration between governments and businesses can enhance service delivery and infrastructure development.

Championing Trade Agreements: Regional trade agreements can unlock markets, streamline supply chains, and reduce trade barriers.

Creating Inclusive Policies: Encouraging policies that empower women entrepreneurs and marginalised communities can drive equitable growth.

Raising International Awareness: By highlighting African business success stories, leaders can attract foreign direct investment and position the continent as a favourable investment destination.

African businesses are not just rising; they are rewriting the narrative of global enterprise. The challenges are real, but so is the determination to overcome them. From innovation hubs in Nairobi to powerhouse industries in Lagos, Africa is proving that its time has come. By addressing infrastructure gaps, fostering entrepreneurship, and championing inclusive growth, the continent’s potential is boundless.

The post African Businesses Transforming Global Markets appeared first on African Leadership Magazine.

Over the past decade, trade between the UAE and sub-Saharan Africa has increased by over 30%, while trade between Saudi Arabia and sub-Saharan Africa has grown to twelve times its value from ten years ago. Data from the Observatory of Economic Complexity (OEC) reveals that in 2022, exports from the six GCC nations to Africa amounted to approximately $169 billion, representing 15% of the global trade value of $1.08 trillion.

READ ALSO: The Gulf of Aden’s Security Situation: Impact on Global Trade

In early 2024, Nigerian President Bola Tinubu, Rwandan President Paul Kagame, and over 35 African ministers attended the Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh.

A Billion-Dollar Nexus

The relationship between Africa and the Gulf states has deep historical roots, shaped by shared trade routes and cultural exchanges. Historically, Gulf investments in Africa centred on agriculture and oil. However, as the global energy landscape shifts towards sustainability, Gulf nations have expanded their focus to critical minerals such as cobalt, lithium, and rare earth elements—essential for renewable energy and technological advancements.

In the last decade, GCC countries have collectively invested over $100 billion in Africa. The UAE accounts for $59.4 billion of this, while Saudi Arabia and Qatar have invested $25.6 billion and $7.2 billion, respectively. During this period, the UAE emerged as the fourth-largest foreign direct investor in Africa, trailing only China, the EU, and the United States.

This investment surge aligns with economic diversification initiatives such as Saudi Arabia’s Vision 2030 and the UAE’s National Energy Strategy. For example, in March 2024, International Holding Company, an Emirati firm, acquired a 51% stake in Zambia’s Mopani Copper Mines. Similarly, Saudi Arabia signed agreements with four African countries to explore mining partnerships, and Qatar Airways invested $1.3 billion in Rwanda’s aviation sector, acquiring a 49% stake in RwandAir and a 60% stake in Bugesera International Airport.

Countries like Zambia, Mozambique, and the Democratic Republic of Congo (DRC) are poised to benefit significantly, given their abundant mineral reserves. Meanwhile, Gulf states secure access to raw materials critical to diversifying their economies.

Why It Matters: Africa’s Stakes

Gulf investments present Africa with numerous opportunities, including infrastructure development and economic diversification. UAE-backed projects, such as copper recovery facilities in Zambia and oil storage plants in Tanzania, exemplify these benefits. Such initiatives are crucial for addressing Africa’s $150 billion infrastructure funding gap, as highlighted by the Africa Finance Corporation.

Yet, foreign direct investment (FDI) inflows to Africa have declined recently, dropping from $80 billion in 2021 to $45 billion in 2022, according to UNCTAD’s World Investment Report. Simultaneously, Chinese investments in Africa have diminished due to economic challenges and a pivot towards sustainable development, with new loan commitments in 2022 totalling just $995.5 million compared to a peak of $28.5 billion in 2016.

Mining activities driven by Gulf investments also contribute to job creation. However, risks such as resource exploitation, environmental degradation, and unequal revenue distribution raise concerns about the long-term benefits of these collaborations for African economies.

Why It Matters: Gulf Interests

The Gulf states’ interest in Africa stems from strategic imperatives. Africa’s mineral wealth is critical to the Gulf’s renewable energy ambitions and enhances energy security. Furthermore, partnerships with Africa align with the Gulf’s economic diversification goals, reducing reliance on oil. These engagements also bolster geopolitical influence by countering growing competition from China and the West.

Should Ties Continue?

The Africa Continental Free Trade Area (AfCFTA) is expected to strengthen these partnerships by providing GCC companies with access to a larger, integrated African market. Launched in 2021, the AfCFTA aims to create a single market that could grow to encompass 1.7 billion people and $6.7 trillion in consumer and business spending by 2030.

The World Economic Forum’s 2022 launch of the Friends of the AfCFTA initiative seeks to mobilise the private sector to implement the agreement. GCC companies, including DP World, have actively participated. DP World’s $80 million investment in a logistics park in Sokhna, Egypt, and its 30-year contract to upgrade Tanzania’s Dar es Salaam port illustrate the Gulf’s commitment to enhancing African trade infrastructure.

If these partnerships endure, Africa’s mining sector could experience exponential growth, with Gulf investments potentially surpassing $50 billion by 2040. To achieve these outcomes sustainably, African nations must renegotiate terms prioritising local development, equitable revenue sharing, and environmental responsibility.

Additionally, Gulf-based firms such as Agility are working to facilitate FDI and improve investor confidence by collaborating with local logistics providers, thus easing entry into the African market.

A Balancing Act

The Africa-Gulf partnership in the mineral sector offers significant opportunities and challenges. While the Gulf states stand to benefit from Africa’s resources, ensuring mutual gains is essential. Transparency, ethical practices, and mutual accountability will determine whether this partnership ultimately proves a boon or bane for Africa.

As global economic landscapes evolve, the Africa-GCC partnership is poised to deepen. Marked by increased investments, trade, and joint ventures, this collaboration could foster economic resilience and growth—provided it is managed judiciously and equitably.

The post Africa-Gulf Trade Ties: Boon or Bane for the Economy? appeared first on African Leadership Magazine.

This digital revolution has been sparked by:

● Rising digital adoption (with 50% penetration expected within a decade),

● Widespread mobile phone usage, even in remote villages,

● Expanding digital infrastructure and energy reliability,

● The compounding effects of connectivity.

As a result, entrepreneurs across Africa are developing and adapting technology to tackle everyday challenges, positioning the continent as a thriving hub for innovation and growth.

READ ALSO: Africa’s AI Awakening: A New Frontier for Innovation

With digital infrastructure and energy reliability improving, Africa’s entrepreneurial spirit will continue to drive innovation, creating solutions for local challenges and propelling the continent’s growth.

Some African countries at the forefront of driving these innovations:

MAURITIUS

Mauritius stands out as Africa’s most innovative country. With a robust education system, a business-friendly environment, and strategic economic reforms, Mauritius has positioned itself as a hub for technology and financial services.

Mauritius ranks 55th globally on the Global Innovation Index, with a score of 30.6, categorising it as an upper-middle-income nation. The country is considered a leader in innovation within Africa due to its exceptional performance in various innovation indicators, including:

● Strong Institutions: Mauritius boasts a stable and effective government, a well-developed legal system, and strong protection of intellectual property rights.

● Human Capital: The country has a highly educated and skilled workforce, with a strong emphasis on science, technology, engineering, and mathematics (STEM) education.

● Research and Development: Mauritius invests significantly in research and development, with various institutions and universities conducting cutting-edge research.

This ranking is based on factors such as innovation input and output, including institutions, human capital and research, infrastructure, market sophistication, and business sophistication.

SOUTH AFRICA

South Africa’s innovative ecosystem, infrastructure, and government support make it an attractive destination for innovation. The country ranks 60th globally and is considered a leading innovator in Africa, due to its:

● Strong Research and Development (R&D) Infrastructure: South Africa has numerous universities, research institutions, and science councils.

● Highly Developed ICT Sector: South Africa’s advanced telecommunications infrastructure sets it apart as an innovation hub.

● Vibrant Entrepreneurial Ecosystem: The country has a growing startup ecosystem with a strong focus on fintech, healthtech, and cleantech.

Government initiatives, such as the Department of Science and Innovation and the Technology Innovation Agency, support innovation, while a skilled workforce, strategic location, and proximity to emerging markets further contribute to its status as a leading innovation hub.

Key innovation hubs in South Africa include:

● Cape Town: Known for fintech, healthtech, and cleantech.

● Johannesburg: Focused on AI, blockchain, and cybersecurity.

● Pretoria: Home to strong research institutions.

TUNISIA

Tunisia has made significant strides in innovation, earning its reputation as one of Africa’s leading innovative countries.

● Innovation Ecosystem: The Tunisian Startup Act (2018) provides tax exemptions, funding, and regulatory support for startups. Programmes such as the Tunisian Startup Accelerator, Flat6Labs, and Impact Hub Tunis foster entrepreneurship.

● Education and Research: Tunisia prioritises education, allocating 12% of its budget to the sector. Universities and research institutions such as École Polytechnique de Tunis, Université de Tunis, and Institut Pasteur de Tunis contribute to research and development, with a strong emphasis on STEM education.

● Government Support: Tunisia’s National Strategy for Innovation focuses on entrepreneurship, innovation, and research and development. The Ministry of Communication Technologies supports digital economy growth, while the Tunisian Agency for the Promotion of Innovation provides funding, training, and mentorship.

BOTSWANA

Botswana ranks 87th out of the 133 economies featured in the Global Innovation Index 2024. The country has overtaken Kenya in the rankings, reflecting the increasing emphasis on boosting tech offerings across Africa.

Botswana’s investment in education, new business development, ease of access to microcredit, intellectual property payments, human capital, and research has contributed to its innovation success. The country is taking significant steps to become a leader in the global digital economy, including establishing the SmartBots Lab and the Botswana Innovation Hub (BIH), the country’s first science and technology park. The BIH aims to create an environment that supports startups and offers opportunities for young entrepreneurs.

Botswana’s position as the world’s largest producer of diamonds has transformed it into a middle-income nation, giving the government the leverage to diversify and invest in an innovation ecosystem that benefits the population.

MOROCCO

Morocco has risen to 66th in the World Intellectual Property Organization’s (WIPO) Global Innovation Index (GII) for 2024. This increase in ranking is largely attributed to its exceptional performance in industrial design applications, where it now ranks first among middle-income nations.

Beyond its leadership in industrial design, Morocco also ranks 30th for trademark applications and 59th for patent applications under the Patent Cooperation Treaty (PCT), both measured relative to GDP.

The 2024 GII report highlights Morocco’s ability to transform innovation investments into high-performance products and services, with the country improving its position to 47th globally for innovation outputs, an improvement of eight places from the previous year.

Morocco is recognised for its innovation in areas such as:

● Industrial Design: The country ranks first among middle-income nations in industrial design.

● Intangible Assets: Morocco ranks 11th globally for intangible assets, including patents, trademarks, copyrights, and licences.

● Trademark and Patent Applications: Morocco ranks 30th globally for trademark applications and 59th for patent applications.

● Education and High-Tech Manufacturing: The country has seen significant progress in internet penetration and is ranked 30th globally for education expenditure.

Morocco is also ranked 6th among 38 lower-middle-income economies and 9th out of 18 countries in the Middle East and North Africa region.

Innovation can improve healthcare, education, mobility, and other aspects of daily life, leading to a better quality of life for all. By diversifying the economy through innovation, countries can reduce their reliance on a single sector and increase resilience in the face of potential economic crises. Countries with healthy innovation ecosystems tend to be more competitive internationally, allowing local businesses to compete globally and develop sustainable competitive advantages.

The post Africa’s Most Innovative Countries appeared first on African Leadership Magazine.

The expansion of broadband and the deployment of 5G in Africa have created significant opportunities for the continent’s economies. By 2024, broadband penetration across Africa has increased substantially, thanks to both mobile and fixed-line internet networks. This growth has facilitated a surge in digital services, including mobile banking, e-commerce, and online education, which have revolutionized access to services and opportunities, especially in rural areas.

READ ALSO: The Impact of Drone Technology on Intra-African Agriculture

Mobile broadband is the primary driver, with over 50% of Africa’s population now connected to 4G networks. 5G, however, is poised to unlock even greater possibilities, particularly in sectors like agriculture, healthcare, and manufacturing. For instance, in agriculture, IoT (Internet of Things) enabled by 5G can help farmers improve yields through precision farming, while in healthcare, telemedicine powered by 5G facilitates remote consultations, addressing the healthcare access challenges in rural Africa.

According to a report by the World Economic Forum (2023), 5G is projected to contribute $26 billion to Africa’s GDP by 2030, a reflection of the enormous potential of these technologies in driving economic productivity.

Broadband and 5G Transforming Key Sectors

Finance and Mobile Banking

One of the most visible effects of broadband and 5G technologies is on the financial sector. The mobile money revolution, pioneered by several platforms has already created financial inclusion for millions. Broadband allows more users to access financial services, while 5G can further enhance mobile banking by enabling faster, more secure transactions. This increased financial access is not only empowering consumers but also stimulating entrepreneurship by providing previously unavailable tools for managing finances.

E-Commerce and Digital Trade

E-commerce has seen rapid growth in Africa, particularly during the COVID-19 pandemic, and this trend continues into 2024. Online platforms have expanded access to markets, allowing African entrepreneurs to reach customers globally. Broadband infrastructure supports online marketplaces, while 5G will offer faster, more efficient transactions, benefiting businesses and consumers alike. According to McKinsey, Africa’s digital economy could reach $180 billion by 2025, with e-commerce and digital trade at the core of this growth.

Manufacturing and Industry 4.0

The manufacturing sector, traditionally a major pillar of economic growth, is also benefiting from digital advancements. 5G enables smart factories where real-time data analytics and automation improve efficiency. This digital transformation can make African industries more competitive on the global stage, especially in sectors like automotive manufacturing, textiles, and electronics. For instance, Nigerian and South African manufacturers are already leveraging cloud computing and 5G-powered automation to streamline production processes.

Overcoming Challenges for Greater Impact

While the potential for broadband and 5G is immense, several barriers hinder Africa’s ability to fully harness these technologies.

Infrastructure Gaps

One of the primary challenges is the disparity in infrastructure across different regions. While cities have seen significant improvements in broadband and 5G availability, rural and remote areas often lag behind, with unreliable power supplies and a lack of physical infrastructure. Expanding broadband access to underserved regions is essential to ensure that the benefits of the digital economy reach all Africans.

Digital Literacy and Skills

A growing digital divide between urban and rural populations is further compounded by insufficient digital literacy. For Africa to fully capitalize on 5G and broadband, there is an urgent need for education and training programs that equip the workforce with the skills needed for the digital economy. Public and private sector investments in tech education will be essential to ensure that the growing demand for tech talent is met.

Affordability

Although broadband has expanded significantly, internet costs in Africa remain high compared to global standards, making it difficult for many people to access the services they need. According to the World Bank, Africa has some of the highest data costs globally, which restricts the affordability of broadband for millions. Governments, in partnership with telecom providers, must work to reduce these costs and ensure that internet services are accessible to all, irrespective of income level.

Maximizing Digital Potential

To ensure that broadband and 5G continue to drive economic transformation, several measures are needed:

1. Investment in Infrastructure: Governments and private investors must prioritize the expansion of broadband networks, especially in rural areas. Strategic investments in fiber optics and mobile networks will be essential to closing the digital divide.

2. Promoting Digital Literacy: Integrating digital literacy into educational curriculums and offering specialized training for the workforce will prepare Africans to thrive in the digital economy. Collaboration between governments, educational institutions, and the private sector is key to fostering a digitally competent population.

3. Reducing Costs: Efforts to reduce the high costs of internet access should be intensified. Innovative solutions, such as shared network infrastructure and affordable data packages, could help make broadband services more affordable for the average consumer.

4. Fostering Innovation and Entrepreneurship: Governments should continue to create policies that promote digital entrepreneurship, including providing financial incentives and support for tech startups. The growing digital ecosystem offers vast opportunities for African innovators to develop solutions tailored to local challenges.

Broadband and 5G are transforming economies by driving growth, innovation, and inclusion. However, to fully unlock the potential of these technologies, Africa must overcome challenges related to infrastructure, affordability, and digital skills. With the right investments and policies, Africa can position itself as a global leader in the digital economy, creating new opportunities for businesses, individuals, and communities across the continent.

The post Is Broadband and 5G Transforming Africa’s Economies? appeared first on African Leadership Magazine.

The International Energy Agency (IEA) reports that emergency reserves, totalling 4 billion barrels, provide a buffer against immediate supply disruptions. Still, prolonged conflicts risk inflating transport and insurance costs and strain global logistics.

READ ALSO: Impact of Geopolitical Tensions in the Middle East on Africa’s Oil Prices

Supply and Demand Dynamics in 2024

Global oil supply is forecast to reach 103.5 million barrels per day (mb/d) in 2024. This growth is predominantly driven by non-OPEC+ nations such as the United States, Brazil, and Canada, whose combined output overshadows the Organisation of the Petroleum Exporting Countries (OPEC+) production cuts of 2.2 mb/d.

Demand growth, meanwhile, is expected to slow to approximately 1.1 mb/d. China remains a key consumer, bolstered by its expanding petrochemical sector. Conversely, advanced economies are experiencing subdued growth due to increasing energy efficiency measures and the transition to electric vehicles. This trend suggests a peak in global oil demand by the end of this decade.

The Economic Implications of Price Volatility

Oil prices are projected to stabilise at $65–£75 per barrel in 2024, assuming no major geopolitical shocks. This reflects a delicate equilibrium between rising production and moderated demand. Nonetheless, an extended conflict in the Middle East could drive prices higher, potentially reducing global GDP growth by 0.4 percentage points, as projected by Fitch Ratings.

The diversification of oil production has also complicated OPEC’s role as a price stabiliser. With the United States ramping up production to 13.3 mb/d, market dynamics are increasingly influenced by non-OPEC actors. This has led some experts to predict a market share war, with Saudi Arabia considering strategies to flood the market to maintain dominance.

Resilience in Market Responses

Despite the volatility, markets have exhibited resilience despite geopolitical uncertainties. For instance, the price shocks seen during the September 2019 attacks on Saudi Arabia’s Abqaiq facility were short-lived, largely due to rapid recovery efforts and efficient supply chain management.

The intersection of Middle Eastern conflicts and global oil markets continues to challenge policymakers and investors alike. While the region’s geopolitical tensions remain a critical factor, diversification of supply sources and technological advancements have mitigated the immediate impacts of disruptions.

Nonetheless, as the world transitions towards sustainable energy and demand peaks within the decade, the oil market must adapt to a future less reliant on fossil fuels. Vigilance and strategic planning will be crucial in navigating this evolving landscape, ensuring energy security while promoting economic stability.

The post Middle East Conflicts and Global Oil Prices: Analysing Recent Market Trends appeared first on African Leadership Magazine.

Progress in Africa’s Digital Economy

The continent’s tech ecosystem is thriving, driven by both public and private sector initiatives. Internet penetration has reached approximately 43%, with around 602 million users across the continent. Investments in fibre optic networks, such as Google’s Equiano and Umoja subsea cables, are enhancing connectivity and supporting technological growth. Mobile technology has also played a pivotal role, with affordable smartphones dominating markets and enabling greater access to online services.

READ ALSO: Digital Currency and Mobile Payments in Intra-African Commerce

Fintech is revolutionising financial inclusion, providing banking and payment solutions to previously unbanked populations. Platforms like PalmPay and OPay are transforming access to financial services, particularly in underserved regions. Similarly, the digital economy is spurring advancements in e-health, digital education, and other vital sectors, contributing to economic growth and social development. For example, it is anticipated that digital industries could contribute nearly 20% to South Africa’s GDP by 2028, alongside the creation of hundreds of thousands of jobs.

While there’s been progress, some hurdles such as limited internet penetration, inadequate digital literacy, and regulatory bottlenecks hinder progress. According to the World Bank, Africa needs to invest $100 billion in digital infrastructure to connect the remaining unconnected regions.

Efforts are ongoing to boost internet access across the continent, aiming for 80% connectivity by 2030. Regulatory hurdles and infrastructure vulnerabilities, including the protection of critical fibre optic networks, also need to be addressed.

Nonetheless, Africa’s commitment to advancing its digital economy positions it as a hub of innovation and growth, poised to harness the benefits of technology for widespread development. Addressing these challenges requires leaders who can advocate for inclusive policies, drive investment, and inspire collective action.

A Leadership Approach to Digital Transformation

Leadership in Africa’s digital economy requires more than traditional strategies; it demands foresight, adaptability, and an unwavering commitment to innovation. The African Union’s Digital Transformation Strategy for Africa (2020-2030) provides a roadmap for leaders to harness technology for economic growth, job creation, and social inclusion. By focusing on connectivity, digital skills, and innovation ecosystems, leaders can position the continent as a global digital powerhouse.

Key Attributes for a Digital Economy

1. Technological Acumen: Effective leaders must understand emerging technologies such as artificial intelligence (AI), blockchain, and Internet of Things (IoT). For example, AI-driven tools revolutionise sectors like agriculture and healthcare, offering scalable solutions to longstanding challenges.

2. Strategic Vision: The digital economy thrives on big-picture thinking. Leaders must anticipate market trends and align organisational goals with technological advancements to remain competitive.

3. Inclusivity and Equity: Leadership must prioritise bridging the digital divide. Currently, only 40% of Africans have access to the internet, highlighting the need for initiatives that ensure equitable access to digital resources.

4. Collaboration and Partnerships: Future leaders must foster partnerships with governments, private sector players, and international organisations to mobilise resources and expertise for digital infrastructure development.

Policy and Governance as Catalysts

Forward-thinking policy frameworks are critical to unlocking the potential of Africa’s digital economy. Leaders must champion initiatives such as:

● Cybersecurity Measures: Building trust in digital platforms through robust data protection and privacy laws.
● Tax Incentives: Encouraging tech startups and innovation hubs to thrive in an increasingly competitive landscape.
● Public-Private Collaboration: Governments must work hand-in-hand with the private sector to expand access to affordable digital services.

The Future of Digital Leadership in Africa

Africa’s youth population—expected to account for 40% of the global youth by 2030—offers a unique advantage. This demographic can drive the continent’s digital economy forward with proper mentorship and access to resources. Leaders must invest in education and skills development to prepare young people for careers in technology.

Additionally, women’s participation in the digital economy remains low, with only 22% of women in Sub-Saharan Africa using the internet. Addressing gender disparities through targeted programmes will not only empower women but also significantly boost economic output.

To thrive in Africa’s digital economy, leaders must embody innovation, inclusivity, and resilience. By embracing technology, fostering collaboration, and championing equitable policies, African leaders can create a digital future that benefits all.

As we look ahead, the importance of leadership in shaping Africa’s digital trajectory cannot be overstated. Those who can navigate these challenges and opportunities with vision and determination will undoubtedly leave a legacy of progress and transformation.

The post Exploring the Future of Leadership in Africa’s Digital Economy appeared first on African Leadership Magazine.

This battle is more than a fight over minerals; it is a fight for sovereignty, sustainability, and a better future for millions. As governments, communities, and international partners rally against this scourge, Africa is not only rewriting its resource narrative but also redefining its role in the global mining economy.

READ ALSO: Lithium Prices and Sustainable Mining Practices in Zimbabwe

Africa’s mineral deposits account for approximately 70% of its annual exports and about 28% of its gross domestic product. According to the International Monetary Fund (IMF), the continent holds an estimated 30% of the world’s key mining commodity resources.

The Gold Rush Revisited

From the colonial era, Africa’s vast natural wealth has been both a blessing and a curse. Gold, diamonds, cobalt, and other minerals were extracted by foreign powers with little regard for local populations. The infamous “Scramble for Africa” in the late 19th century saw European nations exploit the continent’s resources for their empires, leaving a legacy of economic disparity and environmental degradation that persists to this day.

Post-independence, African nations sought to reclaim ownership of their resources. However, the rise of unregulated and illegal mining has hindered this effort. Known as “galamsey” in Ghana and “zama zama” in South Africa, illegal mining has become widespread, often involving dangerous methods and organised criminal networks. This shadow industry undermines economies, destabilises communities, and devastates the environment.

The Scale of Illegal Mining

Illegal mining costs Africa billions annually. The African Development Bank (AfDB) estimates that illicit financial flows, including illegal mining, drain approximately $50 billion from the continent each year. In Ghana alone, the government reports annual losses of $2.3 billion due to illegal mining, with rivers like the Ankobra and Pra choked by toxic sediments.

In South Africa, a leading producer of gold and platinum, illegal mining is rampant. An estimated 30,000 “zama zamas” operate in the country, causing losses of nearly R14 billion (approximately $900 million) annually. Similarly, in the Democratic Republic of Congo (DRC), artisanal miners—often working illegally—account for 20% of the cobalt mined globally, raising serious concerns over exploitation and child labour.

The Human Cost

Illegal mining often occurs in unregulated and hazardous conditions. In Ghana, miners risk their lives in poorly constructed pits that collapse with alarming frequency. In South Africa, clashes between illegal miners and security forces sometimes result in violence, while environmental destruction displaces entire communities.

Child labour is another grim aspect of illegal mining, particularly in the DRC, where children as young as seven mine cobalt, a key component in modern technology. According to Amnesty International, these children endure hazardous conditions for meagre pay, often without access to education or healthcare.

Turning the Tide: Africa’s Response

African nations are taking decisive steps to combat illegal mining. Ghana launched Operation Vanguard in 2017, deploying a joint military-police task force to shut down illegal operations. This initiative resulted in the arrest of over 1,000 illegal miners and the seizure of equipment worth millions.

In South Africa, laws have been strengthened, with the Minerals Council advocating for harsher penalties and stricter enforcement. Similarly, the DRC has collaborated with global tech companies to establish transparent supply chains, ensuring responsibly sourced minerals.

At a continental level, the African Mining Vision (AMV), adopted in 2009, provides a framework for sustainable resource management. The AMV promotes the formalisation of artisanal mining and the creation of local value chains to ensure resource wealth benefits African communities.

Mending the Earth

Efforts to combat illegal mining have yielded environmental and social benefits. In Rwanda, community mining schemes encourage artisanal miners to formalise their operations. These schemes reduce environmental damage while providing miners with access to training, equipment, and fair wages.

In Zimbabwe, the Environmental Management Agency has launched reforestation projects in areas ravaged by illegal mining. Local NGOs across the continent educate communities on sustainable mining practices, and women are increasingly participating in formal mining, breaking gender barriers and boosting household incomes.

Building a Golden Future

While progress has been made, challenges remain. Strengthening governance, enhancing transparency, and fostering regional cooperation are critical to eradicating illegal mining. Initiatives such as the Kimberley Process, which certifies conflict-free diamonds, must be expanded to include other minerals.

Investments in education and infrastructure can provide alternative livelihoods for those reliant on illegal mining. Meanwhile, technology such as satellite monitoring offers promising tools to detect and prevent unauthorised activities.

Africa’s fight against illegal mining is a reclamation of land, resources, and dignity. Like prospectors seeking gold, African nations are sifting through the sands of injustice to secure a brighter, more equitable future. This journey, though fraught with challenges, promises to reshape the continent’s resource landscape, ensuring its wealth serves its people.

Only when every river runs clear, and every child dreams beyond the mines, will Africa triumph over this enduring scourge.

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According to the National Bureau of Statistics (NBS), the Gross Domestic Product (GDP) grew by 4.8% year-on-year in the first three quarters, reaching approximately RMB 94.97 trillion (US$13 trillion). While this growth lags behind the double-digit rates of previous decades, it represents a rebound from pandemic-induced slumps and showcases resilience in a rapidly evolving global economy.

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Retail sales, a barometer of consumer confidence, increased by 4.8% in October 2024, bolstered by record spending during events like Singles’ Day. Industrial output rose 5.8% in the same period, with high-tech sectors achieving an impressive 9.1% growth. These figures underscore the role of technology and domestic consumption as drivers of recovery.

However, challenges remain. The real estate sector, contributing roughly 30% of China’s GDP, has faced enduring pressures, with major developers reporting declining revenues. Externally, intensifying trade disputes, particularly with the U.S., compound the complexity of China’s economic path forward.

Policies Steering the Recovery

China’s central government has rolled out a suite of policy measures aimed at stabilising and stimulating growth. These include tax incentives for small businesses, infrastructure investment worth billions of dollars, and targeted support for struggling sectors like real estate. The People’s Bank of China has also lowered interest rates to spur lending and counteract deflationary pressures.

In tandem with domestic policies, Beijing has reinforced its Belt and Road Initiative (BRI), strengthening economic ties with Africa, Southeast Asia, and the Middle East. These strategic investments, particularly in energy and infrastructure, not only bolster China’s economic standing but also foster regional interdependence.

Global Implications of China’s Rally

The impact of China’s economic activity extends far beyond its borders. Accounting for approximately 18% of global GDP and nearly 11% of global imports, China is a critical player in global trade. A strong Chinese economy can invigorate global growth by driving demand for commodities and manufactured goods. Conversely, any stagnation in China could reverberate globally, particularly in emerging markets reliant on Chinese investment and trade.

1. Commodities Market: China remains the largest consumer of key commodities, including steel, coal, and rare earth metals. A recovery in its construction and manufacturing sectors has triggered a moderate rebound in global commodity prices.

2. Supply Chain Dynamics: As a hub for global manufacturing, China’s recovery has eased bottlenecks in critical supply chains. However, the decoupling trends driven by geopolitical tensions may encourage nations to diversify supply sources, reducing reliance on China in the long term.

3. Financial Markets: Chinese firms’ performance in technology, renewable energy, and electric vehicles (EVs) continues to shape investor sentiment. The country’s recent measures to ease foreign investment restrictions have opened new avenues for global capital inflows.

Challenges to Sustained Growth

China’s recovery is not without hurdles. The demographic shift, marked by a declining working-age population, poses a significant long-term challenge. Additionally, escalating geopolitical tensions, particularly in the Taiwan Strait and South China Sea, risk destabilising economic progress.

From a trade perspective, the re-escalation of U.S.-China tariff disputes threatens the already fragile relationship between the two economic superpowers. Emerging sanctions on high-tech exports to China could stifle innovation in critical industries such as AI and semiconductor manufacturing.

Future Outlook

Looking ahead, China’s economic policies will play a pivotal role in determining global market stability. Key areas to watch include its transition towards green energy, the evolution of its domestic consumption model, and its ability to manage external shocks. Experts predict that China’s GDP growth could stabilise at 5% annually by 2025, driven by innovation in AI, renewable energy, and advanced manufacturing.

For the global economy, China’s trajectory offers a dual narrative: on the one hand, a strong Chinese recovery can drive international trade and bolster commodity markets; on the other, lingering uncertainties necessitate cautious optimism. Policymakers worldwide will need to balance their economic dependencies on China while navigating the intricacies of a multipolar global market.

China’s economic rally is emblematic of resilience and adaptation in a time of global volatility. With targeted policy interventions and a pivot toward innovation-driven growth, the nation has demonstrated its capacity to navigate complex challenges. Yet, the global implications of its recovery are far-reaching, influencing markets, trade flows, and geopolitical alignments.

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“We will use this moment to bring the development priorities of the African continent and the Global South more firmly onto the agenda of the G20,” Ramaphosa said.

The presidency, which begins on 1 December 2024, signifies South Africa’s rising prominence in global diplomacy and its capacity to shape global discussions on pressing issues.

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The G20 and Africa’s Place in It

The G20, established in 1999, was created to bring together the world’s major economies to address global economic challenges and promote international financial stability. South Africa joined the G20 that same year, representing the interests of Africa in a group primarily dominated by wealthier nations. Its membership symbolised a recognition of Africa’s growing economic significance and the need for more diverse representation on global platforms.

Over the years, South Africa has played a crucial role in advocating for equitable policies that benefit the Global South. Now, as it assumes the presidency, South Africa steps into a leadership role, bringing Africa’s priorities to the forefront of the global agenda.

Handover from Brazil to South Africa

The transition from Brazil to South Africa occurred at the G20 Leaders’ Summit in Rio de Janeiro. President Cyril Ramaphosa, in his acceptance speech, underscored the importance of this historic moment, highlighting Africa’s potential as a contributor to global solutions. “South Africa’s G20 Presidency is not only a testament to our nation’s capabilities but also a beacon of hope for the entire African continent,” he stated.

The handover reflects a symbolic shift towards greater inclusion of emerging economies in global governance. Under Brazil’s presidency, the G20 focused on sustainable development, combating hunger, and fostering partnerships. South Africa has vowed to build on this foundation while amplifying Africa’s unique challenges and opportunities on the global stage.

Priorities of South Africa’s G20 Presidency

President Cyril Ramaphosa announced that South Africa has adopted the G20 Presidency theme of ‘Solidarity, Equality, and Sustainability,’ focusing on advancing the Sustainable Development Goals (SDGs) and the Pact for the Future.

He emphasised the urgency of achieving the SDGs by 2030, noting that solidarity is vital, especially in addressing the hardships faced in conflict zones like Gaza, Sudan, and Ukraine. The presidency will also prioritise public health concerns, including pandemics and the worsening m-pox outbreaks in Africa, urging global cooperation and action to protect vulnerable communities.

The President highlighted the critical need to tackle inequality, which threatens global stability and economic growth. He drew attention to unjust disparities in wealth, the lack of sustainable financing for climate action, and the crippling debt burden that undermines developmental goals in many countries. South Africa’s leadership will ensure that Africa’s development priorities and the Global South’s agenda take centre stage, addressing issues like debt relief and capacity building for sustainable development.

South Africa’s G20 Presidency will advance three high-level priorities: inclusive economic growth, Industrialisation, employment and inequality; food security; and artificial intelligence and innovation for sustainable development. Approximately 130 G20 meetings will be hosted across the nation, fostering collaboration with member countries, multilateral institutions, and invited guests to shape a transformative agenda for the year ahead.

A Voice for Africa

President Ramaphosa has reiterated that South Africa’s presidency is not just a national victory but a milestone for Africa as a whole. The presidency provides a platform to showcase African solutions to global problems, reinforcing Africa’s role as a partner rather than a beneficiary in international affairs.

South Africa’s role is to ensure that African issues, from food insecurity to technological innovation, are prioritised. Ramaphosa emphasised, “This presidency will serve as a clarion call for global solidarity in solving the most pressing challenges of our time.”

South Africa inherits a complex global landscape marked by economic disparities, geopolitical tensions, and climate crises. Balancing these issues while ensuring Africa’s interests are not overshadowed will be a delicate act. However, with its deep ties to both the Global South and the Western world, South Africa is uniquely positioned to mediate and advocate for balanced outcomes.

South Africa’s presidency of the G20 marks a transformative chapter in the continent’s history. For the first time, an African country will lead one of the world’s most influential economic forums. As the nation takes the reins, it carries the hopes of a continent eager to demonstrate its leadership on the global stage.

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