TAR127_Q2-2024_Extract

Thelargestannualgathering ofthe Africanprivatesector

KIGALI —16&17MAY 2024

Can CyrilRamaphosa scratch South Africa’s 30-yearitch?

DRIVING TOMORROW’S GROWTH

Frombuildingcarstolocking Africa’sfarmersinto globalfoodsystems,thecontinenthasaway togobefore itcanboast a‘Madein Africa’brandtorivalAsia. Buttherearesomebrightsparks...

DEBT PEONAGE IS BU RN ING TH EPLA NET

onservicing debtandthepaucityofpatient capitalne eded tonurturewhatwillbe,by 2075,thelargest workforceinthe world.

Whatshouldbethe response?Itiscommon causethattheglobalfinancialsystemneeds radical reform.Progressonagreeing practical measures hasbeenglacial.Somehopethat Brazil’shostingoftheG20,whichnowincludes the AU as amember, coulddrawtogether ideasfromrichand developingcountries

Multilateral developmentbanks(MDBs) andthe ParisClubofofficialcreditorshave shrunkassourcesofcapitalfor developing economies.Well over60%ofthe debtis owed, oncommercial terms,toWesternbanksand bondholders,aswell astoChina,Indiaand Turkey.Alloftheabove arepullingintheir horns.Andtheyarerefusingthediscounted debt dealsofthe2000sandthe1980s.

Forfiveyears,thebiggesteconomies, which runtheIMF,the WorldBankandtheG20, have beenunableorunwillingto recognise theenormityofthecareering debtcrisisand itsobverse –thelackofaffordablecapital inmostofthe world’seconomies.Almost halfoftheplanet’spopulation –some 3.3billionpeople–liveincountries that spendmoreoninterestpaymentsthan onhealthor education.

AcrossAfrica, governmentsare spending,onaverage,5 4%oftheir revenues onservicing debt.InKenya,debt-service costshave tripled overfiveyears and useupalmost60%ofstate revenues. Debtcostsare alsodiverting funds from boostinggreenenergyandadapting to climatechange.

Thelatest long-term forecast forAfrica’s economies by GoldmanSachspredictsthat Africa’s GDPwillgrow from$3trntodayt $44trnin2075.ItsshareofglobalGDPwill riseto 11%from3%.Thatsoundslikeprogres until youlookatthe demography. By2075, 32%ofthe world’speopleare forecasttobe livinginAfrica:nearly athird ofthe world’ populationwillshare11%ofits wealth.

This presupposesthattheobstacles toth continent’seconomicprogresswill remain. Foremostamong themare the vastsumsspent

Ge opolitics –therivalrybetween th e We st’sc omme rc ial ec onomicm odeland China’s state-backed strategy –isslowing ountry by ubstantive rmoftheglobalsystem.Schedulingan btattheSpring ankinApril issue up the yakey role houghtshould hattheMDBs structuring. dleanon reliefand volumeof sonwhat overeign ebt deals stmentin .Withtechbalinequalityis will exact nerations.

#127 /April -May -June2024

60 EASTAFRICAFOCUS

WiththeDRC as it snewes t member, theEas tAfrican Communit yhas powerhous e potentialthatKenyanand Tanzaniancompanie sare already mining,but rivalries and self-interes thandicap it svision of re gional unity

FEATURES

28 INVESTIGATION /Congo’sillicittimbertrade

In par tner ship withthePulit zerC enter’sRainfores tInves tigations Network, The Africa Repor t ’s Musinguzi Blanshe conducted ayearlong inve stigationintoillegal loggingand thebribery,forger yand militar ycorruptionthathelpspeedhardwo od from theC ongoBasin tothever ycountrie swhose presidents claimtobeclimate warriors

38 SOUTHAFRICA /30-yearitch

TheAfricanNational Congre ss hasruled forthree decade s with mixedresults.Have SouthAfricanshadenough?From the battleground states to the curs eafflicting theblack middle class, we analyse thepos sible outcome sinthiswater shedelection

48 MADEINAFRICA

WhatdoesAfricaneedto turn itslong-heldambition to become amanufacturingleader into reality? Read ourfive-point battle plan tofind out. Plus John Coumantarosonwhat industryneeds,andwinners in theauto-manufacturing race

72 INSURANCEDOSSIER

HowKenya’s Equity Insurance re gistered300%profitgrow th, thenewmanatthehelm of NSIA ,and Ethiopia’splans to boos tpenetration

84 MAURITIUSFOCUS

Mauritiusreaches aforkinthe road with upcomingelections thatcouldchange thedirection of economicpolicy

98 ENERGYDOSSIER

KenGen launche sgreen energy projects,while Invictus negotiates with Zimbabwe

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ON BURKINA FASO, MALIAND NIGER LEAVINGECOWAS

Howcan people talk aboutthebenefitsof being amemberstate of ECOWAS?ECOWAS wasanobleconceptto formaliseand legalise the historicalbonds that existed between thesecountries,such as trans-Saharantrade andthe ancientempires of Ghana, Mali,Sudan andEgypt.Itwas easier to travelfromGhanato Nigeriain1975thanit wasin2018,andall the ECOWAS statesface thesamedifficulties. The founding fathers were menofdignity, patrioticand independent.Theywerereplaced by politicallytoxic, democraticallyelected leaderswhohave sold the regionalbodytothe West tomaintainpoliticaland personal power. Overthe past20 years, ECOWAS hasbecomeaninstrumentofmanipulation by theUSandEuropean countries.Sadly,the AU andthe UN have also beenhijacked by this Western(remotecracy)

ON SOUTH AFRICA’S STANDONTHE ISRAEL-HAMAS WAR

Bilateral relationsarebasedonshared values and goalsorobjectives.Whentheparties involved differfundamentallyandtheir valuesare divergent,there is nothingwrong in reviewingtheties.However, thisshouldnot bealongthelinesof‘bigbrothersaid thisand yourefused’.Concern forhumanityshouldbe impartial.The collectivepunishmentthatIsrael hasadoptedisofconcernnotjust by South Africa.Bythesametoken,whatHamasdid andthecontinuedholdingof hostages mustbe equallycondemned.Therefore, astheworld demands aceasefire,thereshouldalsobe a demand forthe releaseofhostages as wellas Palestinians.The realityisno onewinsinawar Thewriter of this let ter requested anonymit y

democracy. Africaneeds to wake up! ECOWAS will dieanatural death.

Tharrison Ouedraogo, via Facebook

Any civilised society must have anorganisationthat can provide oversight and responsibilityto its members. We need toencourage countries, especiallyin WestAfrica, to remainunderone union.

Daniel Morsor, viaFacebook

HOWTOGETYOURCOPYOFTHEAFRICAREPORT

ON THENEW US APPROACH TO SANCTIONS IN ZIMBABWE

TheUS willbe ‘damned ifthey do anddamned ifthey don’t’ intermsof sanctions.It’sgoodthat theyarere-targeted[at PresidentMnangagwa andhiscronies]because fortoo longsanctions have beenblamedfor thecountry’s economic problems.But Iwonder ifthereisn’t abetter

approach: keep the sanctionsbutsetout clearly whatthe world needstosee inZimbabwe

–a checklistofthingsthat need action. Afreepress, free and fair elections, freedomofassociation,anderadicationof corruption evidencedby increasedprosecutions. Sanctionsagainstindividualsalonewillchange nothing:theyknowhow to workaround them.

RichardFrancis,byemail

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RainbowNation’s momentoftruth

SouthAfricawillhold nationaland provincialelections on29May inwhat is tipped tobethe Rainbow Nation’s mostcompetitive election.Incumbent President Cyril Ramaphosawillseektoprove pollsterswrong as they predict hisAfricaNational Congress (ANC)could lose itsmajority for thefirst time.

NelsonMandela’s partyisunderpressure bothon the economic– poorgrowth,joblessnessandtheenergy crisis – andthepoliticalfront, withtheDemocratic Allianceandthe Economic Freedom Fightersgaining ground in localelectionsand formerpresidentJacob

BOOK

Zumaandseveral formerANCallies joiningthe new uMkhonto weSizwe Party Analystssay theelection willbe foughtinthe provinces, particularlythe key battlegroundsof WesternCape, Free State, Gauteng and KwaZulu-Natal (see page 36).

TheANChas led thecountry since1994. The generationbornsince theendofapartheid are thinking oftheir futures, but itisthosewholived throughthe struggle andhave notseenthe economic benefits promised by liberationwho are themostcrucialtothe ANCholdingontoitspower.

Theye ar is 2028. Agains t the backdropofa Cape Town hard hitby climate change, Deidre confront s her family’s difficult past he ad -on when police discover bodies next to her home, which the governmenthas just reclaimed. In this unforget table novelab out pos t-apar theid South Africa, the Bo okerPrize-longlisted author of An Island (2021) delves into fractured families, collectiveguilt,the ways we become trapped in pris onsof our own making and how we can be gin to break free.

GITEXAFRICA

GITE X AFRICA , one of the bigges t tech and star t- up events on the continent, will take place on 29-31 May in Marrakech, Morocco The show brings to gether le ading computer exper ts, entrepreneur s anda variety of stakeholders from across Africa and the world

JEROME

PresidentCyril Ramaphosa greetsANC supportersat MosesMabhida stadium in Durban,24 February

SOUTHAFRICA

Ourvisionofthefutureisnotlimitedtobuildingexceptionalstructures. Wearealsocommittedtocreating asustainableandefficientfuture. Everyprojectweundertakeincorporatesenvironmentallyresponsible practices,greentechnologiesandsustainablematerials.Thisholistic approachreflectsourresponsibilitytofuturegenerations.

KENYA RutovisitsBiden

Thec oveted invit atio nhas finallyc om e: US PresidentJ oe Bidenand Firs tL ady Jill Bidenwillhos tKenyanP re sidentWilliam Ruto andhiswife, Ra chel,atthe WhiteH ous eon23May.T he visit ma rk sthe 60 th annive rs ar yofUS- Keny adiplo maticrelations andwillcelebra te a par tner ship that is delive ring fo rthe peo pleofthe Unite dSta te sand Keny a. AW hite Hous ec ommuniqué says thevisit will ‘s treng then our shared co mmitment to advancep ea ce and se curit y, exp andour ec onomic ties ,and st and to gethe rindefence ofde mo cr atic values’.

Ruto andBiden aree xp ecte dtodis cuss ways to bolste rcoope ration in area sincluding people- to -pe ople ties ,tra de and inve stment, te chnologic al innova tion,clima te and cleanene rg y, he alth and se curit y, at atim ewhenKenya is prep arin gtolea daUNs ecurit ymission to Haiti tha tislar gelyfunded by theUSand Cana da Rutovisite dthe US in Septembe r2022imm edia tely af te ra ssuming of fic e, and ha sm et Se cret ar yofSta te AnthonyBlinken seve raltim es , including to discus sthe Haitiinter vention.Bu tthiswill be hisfi rs tvisit totheW hite House,despite de epfakepicture scirculatingshowing othe rwis e. Me anwhile, Bidenp ro mise din2 022tovisitAfric abut was sidetr acke dby wa rs in Uk raineand theMiddleE as t.

THEAFRICACEOFORUM

He adsofs tate,business le aders, inve stor sand policymaker swill converge on Kigali on 16 and 17 May forAfrica’slarge st gathering of theprivate sector,the Africa CEOForum. Af CF TA Secretar y- generalWamkele Mene, BUAGroup’s Abdul SamadRabiu andEcobank’sJeremyAwori will be among the2,0 00 top-levelattendees ‘shaping thefutureofAfrica’

SOURCE: SBM

NairascarcityprotestsCostoflivingprotests

NIGERIA

AHarmattanofdiscontent

Labour Day, 1May is an internationaldayof protest, butasNigeria stumbles from one economic crisis to anotherthenext anyday will do forunorganised, sporadic, popularstreet-level demonstrations. On 28 February SB Morgenreleaseda map of protests againstthe risingcost of living and naira scarcity during theHarmattan period.‘Withthe likelihood of aheavy-handed security re sponse,’ SBMsaid,‘acareless sparkcould causea bushfire.’

EVENTS

6-9May US-AfricaBusiness Summit, Dallas, Texas, US usafricabiz summit.com

8-10 May Power&Energ yAfrica2024, Nairobi,Kenya po werener gy.expog r.com

29 -30 May Solar&StorageLiveMENA, Cairo,E gypt terr apinn.com

APPOINTMENT

YEMI KALE

Nigeria’slonge st- servings tatisticiangeneralis now Afreximbank’s chief economist and managing director of re searchand internationalcooperation.Prior to hisnew position, Kale workedas apar tner and chiefeconomist at KPMGNigeria

Sokoto Niger

F.C.T

Kano Plateau

Benue

Kwara Ogun

Osun Ondo Edo

Delta Oyo Lagos

AkwaIbom

WA

DRIVING AJUSTAGRICULTURAL TRANSITION TO ENSUREFOOD SECURITYWHILECOMBATTING CLIMATECHANGEAND PRESERVINGTHEENVIRONMENT ACROSS AFRICAANDBEYOND.

DIASPORA

A senseofbelonging

A repor t bynarrative- change organis ation Africa No Filter bring s to life the strug gle sof African youths in the diasporaand the discrimination they experience, citing exoticis ation in France, microaggre ssions in the UK,andsur veillance /profiling in the US The repor t,‘Being African: How Africans Experience the Diaspora’, found that while lifeis marked by prejudice, theyoung adults with a double heritage are proud of their African languages, fo od, musicand histor y. It explore s definitionsof being African, the basis of belongingand how prevailing stereotypical narrative s impact perceptionsabout Africa among diasporic youth. Mok yMakura, the he ad of Africa No Filter, said the fir st-hand account s arean oppor tunit y for Africanand host government s toturn thes eyoung Africans into an economic, so cial and cultural as setfor their host and homecountrie s.

MARKERSOF IDENTITYINAFRICAN DIASPORANYOUTH Aged18-28,byhostcountry African language

KIZOMBAANDMORE

Nt wala, Oh Ye ah!– me aning ‘onwards’– isthe name ofa multi-ar ts fe stival launching this ye ar in Luanda, Angola, on 28 -30 June “Kizomba, semba, kilapanga, kuduru, konono soul, Afrohous e… In Angolan culture we have so many type sof music but thes e genre s don’t of ten mix, so the idea was to bring them to getherand to bring their people to gether,” says fe stival director and music curator A’mosi Just a Label. Added tothe melting pot will be spoken word (a growing scene in Angola), dance and the visual ar ts, invitingco -cre ation across borders, networking and debate. Seeing how genre s like South Africa’s amapiano and fe stivals like Ghana’s Chale Wote are becoming internationallyknown, he and his co -curator s aim to put Angolan culture on the map. “In Angola, politics is above ever ything,” says A’mosi,and there is pres sure to “be aligned with [political partie s] to make adream come true. But through the ar ts we can always get togetherandbuilda better cour se.” The performers will bring alive three spectacular venues: the Eiffel-designed Palácio de Ferro, the UNAP ar ts centre and the Natural Histor y Museum.

BOOK

Amina, a 16 -year- old in 1950 s Cairo, is preparing for her wedding, but her he ar t is devoted to another man, theolderandsuave Dr Hashim Abdel-L atif But the doctor haseyes for two other women as well in this controversial bo ok, fir st published in Arabic in the 1960 sand whichcritique s cons er vative societal norms and the expectationsputon women. The novel, and the author, have stood the te st of time in this Englishlanguage translation by JonathanSmolin

30%

Amount of forex re serves Ghana’s Nana Akufo- Addo is calling for the continent to repatriate fromabroad Akufo- Addo’s call at the AU general as sembly was hailed as revolutionary by some, pointless by others

HONORINGTH EPAST BY PRESERVING THEFUTURE!

SustainabilitytoNature

SOUTHAFRICA

Ithasbeenthreedecades sincethehistoricfreeelections usheredinaneraofpeace andthepromiseofprosperity. Yet,inequalityisgreaterthan in1994and40%ofthe populationarejobless.Asan arrayofpartiesandpriorities woovoters,convincingthose leftbehindiskeytohowthe ANCwillfareon29May

By CARIENDUPLESSIS inJohannesburg andKwaZulu-Natal

Strategy, businessclimate, infrastructure, financingand

training:thesearethe fivemainthrustsofa battleplandesigned toturnthecontinent’s long-heldambitionto become aleaderin manufacturinginto reality.Ethiopia, Kenya,Rwanda, Benin, Togo,Côte d’Ivoire,Senegaland Mauritiusstandout fortheireffortsto boostindustrialisation

By ESTELLEMAUSSION

WWhenitcome stoindustryinAfrica,thefigures are de pres sing.Formoret han30 ye ar s, theshareo f manu fa cturing va lueadde dint hecontinent ’s gross domesticproduct(GDP)has failed totakeoff.From 16.9%in1990, this fellto 9.7%inthe2010s,before risingto 11.3%in 2019. Sincethen,ithas stagnate d hopelesslyat 11.5%,withindustrialemploymentstuck at13%ofthetotal workforce.DangoteIndustries may beabouttoget Africa’s largestindustrialprojectoffthe ground,but“weneed arefinery- sizeproject each ye ar to getthe economybackontrack”, says anadviserto Nigeria’s president.

“Thisunderperformanceneedstobequalified:industryhas remaine datthesamelevel with aGDPthat has doubled in20 ye arsanditsspectrumhaswidene d viathe connection toservices, transportandtourism,” says Bissau-Guinean economistCarlosL opes,former head oftheUNEconomicCommission forAfrica.

“For along time,thesubject wastaboobecause it was associate dwiththe stigmaofaninterventioniststate Ittookintense lobbyingtomakeita priority,” Lope s says.Today, at atimewhentheeffectsofCovid-19have le dindustrialpolicies to returnto favourthroughout the world,industrialisationis amajorchallengefor African economies

Fewsuccessstories

Andwith good re ason.OnlyNorthAfrica –the continent’spowerhousethankstotheindustrialsuccessesof EgyptandMoroccoand,toalesser extent, Algeriaand Tunisia –standsout.Thesub-Saharan zonecontinuesto lagbehind, weigheddownbyaSouth Africanindustrial basein de clineduetothechroniclackofele ctricity.

PHOTOMONT

Elsewhere, there area few success stories – Ethiopia andMauritiusintextiles, Kenya inagribusiness, Nigeria incementandnow refineries – buttheseare few and far between.Sowhatare thedriversthatwillenable the‘Made in Africa’ brandto re ach its full potential?

1:Define a clearstrategy

To succe ed in battle,you ne ed a strategy. Experience and re search have shownthatthere is nomiracle re cipe, noblueprintfrom Asiaorelsewhere. Itisupto eachcountryto defineitsactionplaninthelightof itsambitions, resource s, comparative advantages and abilityto fit intowhatare now global valuechains

“Forsmallercountries,I re commendprioritising a maximum oftwo sectors Someofthem, like Gabonwithitstimberand Beninwithits textiles, are onthis path,” says Lope s. “Forlarger ec onom ie s, su ch as Mo ro cc o, Nigeriaor E gypt,we ca n ai m for fourtofive valuechains. In SouthAfrica,the focus should beonmaintainingits leve l of competitiveness.”

The roadmapisdifferentin NorthAfrica,where industrialisationis well under way. “It’s aboutcontinuingtomove upmarket toincrease valuecreation, inparticularthroughindustrial 4.0 policies [harnessingnew technologies].The relocationofglobal valuechainsis a primeopportunity for acceleratingindustrialisationinthe region,notto mentionthenew opportunities onwhichmanufacturers are positioning themselves,” says Jonathan Le Henry, partnerandheadofStrategy&(amemberof PwC)in NorthAfrica, and theauthorof a 2019 report

Africa’s de mographic grow th,theimportanceof theagriculturalsector, andinternationaldynamics like global warming and technological developments bringtwo further le ssons. Firstly, on a continentwith strongagro-industrialpotentialwhichisseekingto consolidateits foodsovereigntyandwhere halfthe population works intheprimarysector, itisvitalto capitaliseonthe relationship between industryand agriculture. Secondly, withmany lightindustries leaving Chinainsearchofcheaperlabour, Africahas a card toplay– againstIndiainparticular Accordingto a study by the Agence Française deDéveloppement (AFD) publishe d inOctober2022,thetextile, clothingand leathersectoralonecould createsome30millionjobs

Oncethestrategyisset, itisvitalthatitbecomesa nationalpriority, endorsed by all government departments

and deploye d inclosecollaborationwiththeprivate sector Again,there isnoinstruction manual

2:Boostthebusinessclimate

Efforts will notpay off unless thebusiness climate improves. “Ifproductionconditionsare uncompetitive inAfrica,itismore duetopoliticalinstability, corruption,and logisticalandenergydifficultiesthan the level ofqualificationsorcostoflabour. Hencethene ed to improve thefluidityofthe economy andinve stment conditions,” says Marc Lautier, co-authoroftheAFD study. Benin, Côted’Ivoire, Ethiopia, Kenya,Mauritius, Rwanda, Senegal and Togo have takensteps inthis direction– fromsimplifying the processofsettingup a business tograntingtaxincentives and cutting re d tape – withthe result that foreigninvestmenthas increase d andindustrial zone s have takenoff.

3:Buildinfrastructure

The average costofelectricity inAfricais fo urtime s highe r thaninother developing regions. The densityof asphalt roadsis only2kmper100km²,compared with 25kmin Asiaand 122km in Europe, andfreight rates are high in congested ports ‘Inade quate infrastructure isthemostimmediate constraintonindustrialisation,’ theAfrican DevelopmentBank(AfDB)said inits2022assessment of Africa’s industrial development.

Despiteconsiderable investmentthroughpartnerships between governments, international developmentinstitutionsand theprivatesector, theinfrastructure deficits remainenormous Andfundsare hard tocome by While $150bnshould bespent each yearontransport, electricity networksandotherinfrastructure, theAfDB estimates thatbarelyhalfthissumismobilised.WhileAfrican countries arepullingoutallthestopsintheirnational programme s tobuild roadsandincreaseelectricity production,theyalsohave everyinterestinbettingon regionalorganisationsto rolloutcross-border projects. Betternegotiationofpublic-private partnerships, accelerated developmentofspecial zones, digitalisation ofservicesandautomationofportshave proved their worthandshouldbewidelyimplemented.

4:Securefinancing

Another long-identified stumblingblockthatmustbe addresse d is acce ssto finance. This equally affects governments – whose revenue s are limited,with a tax

take inAfricaof16%compared toan average of35% worldwide– andprivateplayers, who face reluctance fromcommercialbanks to lend, andhighinterest rates when they do.

“A numberofinstitutionalfunds, includingpension funds, are notbeingproperly exploited.They should beuse d for national developmentandtofinanceindustrialisation,” says Lope s, whoisalsocalling for themodernisation oftaxadministrations.

Theprivatesectorhas longbeen waiting for banks toturnthecorner. “We ne ed tofindmechanisms to facilitate lo anssothatmore financialflows canbe channelled into industry,” says Jean-Marie Ac ka h, chairmanofthe Avos foodsgroupin Côted’Ivoire. He advocates extendingtheduration of loans for industrial activities fromthe current five orsixto10 years, since the returnoninve stment generallytakes longerthan that for service s ortrade.

InNorthAfrica,while thesituationis le sstense, financingisstilla concern. “Giventheambitionsof industrialpolicies, we need to becreative in developing

theconditionsneeded toaccelerateprivate equity,” says Le Henry, whohope s tose e anincreaseinthenumber ofincubatorsand se ed funds.

5:Investintraining

Thefinalchallenge tobemetistotrainan everlarger and youngerpopulationsothatithastheskillsneeded InthemajorityofAfricancountries there is a shortage oftechnicians, engineers, computerscientistsand tech profiles,while large numbersofhistorians, sociologistsandotherswitharts degrees remainunemploye d.

Vocationaltrainingcentres, modernisationofhigher ed ucationsystems, apprenticeships, teachingnew technologies andadult educationcentres are reforms thatcould address theissue. TheAfDB warnsthatthe gapbetween thene eds ofindustryandtheskills of thepopulation “will widen astechnology continues to transformmanufacturingpractices”. Ackah echoes this sentiment: “Continuous, long-termactionis re quired, lastingat least10 years, before resultscanbeobtaine d – inother words, a well-trained,efficient workforce.”

THOMAS MUKOY A/REUTERS

Trainingmoreyoung peopleintechnology skillswillgiveAfrican countriestheedgeinthe Industry4.0economy

INTERVIEW

JOHN COUM ANTAROS

‘Industr

yneeds low-cost de velopmentfinancing’

Nigeriashoulddoubledownonitsenergysectorandspendthewindfallon infrastructureandindustriallendingtoreachthepointwhereitisnot anetimporter,saysthe chairmanofFlourMillsofNigeria

By NICHOLASNORBROOK

Eve ryone wa ntstose eas trong,p ro sperous Africawithfullemployment and world-beating companies.But,asformerAfrican DevelopmentBank (AfDB)presi dentDonaldKaberuk thereare noshortcuts –you theelevator,youmusttake

ForJohn Coumantaros, manofFlourMillsofNige –aN igeriancompanys e t fatheronthe eveof indep 1960 –thatmeansthinking tosequencegrowth.

(AfDB) presika would say, can’t take the stairs. the chairria (FMN) u p by h i s endence in g about how

Pointingtoindustrial expa Asia overthepast half- cent Coumantarosnote sthat su cessfulcountries like Japan KoreaandMalaysiabuilt up their agricultural sectorfirst.

ansion in ury, c,

“Theytheninveste dany surplus int oi ndustrial growth,andthenwiththat surplusvaluefromindustry,youinve stin technologyandfuturesectors,” Co umantarostells The Africa Report.

Be fo re yo ug etto Samsung,inother words, leve lupyour fa rmer s. And ev enher e, sa ys Coumantaros,there are noshortcuts–theinitial focusmustbe onbuilding upallthe variouscomponentsoftheagriculture

sectorbeforeunitingitwithindustry;and thatstarts inthefieldwiththe individual farmers.

“It’saboutoptimisingyieldandmakingsureitgets totheprocessorortothe m arketefficiently,” says mple, insteadofproducing f maize, youproducefive

t o t h e p ro c e s s o r o r t o t h e Coumantaros. “So, for exa two -and-a-half tonne s o to six tonne s of maize.”

To ge t t h e re, C o u m agricultural cooperati be st vehicle s fo r ach ie small- scale farmers”

This should als the big pr findi

a ntaros favo ursbuilding ves,“whicharereallythe vingthisaggregat io nof

o helpsurmountsomeof oblems:borrowingmoney; ngthebest locallysourced d ,fertilise ra ndpl anting viceforthesoilsinque son;andnegotiating abetter ricefromofftakers.

Farmerco-ops

FlourMillshasbeen workingwithseveralcooperatives inNigeria,including a‘supercooperative’, Babban Gona, afranchiseorganisationthat help ss tructuret hese typ es of fa rmersuppor tn etwor ks ac ro ss th ecountry. Itis particularlyhelpfulwith onethornyproblem –the lackofbandwidth face d by manybanksand governmentswho wantto lend ot heiragricultural

Digital transformation is akey enabler for future growthin

Africa

Africastands at theforefrontto harnesstherapid advancements in technology unfoldingatanunprecedentedpace. The emergenceofinnovativedigital technologies is certainto havea profoundimpactoneconomies, businessesandinternational trade across thecontinent.

At Coca-Cola Beverages Africa (CCBA),werecognise the pivotalroleofdigital transformationindrivingour operationsacross 15marketsin Africa.Byembracing innovativedigital technologies, weareenhancingcollaborationand connectivity throughintegrated networksofourpeople, systems andprocesses, empoweringus to adaptandnavigate arapidlyevolvingbusinesslandscape.

Our digital transformation journeyatCCBAisnotmerely astrategy;it’s anessential componentin steeringourbusiness into thefuture,ensuringourcontinuedrelevance aswe future-proof ouroperations.

We aredigitalisingourbusiness processes throughsingle end-to-end Enterprise Resource Planning (ERP)withMicrosoftDynamics365andbest-in-class third-party applications.Ourtransitionto D365andbuildingone ERP acrossour footprinthas alsohad benefits inmanagingcybersecurity

Oncompletion,everyCCBA site inevery countrywhereweoperatewill followthe same automatedbusinessprocesses,accessingthesame dataandbusiness intelligence.This intelligenceandanalytics provideCCBAbusiness functionswith accurate,timeous, actionableinsightsfor growth

For our customers,wearebuildingnewroutes to marketand forgingadditional partnershipswhileprotectingand strengthening traditionalones.

We have created adigital platform that enhancesour customerservice bymakingit easier forthemto placeand track orders. By investingin technology,weenhance thecustomer experienceand createthe opportunity for large retailers and even the smallestfamily-owned shopstodobusinesswithus,digitally,fromany device

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This willallow ourcustomers to reachuswhen they want,how they want, asoften as they wantand to access arange ofpersonalisedservicestailored totheir needs andbusiness profile. This platformis currentlyoperational in SouthAfrica and Kenya, anditwas recently launchedin Ethiopia, Tanzania,NamibiaandMozambique. We consistently attract asubstantial numberof userstothe site everyweek, andin2024, weplantoexpandthis technology to additional countries.

Digitalisation will continuetobeatthe coreofourplanstoincreaseproductivity and refresh Africaeveryday

sector, butwho do nothave the resources topursue defaultersandthereby re coverlostfunds. “[Tryto] go chase 50,000 farmers!”says Coumantaros.

However, ifthemajority of farmers are in a cooperative, and thebankor offtaker lendstothe co-op, “there’sa lotmorecollective responsibility ”. Once you have thathigherproductivity, other issues startto loom, andoftentheseare problemsthatcompanies– evenblue chips–cannotsortout by themselves.

Basic infrastructure isoneofthecountry ’s bigge st challenges. Nigeriahas a few large agribusinesscompanies – DangoteSugar, BUA FoodsandFMN. But nothingcompared with, for example, BRF, theglobal agribusinessbehemothwithmore than30brandsin itsportfolio andanannualturnover above $500m.

Coumantarossays a key reason for thesuccessof nationswith robust, largescale agribusinesslike Brazil, the US, Argentina and Australiais logistics, notablytheir railandport networks. “[The railways inNigeria] are completelyunderutilise d and underdeveloped,” headds.

Beyond logistics andcheapinputs, agribusinessneedspower, whichis Nigeria’s Achilles heel.

“To dat e, po we r hasalway s beenprovided by thestate, which do es n’t re allypr ov ide it ,” says Coumantaros Thisis a common complaintofNigerianindustrialists, whoare often forced tobuild power stationsnexttoindustrialplants

Onesolutionisthecreationof specialagro-industrialprocessing zones, with waterand power and transportsolutionsallconcentrated inoneplace. The AfDBiscorralling morethan$500mintothecreation ofaseries of zonesacrossthecountry,inwhichFMN isparticipating.

Debilitatinginterest

Thebroad macroeconomic policy stance isalso important, notablyinNigeria,which“inthepetro-dollardays has kepta verystrongcurrency, whichenables imports cheaperthan localproduce”, says Coumantaros.While thathashelpedsuccessive regimesinNigeria keepthe populationincities quiet, ithasmade life incredibly difficult for farmers.

“Andtheotherthingthatindustries ne ed is low- cost development funding,” says Coumantaros. “Youcan’t inve stinanything,let aloneanindustry, if you’re paying20%or30%interest rate.” Finally, Coumantaros wantstose e somekindofprotection for industries

intheirinfancy. A new tomato factory in Kaduna, for example, is “inherentlynotascompetitive assomethingthatisalready established”, evenifyieldsof40 tonnes perhectare are possible withirrigation.“Butit is hard for thoseindustries whenthey are competing againstimports dumpe d fromChinaorwherever – we ne ed protection.”

Thismightinclude tax relief fora limite d period, somethingNigeriaalreadyhasinplacewithits‘Pioneer Status’ tax exemptions, orsomekindoftariffonimports for se ctors the governmentistryingtoprotect.

Economic zone s, a cheapcurrency, tariff barriers andsupportive industriallending – straightoutofthe East Asianplaybook(or, whisperit, the US playbook underAlexanderHamilton).There is a strongpush againstthis kindof economic thinking;partly a hangover fromthe Cold War era,where fe ar ofRussia was conflate d withseeingsocialismin everything. Itisalso partlyfrom bitter experience – there are many case s of fa iled industrialpolicy litteringthelandscape.

Shiftinggears

Coumantarosemphasisestheneed toputproductivityfirst–butalso thatthere is a time andplace for governmentintervention,so long asitis focusedonproductivity for agriculturethenindustry.

“In development, theinvisible hand ismaybea little less invisible,” hesays,butpointstothe waythat Asiancountries have managed to take a long-term,organised approachto building strongcompanies– andhe wantsNigeria totake thesamepath. “We have gota great chanceto move a fewnotchesuponthe developmentalcurvetowhere we shouldbe,sothat we’renotimporting everything,” hesays,pointingtotheattemptstoallow thenairato reachitstrue value.

To findthenext gear,Coumantarosbelieves Nigeria should double downonits energysectorandspendthe windfallontheinfrastructure andindustrial lending that itwill take tokick-startan economic renaissance. A renaissancethatissobadlyne eded in “a countryapproaching230 million people, growing at 2%-3% year”.

“We’ve seenthe[Dangote]oil refinery, we’ve se en two verylarge fertiliseroperations,and we ne ed to se e, frankly, two morea ye arofthose type ofoperationsfromtheoilandgassector,” says Coumantaros “That’s theengine ofourgrowth,whichgives us the foundation for diversification.”

CARMANUFACTURING

WHOIS WINNING AF RICA’S AU TO INDU ST RY RA CE ?

WhileSouthAfricaandMoroccoaretheundisputedleadersinthe productionofnewvehiclesonthecontinent,newcomersareafterapieceof theactioninthishigh-potentialmarketthatisundergoingradicalchange

By MATHIEUGALTIER

Rightnow, all roadsintheglobalautomotive industry leadtoAfrica.By2030,thesector issettoenjoya compoundannualgrowth rateof6%onthecontinent–twicetheglobal figure, according toconsultancy firm Mordor Intelligence. Thisboom,driven by urbanisationand theemergenceofamiddle class,makes Africanotjust the next market to conquer, but potentiallythenext international vehiclemanufacturinghub.

Whilethesecond-handsectorstillaccounts forthe majorityofAfr ic anconsumersales, purchase s of new vehicles continuetorise– by 14% forpassenger carsbetween 2022and2023, accordingtotheAfrica Automotive DataNetwork,aSouthAfricancompany specialisinginautomotive-sectordata.

Similarly,withonemillionunitsproducedper year (1.2%oftheglobalsector)intermsofmanufacturing, Africaisasmallplayerwith roomtogrow.While95% of locallyproduced vehicles comefromSouthAfrica andMorocco, othersare expected tostepuptotheplate.

Thetrajectoriesof thesetwo countries offer valuable lessons The main reason for SouthAfrica’s success isinescapable: vehicles therearedrivenontherighthandside ofthe road,asisthecasein10EastAfrican countries As themostmaturemarket,itisanobvious choice forcarmakers.

The authorities have alsointroduced very favourable legislationsincethemid-1990s:tax exemptions, local assemblyallowances formanufacturersofmorethan 10,000units a year, repaymentof12.5%ofadded valuein

FRÉDÉRIC

Africamanufactures1.2% oftheworld’svehicles

the formofimport-duty exemptions, and a 20%subsidy forinvestmentincertainassets.Therearemorethan 500subcontractors and equipmentmanufacturersbased inthree clusters:EasternCape(Volkswagen,MercedesBenzandIsuzu),Gauteng (Ford,NissanandBMW) and KwaZulu-Natal(Toyota). As a result,40%of vehicles are made from locally manufactured components. In 2022, Ford announcedthe relocationofproductionof dieselengines forits Rangerpick-upstothecountry.

Morocco, withitssmaller market, has two competitive advantages:politicalstabilityensured by asystemof powercentralisedaroundKingMohammedVI,andits geographicalandcommercialproximitytoEurope.

Globalplayers

The vastnessandmodernityof TangerMed– ranked fourth inthe World Container Port PerformanceIndex 2022–means that Renault, Stellantisandothers canstore theirthousandsof vehicles bound forAfrica,Europeandthe Middle East. Stellantisisinvesting €300m($325.7m)to double productionatits Kenitraplantto 400,000unitsa year,proofofthe “sustained paceof developmentin Africa andtheMiddle East region”, thegroup’s CEO,Carlos Tavares, saidinNovember2022.

“SouthAfricaandMoroccoare reapingthebenefitsofanoffensive strategythatcombines exportincentives and a protectionistpolicy withstrict restrictionsonimports ofsecond-han d ve hicles,” says Johan de Jager, COO at AIHGroup, a consultancy specialising inthe automotive industry For him, “Africaisthenextfrontier toconquer”–anarea where globalplayersneed tobe present,andnotjustthroughassemblyplants.

OtherAfricancountries areseekingto replicatethis success,observingthatinSouthAfricatheautomotive industryemploys3%ofthe workforceand earns 4.9% ofthecountry ’s gross domestic product. Tunisiahas beenactive inthe subcontracting sector for several ye ars, for example withthe Coficabgroup,a world leaderincabling.Meanwhile, thinktankODIpredicts Nigeriacould become a hub for vehicle manufacturing. Its researchershave listed50automotivecomponents (winches, tyres, bearings, amongothers)inwhichAfrica’s mostpopulouscountryhasacomparativeadvantage.

Withthedisappearanceofcombustionengine s in Europeanduncertainty over thepositioningofChinese carsin general,thereis room fornationalbrandswith

a strong identity offering economical petrol models. DeJager identified 10 promisingcompanies acrossthe continent, including Ethiopianbatterymanufacturer Tadkob, gasketsspecialist SupremeGasketsinZimbabwe, andbrake and exhaustsystemsmanufacturerHarlequin inGhana.TheAfrican Au tomobile Manufacturers Association(AAAM) is lookingtoIndiaasan example. Thecountryhas a populationandGDP roughly equivalenttothatofthewholeAfricancontinent,but produces fourtimesasmany vehicles

“Ourvision istoproduce onthe continent and forthe continent,” says Victoria Backhaus, head oftheproject officeofVDA-AAAMinSouthAfrica,whichconnectsthe GermanandAfricanautomotive industryassociations.

“Weneed betterintegrationof valuechains.Themost importantistoputinplace a balanced frameworkalong thelines oftheSouthAfrican example,” she says Backhaus estimates thatAfricacould increaseproduction to 3.5million vehicles a year.

TheAAAMisbankingheavilyon theAfrican Continental Free Trade Area (AfCFTA)as a “gamechanger”. InOctober2022,theAAAMlaunched atask forcetoconsiderharmonised customstariffsoncomponentsand astrategyto reduceimportedused vehicles by half. TheAfrican ExportImportBankhasalsopledged$1bn toaidmarket development.

Employmentpotential

Africa’s na t ural re source s offer a significantadvantage– itssubsoil isrichincriticalmetals “Add ing valuetomineralsisamajorsource [ofgrowth],” says Backhaus. “That’s where you cancreatemany jobsandpositivelyimpactthe economy.” Countries like Mali(lithium),Zambia(copper) andCameroon(aluminumandrubber)canpotentially jointheautomotive valuechainiftheAfCFTA delivers.

China,theindustry ’s leadingplayer, has recognised Africa’s importance by investinginitsminingandautomotive sectors. Chinesecarshave becomeubiquitous onAfrican roads,and BAICopenedaR11bn($600m) manufacturingplantinSouthAfricain2018 Egypt, with itsinfrastructure, marketandEUtradepartnership,is reportedlyinadvancedtalkstoattract Asianinvestors.

Thissectoralgrowthhasenabled theemergenceof nationalAfricanmanufacturerslike Ghana’s Kantanka, Kenya’sMobius,Morocco’s NeoMotorsand Tunisia’s Wallyscar. As WallyscarvicepresidentZied Guiganotes: “There is room for nationalbrandswith a strong identity offering economicalpetrolmodels.”

i nteg rat

Thepol it ics of integrat ion

EAST AFRICA

Lefttoright: PaulKagame (Rwanda), Yoweri Museveni(Uganda), AbiyAhmed(Ethiopia), Félix Tshisekedi (DRC),SamiaSuluhu Hassan(Tanzania), WilliamRuto(Kenya)

WiththeDRC asitsnewestmember, theEastAfricanCommunityhas powerhousepotentialthatKenyanand Tanzaniancompaniesarealready mining,butrivalriesandself-interest handicapitsvisionofregionalunity

By MUSINGUZIBLANSHE inKampala

Theties thatbindacrossnations comeinmanyshapesand forms. EastAfricahasseveral,including twocommonlanguages,Swahili andEnglish,andan economic bloc –theEastAfrican Community (EAC) –thatdeliversbudgets andcoordinatestax andthefree movementof goods,peopleand capital,howeverimperfectly.

EastAfricaalsohas aslewof regionalprojects –pipelines, railways, roadsandpowerpools–fosteringtheemergenceof ahost ofcompanies thataregrowingand expandingintothe region.

EyesonEthiopia

BanksfromNairobiand Dar es Salaam aresettingupinthe DemocraticRepublicofCongo (DRC),thelatestmemberofthe bloc.TheEACnow has apopulationof284millionpeopleand acombinedGDPofmorethan $300bn,accordingtotheEast AfricanBusiness Council.

EACsecretary general Peter Mathukisays Ethiopiaisnext, which wouldadd 120million peopleand$115bninGDP.Again, Kenyanfirms were firstmovers: telecomsgiantSafaricomis rolling outmobile-moneyservicesin AddisAbabaandbeyond.

“If we admit Ethiopia,theEAC marketwillbemorethan500 millionpeople,”Mathukisays “Nobodywilltalk[about]markets andsecuritywithouttalkingabout EastAfrica.”However, politics cloudthis rosyprospect.Despite effortstostrengthenpartnerships, spatsbetweencountries laybare faultlinesinaregionthatis eyeing acommoncurrencyandpolitical federationinthecoming years.

On 11 January,Burundi’s President EvaristeNdayishimiye closedhiscountry ’s border with Rwanda overaccusations thatKigaliisbacking arebel groupfightinghis government. Rwanda denied theallegation.

Safeguard with cover INSURANCE DOSSIER

EquityInsurancehasmade astrongstartinitsfirstyearof tradingafterregisteringalmost 300% growthinpre-taxprofitin Q32023.Increasinghealthinsurance penetrationinKenyaand investing$34mfromlocalpensionfunds aretwo keytargets

MillicentAkinyo holdshernewborn babygirlatthe MbagathiHospital inNairobi,Kenya

By HERALDALOO inNairobi

EquityGroupInsuranceHoldings Limitedexpects toinvestmorethanKSh5bn($34.9m)frompension fundsthis year,helping doublemarketpenetration ofitsproductsin Kenyaoverthe next fiveyears while providing astablesourceofcapitalforthe Group,saysAngelaOkinda,themanagingdirector ofEquityInsurance.

“We’veseenaflightof depositswhere customers wouldwithdraw moneytoinvestin treasurybills,” says Okinda.“However, you’llalso findthatthe impactonlifeinsurance or savingsproductsis very slow becausemostcontractsarelong-termand withdrawalsbearsomepenalties or exclusion.”

Customershave been migrating depositstoinvest in government debt,whichcurrentlyoffersinterest ratesofbetween16%and18% versuslessthan10% incommercialbanks.

“Lifeinsurance andpensionswillprovide long-termcapital,diversifyingtheportfolioof EquityBankandallowingustohave both longand short-term value,” says Okinda

Sharedcapital

“Bankingisintermediation;ittakes fromthosewho have andgives tothosewho don’thave. Pensionsare cumulativegrowthfor life. Onthatbasis,wethink ourinsurancebusinesscanbe verybig,” says James Mwangi,EquityGroupCEO. “Thefutureisthe insurancebusiness.”

Sinceits establishmentinMay 2023,Equity Insurance —a subsidiaryofEquityGroup covering life, health,pension,and general/assetinsurance— has madeastrongstartintheinsurance industry, distributingmorethan8.4 millionpoliciesand a stablechannel of income forthegroup.

Driven by increased earningsfrompremiums, EquityInsurance recordeda 296%growthin pre-tax profitto KSh352minthethirdquarter ending September2023, at atimewhentheinsurance industry wasbattlingwidespreadfraudandhigh claims.Inthesameperiod,thegroup’s netprofit grew slightlytoKSh36.2bn,majorlysupportedby subsidiaryoperationsintheDemocraticRepublicof Congo(DRC),wherethegroup is planningto launch healthandinsuranceproductsinthe nearterm.

Theindustry’stotalinvestments inthe long-term insurancebusiness rose 11.6%year- on-yearto KSh655.1bnasofSeptember2023, with treasurybills and bonds generating 76.9%,or KSh503.55bn,to benefitthesector.

Before that,asofJune2023,for six monthsalone, Equity’sinvestment returnonits pensionportfolio was12.6%compared to the marketaverage of 1.2%, accordingto Okinda.

Theinsurance businesshas more than890,700 uniquecustomersunder variouspolicy covers while

IV AN LIEMAN/AFP

MAURITIUS FOCUS

Fork in the road

Whetherelections areheldthisyearor inearly2025,the pollcouldsignifyan economicturning pointfortheisland state.Mauritushas showngreat resiliencebutits economicmanagers stillfacefinancial challenges

By KERVINVICTOR inPortLouis

PrimeMinister PravindJugnauth’s five-yeartermapproachesitsend inlate2024, usheringinacritical electoralphasethatcould reaffirm Mauritius’current governanceor signalashiftinboth leadership andpolicy.

Jugnauthcomesfromapolitical dynasty:his father,SirAnerood Jugnauth, wasprimeminister fora totalof18 yearsandstepped down in2017afterwinningthe2014 election,atwhichpoint Pravind took over.Jugnauthsolidified his positioninthe2019elections,with hispartyandallies securing42of 70parliamentaryseats.

Jugnauthhashintedthathemay delayelectionsuntilmid-2025, which wouldbepermitted legally afterparliament’sdissolutionthis year.Theoppositionis demanding thatthepollsbeheldin2024.

As electionsdraw near,confrontationsbetweentheopposition andthe governmentare expected to escalate.Thepoliticalskirmish overthenationalelectiondateis setagainstMauritius’backdropof economic recovery.

Businessisbriskin PortLouis,withfinancial servicesnowtheprimary economicsector

ENERGY DOSSIER DOS

WindturbinesatNgongPower Station,Nairobi.KenGenaims tosupplycost-effectivewind, geothermalandsolarpower

En ou gh fo r ev er yo ne

Kenya’selectricityutilityKenGenhasunveiled plansfor430MWinnewwind,solarand geothermalprojectsamidrisingdemandfor powerandcountrywideblackouts

By HERALDALOO inNairobi

REMEMBER ING HERBERT WIGW E

majortribes]. Ican’ttell youwhat abig deal it was, atthetime,foraPortHarcourtboy to excel withinthat context,” Tonyesays.

In2016,Wigwe established the Herbert Onyewumbu Wigwe(HOW) Foundationto investinphilanthropicprojectsnationwide, butmostlyinIsiokpo,hisancestralvillagein Ikwerreland. He inheritedthisstrongsense ofdutytohishometurf, andhumanityin general,fromhisparents–both Pentecostal Christianpastors.

DON Corres

NUKOGBARA

spondent, TheAfricaReport

SinceHerbertOnyewumbu Wigwedied(aged 57)in ahelicoptercrashin Californiaon 9February —alongside hiswife, Chizoba, sonChiziandfriendAbimbolaOgunbanjo –countlesstributeshavepoured in. Wigwe’s admirers recalled hisimpactoncorporate Nigeria,hisinternational reach,brilliance, vision,boundlessenergy,charisma,humble, compassionatestreakandnumerous awards.

Whatdid Wigwemeantohis ‘own’people?

Despitebeinganenthusiasticcitizenofthe worldwho married awomanfromanother stateandsocialisedwidely,Wigwewas aRivers man.Buthedidnot wanttobeknown as ‘a quintessentialRivers gentleman’–asomewhatpatronising tropeofjolly good fellowsmore interestedincivilisedleisureactivities and gentlecivil-service jobsthanchallengingcareers.

Accordingto Tonye(nothis realname), alawyerandchildhoodfriend,“Herbert wasfixatedby the ideathat we needed to avoidthisstereotype and do welloutside government.”

Wigwesettled in Lagosandbagged the executivedirectorshipofG uaranty Trust Bank(GTB),thenwidely regarded asthemost dynamicfinancialinstitutioninNigeria. “GTB wasownedbyYorubas[oneofNigeria’s three

“Herbertunderstoodthe link between wealthand responsibility.Hetookan active interestinthe developmentofRivers youngsters.Hedeliveredmoralandpracticalsupport.Hewas determinedtohelpasmanyas possibletoimprove theirskills,sotheycould confidentlycompeteandsucceed,” says Tonye. TheHOWFoundationhas achievedlaudable featsin education,health, youthempowerment, sportsandart,aswellasbuildingthe Wigwe UniversityinIsiokpo set toopeninSeptember

WithAmbassadorIdaereGogoOganand otherprosperousRiversstakeholders,Wigwe co-founded the PortHarcourtcharityOne Love. “Weweremotivatedbyadesiretorecapture thecamaraderieandcommunityspirit we had enjoyedwhen wewere growingupinthe1970s and1980s,” Ogan recalls

ThedayHerbert, ChizobaandChizicame homeincoffins,Port Harcourtairportwas like afuneralparlourasstaff expressedprofound grief over thetragedy. Sombremournerslined the streetsneartheairportasthethreehearses made their waytoIsiokpo, their final resting place.Itwas atraumaticsight.

So what next?Will Wigwe’sgood works graduallywitheras time goes by?

“No!” Tonyesays. “Herbert wasobsessed withsustainabilityandput very well-curated successionplansinplace …Hewasalways sayingthatthere mustbe aPlanBincase thosewhoareputinchargeofPlan Aenteraplanethatdropsoutofthe sky.” Littledid heknowhewould betheonetodropoutofthesky.

AtthecrossroadsofAfrica,AsiaandtheArab World

Thefutureisonthemove

Anenvironmentconducivetoinnovation

Adiversifiedeconomy

Aregionallogisticsandtransport hu b

Internationalstandard infrastructurea nd services

Newtourismopportunities

Ahomeportforinvestors