Africa is Open for Business

Writing or saying that Africa is the place to be for opportunities is not news. There is even a book titled Africa is Open for Business by Victor  Kgomoeswana . There are other write-ups about the potentials of Africa in various ways.

Not long ago, I was in Nigeria due to some family bereavement. I do have a first-hand experience of some developments in Nigeria and a closer appreciation of what is going on within Africa at the moment; the good, the bad and the ugly.

Africa has many things happening:

• Ebola has depleted a few countries of human and other resources

• There is a fast-growing young population

• Organisations like Tecno is proving that Africa is the place to be.

The Strengths of Africa lies in the fact that :

1. A growing mobile phone ownership base is now about 80%

2. 735 Million Africans own a mobile phone

3. There are 54 countries in Africa

4. Unprecedented connectivity to the wider world

The Weaknesses are glaring like:

1. Corrupt leadership in most countries

2. Lack of real access to funding to create new businesses and a new wake of entrepreneurs

3. Lack of clarity about how private foreign direct investment can be actualised

4. Uncertainty about stability in most countries

5. The cost of doing business is horrendous

6. Lack of data about opportunities

7. Security challenges

I spotted Opportunities amidst the challenges like:

1. Providing mobile solutions for development in sectors neglected usually by the governments in Africa like healthcare and education

2. Creating digital service-oriented solutions for popular issues like entrepreneurship, personal development, professional development etc.

3. Working on creating a Public-Private-Partnership project delivery approach across sectors

4. Employing crowdfunding to secure finance for programmes and projects.

The Threats I have encountered and continually see are:

• Lack of a unified front amongst African entrepreneurs

• Lack of active assistance to technology entrepreneurs and professionals in the diaspora willing to contribute to the development of the motherland by governments in Africa

• Inadequate focus on the development of the next generation of technology professionals on the African continent

• Lack of clear access to affordable finance to help technology professionals actualise their goals and dreams on the African continent.

 

My recommendations are :

1. Finance is key to the empowerment of Africans at home and in the diaspora to actualise their desire to seize opportunities across Africa

2. Mentors are needed

3. A united body of technology professionals with a clear, focused agenda to harness opportunities in Africa is needed.

4. Partnership with bodies like the AU, ABR ( Africa Business Roundtable Network) and other relevant bodies is key

5. An active platform for collaboration for diaspora Africans and friends of Africa is critical for innovation.

Africa has many challenges that are simply opportunities for the wise… Africa is open for business!

We will be sharing relevant information every week about innovation opportunities in Africa on the basis of my leadership of Innovate Africa

Dotun Adeoye.

Dotun Adeoye is the Founder & Global CEO of Innovate Africa.