Africa stands at the forefront of global youth demographics, boasting over 400 million individuals between the ages of 15 and 35. Recognizing the pivotal role of young entrepreneurs in propelling economic progress, NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) (http://www.EnergyChamber.org), emphasized the significance of nurturing this demographic during the AEC’s Business Development Workshop for Young Entrepreneurs.

With 600 million Africans lacking electricity access, the transformative impact of initiatives to connect gas-to-power projects or introduce renewables to communities is significant. Ayuk emphasized the opportunities for young entrepreneurs to get involved in this space, highlighting how these endeavors can shape Africa and the world significantly.

“When you look at African youth and a lot of young people across the continent, you keep seeing the longing for big solutions,” says Ayuk. However, “financing is one of the biggest challenges we would face because we have not built a thriving banking sector.”

According to Ayuk, banks need to provide patient capital for young entrepreneurs. This type of funding allows entrepreneurs the time needed to develop their ventures effectively. “My biggest advice to youth is to build that relationship with the bank,” Ayuk stressed. “Get that business plan in place, and they will try to help you execute it.”

For startups, Ayuk advocated for a methodical approach, prioritizing meticulous business planning, demographic analysis and networking to access financing and build relationships with banks and potential investors. “Your network at the end of the day becomes your net worth,” Ayuk remarked, highlighting the significance of building and leveraging professional relationships.

In building a business, the benefits of having a strategic partner cannot be overstated, and more specifically, the importance of self-assessment regarding one’s contributions. In this regard, Ayuk cautioned against overloading titles such as CEO or president. “You need to be able to cut your egos and really get down to walking with other people that can lift you up,” he said.

Furthermore, Ayuk underscored the significance of collaboration, drawing from his expertise in the energy sector. “Some of the technologies that you’re going to need to drive the energy of tomorrow, we don’t have in this continent. So sometimes we might have to be able to partner with a colleague from Europe or America, from Asia, from the Middle East, where they have these technologies.”

For sustaining a business across multiple generations, Ayuk advised that young professionals should engage younger family members early to ignite their interest; provide support for relevant educational pursuits and practical training within the company; clearly define how leadership transitions and roles are managed through succession planning; establish robust legal and financial structures for managing ownership and inheritance; and foster innovation by remaining adaptable and open to new ideas to stay competitive.

He concluded with valuable lessons he has learnt as an entrepreneur. These include the importance of always paying close attention to financial numbers, prioritizing the establishment of a strong brand, ensuring the right people are on board for success, and recognizing the invaluable role of mentorship in building a supportive team.

Distributed by APO Group on behalf of African Energy Chamber.

The African Development Bank Group (www.AfDB.org) has unveiled its new Ten-Year Strategy 2024–2033 (https://apo-opa.co/4aKxNom), a blueprint to confront Africa’s pressing challenges and to help put the continent firmly back on track towards sustained economic growth and prosperity.

Unveiling the strategy during the Bank Group’s Annual Meetings in Nairobi, Kenya, African Development Bank Group President Akinwumi Adesina said, “As Africa’s premier development finance institution, and Africa’s solutions bank, we are acutely aware that the next decade will be decisive in transforming the continent. Therefore, as we celebrate 60 years of making a difference in the countries and lives of the people of Africa, we remain resolute in our determination to accelerate the support we provide to African countries.”

The aftermath of the Covid-19 pandemic has resulted in heightened food insecurity and a burgeoning debt crisis across Africa. At the same time, the impacts of climate change are intensifying and accelerating, alongside a surge in conflict and political instability. Compounded by a youthful demographic outpacing job creation, Africa is witnessing a significant exodus of its future workforce seeking opportunities abroad.

The strategy, approved by the Board earlier this year, sets out decisive and urgent actions the Bank will take to support African countries navigate the unprecedented global and regional challenges. These actions will build on Africa’s multiple unique assets and reignite momentum towards achieving the African Union’s Agenda 2063 (https://apo-opa.co/4aNQ9Vo) and the United Nation’s Sustainable Development Goals, ultimately fostering lasting growth.

Central to the 2024–2033 strategic vision is the belief in Africa’s vast potential for societal and economic transformation. By leveraging the youngest and fastest growing workforce in the world, rapidly growing urban markets, the wealth of natural resources and vast clean energy potential, Africa stands poised to drive sustainable growth and make significant contributions to global solutions over the next decade.

“The Ten-Year Strategy outlines how the Bank will invest in Africa’s best asset: its vibrant young men and women. Africa’s population, which is the fast growing in the world, presents the continent with an unparalleled demographic window of opportunity,” Adesina said.

The new strategy articulates a vision of a prosperous, inclusive, resilient, and integrated Africa, underpinned by two key objectives over the next decade: accelerating inclusive green growth and fostering prosperous and resilient economies. With an emphasis on sustainability, the Bank will strive to balance environmental concerns, equity, and economic advancement.

Building upon the past decade of successful High 5 implementation, the Bank aims to accelerate and scale up its efforts, focusing on transformative projects with far-reaching impacts. To optimise results while managing risks, the Bank will streamline its operational model for increased agility and effectiveness. The Bank’s High 5 operational priorities listed below, are integral to achieving these objectives:

Light up and power Africa: Promote universal access to modern and affordable energy.
Feed Africa: Ensure food security through agricultural transformation.
Industrialise Africa: Catalyse manufacturing as a critical driver of job creation.
Integrate Africa: Foster regional integration and value chains for a more cohesive economy.
Improve the quality of life: Enhance living standards, particularly for women and youth.

Key cross-cutting priorities include promoting gender equality, investing in young people, responding to climate change, and investing in climate action, supporting fragile states, and promoting good governance and economic stability.

The Bank sees the pivotal role of the private sector in driving Africa’s transformation. Over the next decade, it will strengthen collaboration with the private sector, prioritising investments in firms, value chains, and micro, small, and medium-sized enterprises especially those led by women and youth.

The magnitude and urgency of the challenge will require greater resources than before. The Bank pledges to mobilise resources from diverse sources, including domestic revenues and private finance. It aims to triple private-sector finance by 2033 while bolstering its financing capacity through innovative mechanisms. In response to calls for Multilateral Development Banks (MDBs) to maximise the potential of their balance sheets, the Bank will pursue various options to boost its financing capacity over the life of the Ten-Year Strategy. Measures include the Sustainable Hybrid Capital, Risk Transfers and re-channeling of significant portions of the International Monetary Fund’s Special Drawing Rights through Multilateral Development Banks.

The Strategy outlines how the Bank will answer the call for MDBs to scale up urgently their efforts to respond to the priorities and significant ambitions of African countries and tackle global and regional challenges affecting the people of Africa. MDBs are essential to addressing the immense global and regional challenges the world faces. They are a valuable source of low-cost finance, technical knowledge, and policy advice for emerging and developing countries.

Highlights of the Strategy:

Investing in women and young people: The Ten-Year Strategy outlines how the Bank will invest in Africa’s best asset: its vibrant young men and women. Africa’s population, which is the youngest and fastest growing in the world, presents the continent with an unparalleled demographic window of opportunity. The Bank will address disparities and promote inclusivity by empowering women and youth, enabling them to contribute meaningfully to sustainable economic growth and prosperous societies.
Climate change adaptation: Recognising Africa’s vulnerability to climate change, the Bank will promote low-carbon development pathways aligned with the Paris Agreement while safeguarding biodiversity and nature.
Supporting fragile states and building resilience: Amid rising conflicts, fragility, and political instability in Africa, the Bank will intensify efforts to assist fragile countries. Special attention will be given to tackling cross-border challenges and reducing the isolation of landlocked and remote areas.
Promoting good governance: The Bank emphasises the importance of economic governance, including domestic resource mobilisation, transparent financial management, and anti-corruption measures. Sustainable debt management practices will also be prioritised to ensure long-term economic stability.

Read the Ten-Year Strategy 2024–2033 here (https://apo-opa.co/4aKxNom)

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Editor’s Note:
A previous version of this press release issued on 29 May 2024 included an error in the headline. This version removes reference to boosting the Bank’s financial capacity by over $70 billion.

Media contact:
Amba Mpoke-Bigg
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Global demand for critical minerals is projected to grow three-fold by 2040, highlighting a strategic opportunity for African producers to increase output and the development of untapped mineral deposits. A shift in focus by global players towards African projects has created an opportunity for the continent to leverage new and existing regulations to attract foreign investment in mining.

The Critical Minerals Africa (CMA) 2024 Summit – taking place November 6–7 in Cape Town – will host a ministerial panel session, discussing policy frameworks, regulatory reforms and best practices to help African critical mineral producers attract investments and meet global demand.

Rising demand has not only highlighted an opportunity for African producers to raise output, but redirect capital towards undeveloped segments of the domestic mineral market. Policy is already being leveraged to achieve this. Notably, Tanzania will end the export of unprocessed lithium from 31 May 2024. The strategic policy aims to attract investments across the midstream sector in a bid to add value to Tanzania’s lithium resources. Similar policies have been implemented in Zimbabwe, Mali and Ghana, and have already led to the development of infrastructure across the mining value chain.

Zimbabwe has attracted over $1.2 billion in new investments in its lithium industry between 2021 and 2023, including a $300 million investment made by Zhejiang Huayou Cobalt into a 450,000 metric ton lithium processing plant at Arcadia Mine in 2023. In Ghana, Australian firm Atlantic Lithium announced a $185 million investment into a lithium processing plant at the Ewoyaa Lithium project in 2023. China’s Ganfeng Lithium has increased its stake in phase one of Mali’s Goulamina Lithium project and will start production at the project’s spodumene mine this year.

In addition to export restrictions, the implementation of regulation has streamlined investments in African minerals, enhancing investor certainty and clarifying contractual terms for foreign companies. Examples include Zambia’s Mineral Regulations Commission Bill of 2023; Angola’s Privatization Program; Mali’s Mining Code of 2023; the Democratic Republic of Congo’s New Mining Code of 2018, and many more. These policies have improved the enabling environment for investment and are poised to attract a fresh slate of regional and global mineral companies.

The adoption of investor-friendly policies has already proven instrumental in attracting capital to African mining projects and the CMA 2024 ministerial panel will further unpack the role policy plays in turning ambition into action. Titled, Empowering Africa’s Critical Minerals Industry for Global Leadership, the CMA panel will connect African projects with global investors by providing deep insights into attractive policies, national objectives and strategic regulatory practices.

Distributed by APO Group on behalf of Energy Capital&Power.

Organized by Energy Capital&Power, CMA is the largest gathering of critical mineral stakeholders in Africa. Taking place from November 6 – 7 in Cape Town, the event positions Africa as the primary investment destination for critical minerals. This year’s edition takes place under the theme Innovate, Enact, Invest in African Critical Minerals to Sustain Global Growth, connecting African mining projects and regulators with global investors and stakeholders to untap the full potential of the continent’s raw materials. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Ambassador at Large and Special Envoy for Energy Security at the Czech Ministry of Foreign Affairs Vaclav Bartuska will participate as a speaker during this year’s Angola Oil&Gas (AOG) 2024 conference and exhibition.

Bartuska’s participation at AOG 2024 – taking place October 2-3 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola – is expected to drive efforts towards economic diversification and multilateral development.

Organized by Energy Capital&Power, AOG is the largest oil and gas event on Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the ANPG; the African Energy Chamber; and the Petroleum Derivatives Regulatory Association, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

With the governments of the Czech Republic and Angola having recently met to increase cooperation in the areas of aviation and transport, healthcare, smart agriculture, mining and geological exploration, the two countries are well-positioned to benefit from mutual cooperation, investment protection and promotion.

Key topics of the meeting, which included the President of Angola João Manuel Lourenço and the Prime Minister of the Czech Republic Petr Fiala were economic cooperation, support for Czech exports and investments and defense-industrial cooperation. It was noted during the meeting that the Czech Republic is interested in participating in the Lobito rail corridor project – a 1,300km railway from the port of Lobito to Angola’s border with the Democratic Republic of Congo.

As such, Bartuska’s participation at AOG 2024 is poised to give a new impetus to the relations between the Czech Republic and Angola while providing opportunities for the countries to advance strategic partnerships and drive a new generation of economic ties between Europe and Africa.

For more information about AOG 2024, visit www.AngolaOilandGas.com.

Distributed by APO Group on behalf of Energy Capital&Power.