Africa’s Unstoppable Journey: Key Announcements and Commitments for Driving Growth

The Global Africa Business Initiative (GABI) (www.GABI.UNGlobalCompact.org) flagship event concluded on September 26, 2024, in New York, after a successful two-day summit held alongside the UN General Assembly. The theme of the event was “Unstoppable Africa: Shaping Global Ambitions for Agenda 2063”, attracting over 2,000 leaders, CEOs, investors, policymakers, and innovators, all focusing on positioning Africa as a global leader. 

The summit focused on inclusive participation and solution-driven approaches, culminating in a final roundtable where stakeholders pledged to address pressing challenges. Key topics included unlocking inclusive trade growth, Africa’s role in clean energy, digital advancements, and the global impact of African creativity and sports. 

Powerful Closing Remarks 
UN Assistant Secretary-General Sanda Ojiambo commended the Africa Business Leaders Coalition for its leadership, noting a nearly 25% reduction in carbon footprints among participating businesses since launching a climate statement at COP27. Deputy Secretary-General Amina J. Mohammed emphasized the critical role of Africa’s private sector in driving impactful change, highlighting the potential for transformative growth with the right investments and partnerships. 

Introducing Itana: A Digital Future for Africa 
A major highlight was the unveiling of Itana, Africa’s first Digital Free Zone. This initiative allows global technology, finance, and service businesses to operate seamlessly in Nigeria and expand across Africa, all online. Itana offers attractive incentives like tax breaks, streamlined immigration processes, tailored banking solutions, a live-in accelerator program, and live-work districts showcasing the future of African urban development. 

Insightful Panels and Discussions 
Day Two commenced with a panel discussing closing Africa’s climate finance gap, revealing that the continent only receives less than 5% of global climate funding despite its renewable energy potential. Another panel explored the growing importance of Africa’s cultural and creative industries in economic growth and narrative reshaping. 

The conversation on the digital economy included insights from leaders like Rwanda’s ICT Minister, Paula Ingabire, and Safaricom’s CEO, Peter Ndegwa, emphasizing the need for strategic financing and inclusive policies. 

Moreover, a session on the African fashion sector highlighted the industry’s growth potential, particularly focusing on female designers striving to establish a competitive presence in the global market. 

NBA Africa Startup Accelerator Award 
Clare Akamanzi, CEO of NBA Africa, presented the NBA Africa Startup Accelerator award to Festival Coins, a Nigerian tech company renowned for its Tix Africa platform, simplifying event registration and ticketing in Nigeria and Ghana. This initiative aims to support Africa’s tech ecosystem by providing mentorship and funding to emerging entrepreneurs. 

New Partnerships and Future Directions 
The event also served as a platform for announcing significant partnerships aimed at shaping Africa’s future: 

Mine Tech Hub Contribution: H.E. President Hakainde Hichilema of Zambia announced a significant contribution to the Mine Tech Hub, promoting technological innovation in the mining sector for sustainable and inclusive growth.  

Timbuktoo Initiative: H.E. Philemon Yang, President of the UN General Assembly, expressed strong support for the Timbuktoo Initiative, a global effort led by UNDP Africa focused on youth empowerment, digitalization, and sustainable development.  

Infrastructure Collaboration: Turkish construction company SUMMA and TAV Airports announced a collaboration to enhance infrastructure development and investment opportunities in Africa, with Selim Bora, Chairman of SUMMA, stating, “We believe in the transformative power of infrastructure to shape the future of Africa.”  

Key initiatives for 2025 include: 

Food Systems: GABI signed a $250,000 partnership with PepsiCo to mobilize the private sector in Africa to transform food systems. The partnership will coincide with key milestones, including a GABI Bridge at the UN Global Compact Annual Local Network Forum in South Africa in 2025 and the Food Systems Summit.  

Education: A planned partnership with the Global Partnership for Education (GPE) will focus on transforming Africa’s education systems, building on the outcomes of the 2022 Transforming Education Summit and beginning with a side event hosted by GPE during Convene in 2025.  

The 2024 GABI event concluded with optimism and a shared commitment to harness Africa’s potential for global leadership. With concrete plans and partnerships now established, the initiative is poised to continue its momentum toward a future where Africa leads on the global stage. 

View photos from Day 2 here (https://apo-opa.co/3BuaanQ) and event B-roll (https://apo-opa.co/4eloo9f) here. For more information about Unstoppable Africa event, please visit the Website (https://apo-opa.co/3Bm8Gfu)

Distributed by APO Group on behalf of Global Africa Business Initiative.

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