Countries like Nigeria, with existing vulnerabilities, are currently experiencing a rise in inflation rates, a result of the ripple effects of lockdowns and national restrictions put in place to slow the spread of the virus.

Addressing the state of food security in Africa is necessary in order to achieve a sustainable economic development and create an inclusive and shared-prosperity for its people.

In a conversation between the CEO of the Tony Elumelu Foundation,, Ifeyinwa Ugochukwu and Director of Europe & Geopolitics, Shada Islam, Ifeyinwa highlighted the wrong priority on emphasising a financial economy than a real economy. “The focus should be on people, on jobs, on human capital, on productivity, as opposed to financial markets,” Ifeyinwa said in the interview.

“In order to create a future that is resilient and sustainable, the first port of call is food security. Food security for Africa, and for the globe,” she continued.

According to the January 2013 IISD Report “Food Price Inflation and Food Security: A Morocco case study”, “there is a need to meet domestic demand for food staples by easing restrictions on imports and continuing to reduce the gap between most-favoured nation tariffs and preferential tariffs, while keeping in mind the need to mitigate potential unintended negative consequences.”

Achieving food security requires that sufficient quantities of appropriate foods are consistently available, and that individuals, families and communities have adequate incomes or other resources to purchase or acquire food. However, this is a multi-dimensional problem which can be linked to healthcare, conflicts, policies, politics, leadership, trade, economic interests, and the environment.

Key drivers of food insecurity have expanded beyond conflict, and countries that have been affected would need to take a deep dive to figure out a compromise between policy and institutional reform, conflict resolution, infrastructure development, and the funding and implementation of community-based, food security-enhancing investments.

The post Tackling Food Insecurity in Africa appeared first on The Tony Elumelu Foundation.

We just want to know, how was United Capital able to achieve this?

United Capital operates within the global and local scenes, and operating environments have changed significantly in the past two years. Looking at the impact of the pandemic in Nigeria, how it has significantly affected small and medium enterprises that account for 50% of the industrial jobs, contributing on average, up to 49% of GDP, what United Capital simply did in Q1, was to leverage on the opportunities created by Covid. We changed our approach and took advantage of the situation to the interest of United Capital.

United Capital is part of the Heirs Holdings group and Heirs Holdings has a strong philanthropic footprint through the Tony Elumelu Foundation & UBA Foundation. What defines impact for United Capital?

For us, what defines impact is significance. The outlook of Tony Elumelu Foundation is a clear testament for how we Africans can grow rather than waiting for the foreign or developed economy. How Africans can take part in changing the narratives of Africa.

Impact is in our central objective to help develop African businesses that will permeate in actualising the vision of Africapitalism. Impact is in how we develop start-ups that will create employment across the lines of different sectors and grow into bigger organisations.

What are three leadership traits that entrepreneurs must have to succeed?

• Integrity: When you talk about leadership virtues, integrity is number one. It speaks volumes no matter who you are or what your business is doing. Let people believe your word is our bond. As a leader, people should be able to take your word to the bank.
  
  
• Excellence: As a leader, you must be able see things but have the mind of doing it differently. For you to excel, you must challenge the status quo. I believe in the saying that an extraordinary person is an ordinary person with an extraordinary amount of determination. Excellence has a lot to do with determination; it is a major leadership trait that has helped my career this far. Anywhere I have had footprints in my career, I always strive to leave the place better than I found it.
  
  
• Consistency: You must be consistent in your activities and how you deal with people. You must be very realistic in your approach. Even the act of consistency makes you a champion.

What is the Outlook For The Rest Of The Year For United Capital?

United Capital is at the forefront of delivering leading and innovative financial solutions and services.At the beginning of the year, we started implementing some strategic directions in the life and history of United Capital: an Africa rollout. Now, we have United Capital in Ghana which commenced full operation in March.

When we look at the future, given how far we have gone in the execution of the strategies and what we have achieved in Q1, we are quite optimistic that the outlook for the remaining part of the year looks great. For us, the game has just begun, and we are positive about the outlook on fortifying our position in Nigeria. We have been able to identify so many opportunities we hope to explore.  We are very dogged in our resilience to ensure these opportunities bring value to us as a group.

Whats Advice or Tips Do You Have For African Entrepreneurs To Achieve Success Through The Pandemic?

The next frontier for the development of Nigeria is the SMEs. I commend what the Tony Elumelu Foundation is doing to support SMEs – not leaving everything to the government. I believe this will lead to a convergence, which will transcend to an exponential development of the nation and beyond.

So my advice is this:

• Ensure that there is a market for your solution. You must focus on remodelling your distribution channel while you continue to tap into the opportunities created by the pandemic. You need to identify the changes that have occurred as a result of Covid-19 in your business line and leverage it.
  
  
• You need to manage your operating expense. I know in this part of the world, the cost of business is quite high but that will not be an excuse if you must succeed. Reducing operating expenses and introducing new product solutions to address your market is very key.
  
  
• There is a need for you to be resilient. If you must succeed, you should not be frightened because of the giants that exist in the market. If you must drive volume in that market, you cannot be mediocre. You need to play strong and be resilient in that market, get additional knowledge and be able to tap into that and make impact as far as the market is concerned.
  
  
• You need to remodel your communications. In everything, feedback is very important. If you must succeed, it is very key to consistently get feedback from your clients no matter how few they might be. That feedback helps you in product development, process adjustment, growth, and product perfection.
  
  
• When you examine the growth of most businesses like Facebook, Twitter, Amazon, most of what is happening is not within the enclave of that business. Partnerships play a role here and there. It is very key to look at how you can exploit profitable partnerships to extend your sales and distribution without increasing your costs significantly. Rather than taking a full swing of a process, ask if there are current players who can take on some part of the process. Partnerships bring into bearing, the ingenuity of the other party with yours.
  
  
• You must understand government policies and decisions regarding your environment and how it affects your business. You need to read more, understand and educate yourself about what is happening in your environment. A lot of SMEs are not aware that there are interventions by CBN that could really assist them. Some are not aware of the TEF Entrepreneurship Programme. Seed capital is just a seed in today’s world, but you cannot have a harvest without first sowing a seed. You must continually investigate, empower your knowledge for opportunities to take advantage, upskill yourself, so that at the end of the day, you will be able to act. Your knowledge will really go a long way to assist you.
  
  
• Regardless of the state or situation you find yourself in your business life cycle, continue to believe in yourself. Rome was not built in a day. You must pay the price for success and that is why winners never quit. Keep up and you will be a winner.

The post Exploring Post-Pandemic Opportunities in Africa: Interview with Peter Ashade, CEO United Capital appeared first on The Tony Elumelu Foundation.

To address these, most organisations and countries have recognised the need to target the underlying social norms and constraints that hold African women back, prominent among them the uneven burden of childcare and domestic responsibilities, and drive the push for women in more profitable sectors.

Earlier in March, the CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu, joined a high-level virtual panel organised by TEF Partners, German development agency (GIZ), to discuss the[NO1] [AN2]  economic and social effects of the pandemic and opportunities to close the digital gender divide while empowering female African entrepreneurs.

“We all know that when you empower a woman, you empower a nation. We all know that the African woman is a major pillar in achieving the economic development of Africa,” said Ifeyinwa at the event.

She explained how the TEF Entrepreneurship Programme prioritised achieving gender inclusivity as a part of its mission since the start of the programme in 2015. Having funded about 3000 women since the start of the programme, this year, the Foundation is working with the European Union, to train, fund, and mentor at least 3000 women for 2021 alone.

The lack of female leaders and representation in top roles are some of the barriers which hinder women from accessing these positions and creating the space for women to lead at the forefront of various sectors in business can inspire the change we want to see on the continent, triggering economic empowerment in a sustainable, gender-inclusive format.

However, this task isn’t only up to one person or organisation, and the role of the public-private sector is critical in achieving this goal. Women’s economic empowerment requires support at a national and international level, and strategies that improve access to healthcare, working conditions and finances.

Update: About The WE4A II (Women Entrepreneurship for Africa, 2024 Application Process)

Following the successful pilot of the WE4A programme in 2021, the Foundation in partnership with the European Union (EU) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has launched the WE4A II for sustainable and inclusive growth. Application for the WE4A II is ongoing, Read about the WE4A II FAQs here

This partnership is part of the overall IYBA-WE4A programme which will work to strengthen the entrepreneurship ecosystems, access to finance and capacities of women-led MSMEs and start-ups in selected countries in Sub-Saharan Africa.

The design of the IYBA-WE4A programme seeks to address the existing capacity, business services and funding gaps for its target group -women-led MSMEs and start-ups- and strengthen relevant networks and learning on successful pathways for women entrepreneurs. Overall, the IYBA-WE4A programme in encouraging and sustaining women entrepreneurs and their businesses contributes to the creation of employment and economic prosperity.

The post What it Takes to Support Women Entrepreneurs in Africa appeared first on The Tony Elumelu Foundation.

In March, TEF hosted the Secretary General of the African Continental Free Trade Area (AFCTA), Wamkele Mene, to identify new opportunities presented by the recently-commenced AfCFTA for us to jointly strengthen, scale and support small and medium scale enterprises across all 54 African countries.

SMEs contribute over 70% of Africa’s GDP and create over 400m jobs on the continent! Simply put, economies are powered by SMEs. This is why at #TEF we are empowering the next generation of African entrepreneurs through our US$100m TEF Entrepreneurship Programme.

If empowered adequately, our young entrepreneurs and their SMEs will help to address our continent’s limited industrial and production capacity, support in diversifying our economies and improve intra-African trade and ties via enhanced regional competitiveness.

We commend the #AfCTA for championing the free movement of goods, services, people and payment to ensure that Africa has more prosperous economies. Simultaneously, it creates the policy space, support and structure for industrial development. We look forward to creating new opportunities for African SMEs, and advancing African interests at home and abroad!

Collectively, we must leverage the #AfCTA as a tool for economic development and an industrial driver. With financial support, trade finance, and the removal of restrictions, we will grow our continent’s industrial capacity, deepen our production capacity, innovate our existing economic models, diversify our economies and national incomes, and invest in pervading transport and infrastructure deficiencies.

However, new challenges have risen from the disruptions caused by the COVID-19 pandemic. Most African countries face restricted travels and depreciating currencies and remittances, inevitably slowing economic integration and the implementation of the agreement.

In a new report titled: “COVID-19 and the African Continental Free Trade Area Agreement” published by TEF research partner, PriceWaterCoopers in February, African nations and relevant stakeholders could turn the agreement into an opportunity for stronger collaboration if certain policies are pursued quickly.

The emphasis is on seeking out ways to convert the effects of the pandemic into opportunities for stronger economic and political integration, and enabling infrastructure such as electricity, roads and affordable internet services can fast-track a continent that is self-reliant. However, African governments are not the only ones being called upon to do more.

Former CEO of the Tony Elumelu Foundation, Parminder Vir, wrote earlier in the month on the need for African SMEs to organise and educate themselves about the AfCFTA, and to be participants and not bystanders in this new African initiative.

“African entrepreneurs must raise awareness and initiate campaigns on how they can benefit from the agreement, and what measures and policies are needed to ensure they have a place within the agreement. SMEs must also provide their own leadership, as they cannot afford to wait for others to lead them. With their chosen leaders and with a common voice, they can then begin to engage with the AU, African governments and trade bodies, holding them accountable for the implementation and regulation of the AfCFTA to ensure that it works as intended for all Africans.”

The AfCFTA has the potential to increase intra-African trade by over 50%, according to the UN Economic Commission for Africa, and there is no doubt that African SMEs will benefit from greater access to new markets.

The post High Hopes for the AfCFTA appeared first on The Tony Elumelu Foundation.