Latest news with #AfCFTA
Zawya
3 days ago
- Business
- Zawya
#AfricaMonth: Danilo Acquisto - Nurturing Africa's creative economy
I believe that Africa's creative economy has the power to ignite a shift from being a place of extraction to one of innovation, ownership, and exponential growth. But this won't happen by accident. Danilo Acquisto, CEO and co-founder of video specialist digital agency, Special Effects Media South Africa gives the case for the untapped intra-African trade opportunity in media and marketing. It requires deliberate investment, bold partnerships and coordination, and a long-term vision that recognises the continent not just as a collection of markets, but as a collaborative economic force. Africa's economic renaissance For too long, Africa's role in the global economy has been that of the world's back office—outsourced skills and labour, raw materials, and rich land. While this has created some economic 'inclusion', it has also kept African nations largely on the periphery of true value creation. But what if we reimagined Africa not as a supplier to the world, but as a serious global economic player in its own right? As South Africans, we've often looked outward for growth—courting markets in the US, UK, and Australia. Yet, beneath our feet lies a $3.5tr opportunity: the African Continental Free Trade Area (AfCFTA), aiming to unite 55 countries into a single market of 1.3 billion people. This isn't just a trade agreement; it's a blueprint for Africa's economic renaissance. The creator renaissance We are currently living through a renaissance in African creativity, fuelled by digital platforms that give creators the tools to build careers and reach audiences like never before. Across the continent, young Africans are picking up cameras, editing content on mobile phones, and sharing stories that have global reach. Africa's internet economy is projected to reach $180bn by the end of this year, accounting for 5.2% of its GDP. By 2050, this figure could soar to $712bn, or 8.5% of GDP.A recent report by the Influencer Marketing Hub estimates that Africa's creator economy is still less than one percent of the global total, but growing rapidly—particularly in Nigeria, Kenya, Ghana, and South Africa. In 2023 alone, content creator earnings in sub-Saharan Africa on platforms like YouTube, TikTok, and Meta grew by more than 30%. Even in South Africa, the ecosystem is still under-monetised compared to Western counterparts. This is what we mean by a renaissance—an explosion of untapped talent, audiences, and ideas that are finally becoming economically viable thanks to pixels and bandwidth. But the infrastructure, trust systems, and support mechanisms needed to scale it are still in their infancy. For a more personal view, our business (Special Effects Media) has worked on creator education programmes that trained over 3,000 creators across South Africa, Nigeria, Ghana, and Kenya. What became immediately clear is that the barriers are not creative—they're systemic. Payments are difficult. Brand deals are inconsistent. Legal and banking systems don't always work in the creator's favour. And yet, the hunger to grow and the calibre of content being produced is world-class. Learnings from the frontlines of intra-African work This is not just theory for us—we've done the work. When assisting one of Africa's premier OTT streaming platforms with a rebrand and creator campaign, we were surprised by the deep lack of trust among top-tier Nigerian creators. Unlike South African creators, who typically trust that contracts will protect them, Nigerian talent negotiated 100% upfront payments before work began. Many were sceptical that contracts could be enforced—especially across borders—and they weren't wrong. The legal systems, enforcement mechanisms, and regulatory frameworks vary greatly, and cannot be assumed to function like South Africa's. That lesson cost us lots of time, money and trust. We also experienced immense delays and confusion within the banking system. Payments were returned, delayed by weeks, or lost in opaque processes. This created tension, undermined trust, and slowed progress. The lesson? Every market operates by its own logic, and expansion requires deep understanding of local financial, legal, and operational norms. Assumptions are expensive. You cannot simply decide in three years to expand across the continent overnight—it will be too late. Trust is built over time. In Nollywood, we were invited to consult on how to monetise digital film distribution via YouTube. Despite the sector being decades ahead of South Africa's, there was a glaring gap in digital infrastructure and know-how. The demand for support was enormous, but again, regulatory and payment system issues slowed everything down. Still, the opportunity was undeniable. The long game: Building Pan-African networks Is Africa a good business bet? If you're looking for short-term returns without long-term investment, maybe not. But if you're building for the future, there are few regions in the world with as much growth potential. Let's connect the dots. Africa has the world's youngest population, fastest urbanisation rates, and rapidly growing internet penetration. According to the World Bank, by 2030, 42% of the world's youth will be African. As American media and marketing strategies become more nationalistic and saturated, global brands are looking for growth markets elsewhere—and Africa's burgeoning middle class and digital-savvy youth are becoming impossible to ignore. The global influencer marketing industry is projected to be worth $24bn by next year. Africa's share is currently a sliver of that, but even a small shift in investment towards the continent could yield massive returns. Companies that build trust now, understand local infrastructure, and establish credibility with creators and audiences will dominate later. This is not about sentimentality or Pan-African idealism. It's about business logic. When large-scale investment lands in Africa, those who have already built networks and proven trust across borders will be the go-to partners. Multinationals won't want to operate in just South Africa or Kenya—they'll want partners who can activate across the entire continent. Call to action (and a roadmap) This Africa Month, let's shift our perspective. Africa is not just a source of raw materials or a destination for outsourcing; it's a vibrant, dynamic market brimming with potential. What do we do now? - Deep Localisation: We're not copy-pasting strategies. We're adapting content, contracts, and campaigns for each market's unique context. - Creator Trust Systems: We're building payment protocols, legal processes, and partnership models that work for creators—especially in lower-trust environments. - Partnership-Led Expansion: We're forming alliances with local agencies, media networks, and legal experts to bridge the knowledge and operational gaps. - Investing in Infrastructure: From better payment systems to local language support, we're prioritising the building blocks that enable scale. Our hope? In three years, we aim to be the most trusted creator economy partner in at least three African territories. Not because we planted a flag, but because we nurtured relationships, delivered real value, and stayed the course. We believe that success in Africa will not come from tech alone, or even talent alone, but from trust. Trust built slowly, proven consistently, and scaled deliberately. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Business Insider
4 days ago
- Business
- Business Insider
AfDB secures record $11 billion in new investments for 2024–2025
The African Development Bank (AfDB) has announced a record $11.1 billion in new investments for 2024–2025. The African Development Bank (AfDB) has announced $11.1 billion in investments for 2024-2025, marking record new commitments. $5.5 billion of the funding is devoted to climate finance to promote inclusive growth and resilience. The Bank's progress aligns with its High 5 strategic pillars, including energy access, food security, industrialization, integration, and quality of life improvement. The African Development Bank (AfDB) has announced a record $11.1 billion in new investments for 2024–2025, as revealed in its latest Annual Development Effectiveness Review, a comprehensive assessment of the Bank's impact over the past year in advancing development across the continent. This marks the highest volume of new commitments in the Bank's history, reinforcing its position as a key financier of Africa's development goals. Of the total, $5.5 billion has been allocated to climate finance, highlighting AfDB's central role in promoting inclusive growth and building resilience across Africa. The report outlines progress made under the Bank's five strategic pillars — known as the High 5s: Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. This year's review also reflects the sharper focus of the Bank's new Results Management Framework (2024–2033), featuring a more streamlined set of indicators. These cover cross-cutting priorities such as youth empowerment, gender equality, economic governance, climate action, and resilience. "Africa's potential is boundless, but realising the opportunities requires strategic investments at scale. In a world confronting its own challenges, this is the moment for African institutions like the Bank to take the lead in driving the continent's transformation,' Dr. Akinwumi A. Adesina, President of the African Development Bank Group said. Impact report According to the report, 14 million people accessed improved healthcare services, while 5 million gained clean water. The Bank's investments created 260,000 direct jobs, reinforcing livelihoods across sectors. In transport, 3.5 million people benefited from improved access, strengthened trade corridors and supported regional integration under the African Continental Free Trade Area (AfCFTA). Energy access also expanded, with nearly 1 million people connected to electricity and over 1GW of new generation capacity, mostly from renewable sources. In agriculture, 1.5 million farmers adopted climate-smart technologies and 25,000 agribusinesses received support, boosting food security and climate resilience.
IOL News
5 days ago
- Politics
- IOL News
Africa growth summit: charting a course for African prosperity
Children look at the fin of a mortar projectile that was found at the Al-Abassi camp for internally displaced persons, after an attack by rebels, in Mellit town, North Darfur. We are witnessing protracted instability in Ethiopia, Somalia, and Sudan, where conflicts have displaced millions. Without peace in the Horn of Africa, the vision of a unified, prosperous continent is incomplete, says the writer. Our world is going through a seismic shift, one not seen for the last three generations and more. As Africans, we face the world's contemporary challenges: tariff wars, geopolitical uncertainty, regional conflict, and increasing Balkanisation. The present remains a great paradox for the African continent. On one hand, the moment is fraught with complexity; on the other, it is rich with potential. We cannot ignore the troubling rise of anti-democratic practices, including intimidation and suppression. Our future cannot be built on democracy under siege. One area demanding urgent attention is the Horn of Africa. We are witnessing protracted instability in Ethiopia, Somalia, and Sudan, where conflicts have displaced millions. Without peace in the Horn of Africa, the vision of a unified, prosperous continent is incomplete. Here's what we can do. First, strengthen regional diplomacy under the AU and IGAD, ensuring African solutions to African problems. Second, support inclusive governance and peacebuilding, especially where ethnic and political fault lines run deep. Third, invest in post-conflict reconstruction, enabling economies to recover and communities to rebuild trust. Fourth, and most importantly, protect civilians, empower local peace actors, and ensure peace is more than simply the absence of war. It is the presence of justice, economic opportunity, and political dignity. We must also be clear-eyed about the geopolitical opportunity before us. As the world's two largest economies - China and the United States - remain locked in a prolonged tariff war, global change is on the horizon. In this disruption lies Africa's strategic opening. This is our chance to make our move: position Africa as a stable, neutral trade hub, attract re-routed investment and manufacturing, and accelerate intra-African trade through AfCFTA.
The South African
6 days ago
- Business
- The South African
B20 South Africa champions growth at Africa CEO Forum
The Africa CEO Forum this week became a powerhouse of bold ideas as Business 20 South Africa (B20 SA), the official G20 business engagement group, explored how the African Continental Free Trade Area (AfCFTA) can serve as a catalyst for industrialisation, investment and economic integration across the continent. QUIZ | Test your B20 knowledge with this 2-minute survey – AND WIN R2 000! Dr Anthony Costa, Head of the B20 South Africa Secretariat, together with fellow experts, delivered a powerful call to action during the 'Invest in South Africa' panel, urging a paradigm shift in how the world engages with Africa's development. In his remarks, Costa emphasised the importance of clear, actionable policy frameworks that enable sustained collaboration between governments and the private sector. He noted that B20 South Africa is currently driving a year-long process that convenes more than 1 500 global private sector leaders across eight Task Forces. The aim is to develop practical recommendations that align business efforts with government priorities to unlock inclusive growth, in a cooperating world. The panel also explored mechanisms to improve investor confidence in Africa's industrialisation agenda. Three core areas for action were outlined: establishing clear and trackable public-private partnership models, enhancing governance and transparency systems and addressing critical skills shortages through targeted development programmes. Deputy Minister of Trade, Industry and Competition Zuko Godlimpi added: 'President Cyril Ramaphosa has been adamant about cutting red tape to streamline company registrations and merger approvals in South Africa. 'We have strongly advocated to the Competition Commission for faster review and approval timelines. 'This is critical to facilitating smoother partnerships between South African and foreign businesses and ensuring investments in the country can flourish.' Costa stressed that improving policy certainty and governance standards is essential to creating an enabling environment for investment. On the question of Africa's role in mobilising global capital, Costa urged stakeholders to reframe the continent's investment narrative. 'Africa must move from being viewed through a risk lens to being recognised for its strategic opportunities,' he said. He also pointed to South Africa's G20 Presidency in 2025 as a strategic moment for the continent. Through B20 South Africa, the private sector has a direct channel to shape global economic priorities while ensuring African perspectives are embedded in that process. 'B20 South Africa is building a strong, credible platform to advance the continent's growth agenda,' he concluded. 'We are focused on delivering outcomes that are not only ambitious but practical and implementable by both business and government.' Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Zawya
24-05-2025
- Business
- Zawya
Tanzania's New Foreign Policy Reaffirms Pan-African Leadership and Vision for Intra-African Cooperation
In a landmark diplomatic step, Tanzania has launched a revised National Foreign Policy that reinforces the country's leadership in African diplomacy. The updated policy embraces Pan-African values, supports the African Continental Free Trade Area (AfCFTA), and advances regional peace, integration, and sustainable development. The launch event, held at the Julius Nyerere International Convention Centre (JNICC) in Dar es Salaam, was officiated by H.E. Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania. It was also attended by Dr. Hussein Ali Mwinyi, President of Zanzibar and Chairman of the Revolutionary Council, members of the Diplomatic Corps, senior government leaders, and private sector representatives. Rooted in the vision of Mwalimu Julius Nyerere, Tanzania has historically championed unity, liberation, and non-alignment in African diplomacy. Under Nyerere's leadership, Tanzania became a moral compass for the continent and a founding member of the Organization of African Unity (OAU). 'This policy speaks on who we are as a nation—firm in our values, proactive in our diplomacy, and committed to constructive partnerships that advance peace, security, and shared prosperity,' President Samia said during the event. The new policy reflects this legacy while responding to contemporary priorities like trade, migration, regional infrastructure, climate action, and digital transformation. It aims to deepen Tanzania's engagement with continental bodies like the AU, SADC, and EAC while emphasizing Kiswahili as a tool for regional integration. President Samia noted that the revised policy was shaped through a broad-based participatory process involving Tanzanians from all walks of life. 'It was high time we revised the policy to cope with global shifts in various spheres,' she said, citing the global scramble for strategic minerals and trade disruptions caused by ongoing conflicts as key motivators. A core feature of the updated framework includes economic diplomacy and the creation of a Special Status for Tanzanians in the diaspora. The policy promotes legal reforms that would allow non-citizen Tanzanians abroad to own land, register businesses, and invest back home. To strengthen implementation, President Samia called on the Ministry of Foreign Affairs and East African Cooperation to engage retired diplomats in training current officials, ensuring that Tanzania's envoys are equipped to promote national interests globally. President Mwinyi welcomed the revised policy as a catalyst for unlocking social, economic, and political potential. 'Tanzania continues to position itself globally, and the revised policy aligns with evolving global needs,' he said. He urged the Ministry to encourage more countries to open consulates in Zanzibar and called on all Tanzanians to embrace and defend national interests through the policy. 'This policy will benefit both Tanzania Mainland and Zanzibar,' he emphasized. President Samia's regional outreach began early in her presidency. In April 2021, she visited Uganda, where she and President Yoweri Museveni signed the Final Investment Decision for the $10 billion East African Crude Oil Pipeline (EACOP). In May 2021, her visit to Kenya revitalized bilateral ties, followed by trips to Burundi, Mozambique, Rwanda, Zambia, and Egypt, resulting in cooperation on trade, energy, security, and innovation. At the June 2021 SADC Summit in Mozambique, Tanzania reaffirmed its commitment to regional peace by supporting the fight against insurgency in Cabo Delgado. In Ghana, she received the Africa Road Builders–Babacar Ndiaye Trophy for leadership in infrastructure development. In Senegal, during the IDA20 Summit, and at COP27 in Egypt, she positioned Tanzania as a leader in climate resilience, presenting an $18 billion renewable energy plan. From 2023 to 2025, she maintained strong continental engagement through AU summits, the BRICS Summit in South Africa, and diplomatic visits to Malawi, Zambia, South Africa, and Morocco. A key milestone in Tanzania's growing international stature was the invitation to the Lobito Corridor Development Project high-level meeting in Angola—part of the G7's Global Infrastructure Initiative. Although Tanzania was not originally a member of the project, its geographic and strategic relevance was recognized as critical to the corridor's success. In February 2024, President Samia unveiled a statue of Mwalimu Nyerere at the AU Headquarters in Ethiopia—a symbolic act that underscored Tanzania's foundational role in the Pan-African movement. As Chair of the SADC Organ, she presided over the 2024 Troika Summit in Zimbabwe, advancing peace and security initiatives and supporting Raila Odinga's candidacy for AU Commission leadership. On May 18, 2025, Professor Mohamed Yakub Janabi was elected as the next Regional Director of the WHO African Region, a milestone widely credited to Tanzania's rising diplomatic influence. His nomination followed the untimely death of Dr. Faustine Ndugulile in 2024. Janabi's appointment will be formalized by the WHO Executive Board later this month. According to Ambassador Mahmoud Thabit Kombo, the revised policy focuses on ten strategic pillars: Economic Diplomacy Peace, Security, and Stability Ratification and Implementation of International Treaties Participation in Regional and Global Bodies Promotion of Kiswahili as a Diplomatic Tool International Resource Mobilization Blue Economy Development Diaspora Engagement Human Rights and Good Governance Environmental Protection and Climate Leadership This updated policy reflects Tanzania's commitment to Pan-African unity while embracing innovation, inclusion, and global partnership. It sets the stage for the next chapter in Tanzania's regional leadership and sustainable development. Distributed by APO Group on behalf of Tanzania Ministry of Foreign Affairs and East African Cooperation.
