NABA Summit 2017 shows how Nordic businesses can participate and invest in Africa’s resilient growth.
The Norwegian-African Business Association (NABA) hosted it’s 7th Nordic-African business summit in Oslo, on the 26th of October. More than 400 African and Nordic leaders, including 20 ambassadors from African countries, the Vice President of Ghana H.E. Dr. Mahamudu Bawumia and Minister delegations from Sudan, Uganda and Nigeria – and 40 distinguished private sector speakers – met to discuss how Nordic companies can invest in Africa and be a part of its growth. This year’s summit focused on how to invest in Africa’s transition – not why. In addition to the plenary sessions, delegates were able to chose from three special sessions on ‘Finance’, ‘Energy’ and ‘Technology’.
Africa has seen staggering growth over the last 15 years. It is now the world’s second fastest growing region, with the youngest population. The continent will also hold the world’s largest workforce by 2040. These transitions will require a committed private sector to support development in different sectors. But how?
Some takeaways from the Nordic-African Business Summit 2017:
According to Dr. Bawumia, Vice President of Ghana, the governance and management of transitional continent requires a structural economic transformation. Such a transformation necessitates the use of technology and innovation that can add value to production systems from farms to offices, and to manufacturing. His Excellency noted, “As economies become more sophisticated and transactions more complicated, the ability to develop the information base that supports a comprehensive tax system is central to building a strong domestic resource mobilization capacity.” For transition to lead to transformation and sustainable development, the role of information, communication and technology in devising innovative solution cannot be underestimated.
Africa is experiencing a technological mandate/revolution thanks to private companies, and private entrepreneurs that have introduced it to the continent and are now changing significantly the lives of ordinary Africans.
Technology has opened promising avenues for better African integration into global markets by focusing prominently on how local mobility can change the African infrastructure, produce efficient activities, and exchanging informal trade in local regions.
New innovative entrepreneurs and business ventures have emphasized the importance of looking at the underlying core of domestic demand to boost economic growth. For instance the demand of electricity (a huge society issue, where 600 million people in sub-Saharan Africa live without access to electricity) take now initiative aims to make off – grid solutions that are also affordable for rural families. This has shown to boost economic growth in African households where these private enterprises (like innovative power supplies) also educate and show Africans on how to use the equipments. In addition, these innovative equipment’s inspire also the local regions to be creative.
The efficient approach or the key ingredients to invest successfully in Africa is through a collaboration with the local region/partnering up with local entrepreneurs as they are usually more knowledgeable about the demands, the legislature within their justice system, and culture. It is important to create a win – win situation, in which Africans more than before must be able to take part in shaping connections with global markets instead of being a passive actor.
You can download the presentation “Africa in Transition” given by Ms. Natznet Tesfaye, Director of Africa, Economics and Country Risk here: Africa in Transition – Presentation (PDF)
The Nordic-African Business Summit 2017 in three minutes: