DIPLOMATIC ties between Zimbabwe and Britain are progressively improving

DIPLOMATIC ties between Zimbabwe and Britain are progressively improving, with increased exchanges now taking place between Harare and London, the country’s chief envoy to the United Kingdom, Ambassador Christian Katsande, has said.

There is now enhanced collaboration in diplomatic deputations, dialogue, trade and investment.

Mnangagwa meets British Director for the African Foreign and Commonwealth Office Mrs Harriet Matthews at his Munhumutapa offices in Harare -Picture Courtesy

Thawing relations between the two countries highlights the progress being made under President Emmerson Mnangagwa’s engagement and re-engagement drive, which is the country’s signature foreign policy initiative.

Bilateral ties between Zimbabwe and the UK had soured to the extent that prior to Ambassador Katsande’s posting to London in 2018, Harare did not have a chief envoy to the European country for four years following Ambassador Gabriel Mharadze Machinga’s departure in August 2014.

In a marked shift from his predecessor, President Mnangagwa has set out to integrate Zimbabwe into the global family of nations through engaging and re-engaging the regional and international community.

The strategy has begun to bear fruit.

A few weeks ago, Britain donated US$43,6 million, the largest contribution given by a single nation in the fight against Covid-19.

“Zimbabwe-United Kingdom relations continue to improve. The two countries have witnessed increased diplomatic exchanges which have opened avenues of enhanced communication and collaboration in health, education, tourism, trade and investment,” said Ambassador Katsande in a statement.

“The British government recently announced a US$43,6 million aid package towards Covid-19 medical supplies to assist in fighting the pandemic in Zimbabwe. This generous gesture, among others, is indicative of the growing bilateral and diplomatic relations between the two countries.”

President Mnangagwa’s administration has identified the Diaspora community as a key constituency in nation-building.

Ambassador Katsande said his office has increased engagements with Zimbabweans living in the UK.

“Engagements with Zimbabwe’s Diaspora community have yielded tangible results. Some community groups/individuals and companies owned by Zimbabweans in the Diaspora have actively supported Government-led humanitarian initiatives such as mobilising assistance for the victims of Tropical Cyclone Idai in 2019 and, more recently, the Covid-19 pandemic.

“The Embassy shared with the Diaspora community, His Excellency President Emmerson D. Mnangagwa’s domestic and humanitarian appeal for assistance towards the containment of the Covid-19 pandemic.”

Last week, Britain’s Ambassador to Zimbabwe, Ms Melanie Robinson, described relations between the two countries as “important”.

“We have announced nearly US$44 million aid, which makes us the biggest contributor to the Covid-19 response here in Zimbabwe. This shows how important the relationship between the British and Zimbabwean people is.

“Through our humanitarian programme, we are currently supporting 570 000 beneficiaries throughout Zimbabwe and will continue to provide emergency humanitarian aid and cash transfers to the poorest and most vulnerable communities in the country,” she said.

To date, at least 29 Zimbabweans living in Britain have died of Covid-19, mostly nurses and other medical staff.

The UK is one of the countries worst affected by the pandemic.

Ambassador Katsande said his office had established clusters that include health, education, agriculture, infrastructure and financial services to assist in coordinating activities and communication between the Embassy and the Diaspora.

“Despite the lockdown, the Embassy continues to provide a more efficient and user-friendly service to the public. The Embassy has also cultivated mutually beneficial relationships with various Zimbabwean community and religious leaders across the United Kingdom,” he said.

Political analyst Mr Godwine Mureriwa said the latest developments show that Zimbabwe and Britain were keen to re-engage.

“Past relations were affected by arrogant personalities. On the one hand, you had Tony Blair (former British prime minister), who refused to accept Britain’s responsibility in resolving the land question and, on the other, you had a radical Mugabe who had no interest at all in re-engaging,” said Mr Mureriwa.

“We have now turned the corner because President Mnangagwa has extended his arms wide and Britain also showed its keenness to engage after being the first to send its minister, when our President was first inaugurated.

“I strongly believe that growth in relations between the two countries will be mutually beneficial. With Britain exiting the European Union and Zimbabwe clearly showing commitment to re-engagement, the two countries certainly need each other.”

When President Mnangagwa was first inaugurated into office on November 24 2017, the then-British prime minister Theresa May sent a special envoy, Mr Rory Stewart, to grace the occasion and affirm London’s support to the new Government.

In her first assignment as UK Minister of State for Africa, Mrs Harriet Baldwin visited Zimbabwe in February 2018, showing how important relations between the two countries are.

Zimbabwe is also on the path to rejoining the Commonwealth group of nations, which is made up of mostly former British colonies. – Sunday Mail

African Development Bank Group unveils $10 billion Response Facility to curb COVID-19

ABIDJAN, Côte d’Ivoire, April 8, 2020,-/African Media Agency (AMA)/- The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the pandemic.

The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution’s primary channel for its efforts to address the crisis. It provides up to $10 billion to governments and the private sector.

Akinwumi Adesina, President of the African Development Bank Group, said the package took into account the fiscal challenges that many African countries are facing.

“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. We must protect lives. This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19,” Adesina said, commending the Board of Directors for its unwavering support.

The Facility entails $5.5 billion for sovereign operations in African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group’s concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations.

Commenting on the Facility, Acting Senior Vice-President Swazi Tshabalala said: “The setting up of the Facility required a collective effort and courage by all our staff, Board of Directors and our shareholders.”

Two weeks ago, the Bank launched a record-breaking $3 billion Fight COVID-19 Social Bond, the world’s largest US dollar-denominated social bond ever on the international capital market. Last week, the Board of Directors also approved a $2 million grant for the World Health Organization for its efforts on the continent.

“These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind,” Adesina said.

President Macron and G7 leaders provide AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) initiative with $251 million

French President Emmanuel Macron and G7 leaders on Sunday approved a package totalling $251 million in support of the African Development Bank’s (www.AfDB.org) AFAWA initiative to support women entrepreneurs in Africa.

“I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the African Development Bank, which works with African guarantee funds and a network of African banks,” Macron stated at a press conference at the G7 Summit in Biarritz, France.

The risk-sharing mechanism used by AFAWA (Affirmative Finance Action for Women in Africa) is a practical approach to international commitments. It is a direct response to the demand by women to ease access to financing, specifically on the need to establish a financing mechanism for women’s economic empowerment, adopted during a summit of African heads of state in 2015 and assigned to the African Development Bank for implementation.

“African women are the backbone of the continent. I’m thrilled to bring their voice to the G7. AFAWA is essential for our continent,” said Beninese artist Angelique Kidjo, a guest at the press conference in her role as programme ambassador.

The Bank’s president Akinwumi Adesina applauded the “extraordinary support of all the G7 heads of state and government, which will provide incredible momentum” to the AFAWA programme.

“This is a great day for African women,” Adesina said. “Investing in women entrepreneurs in Africa is important, because women are not only Africa’s future, they are Africa’s present”.

“Currently, women operate over 40% of SMEs in Africa, but there is a financing gap of $42 billion between male and female entrepreneurs. This gap must be closed, and quickly,” he added.

AFAWA aims to raise up to $5 billion for African women entrepreneurs and the African Development Bank will provide $1 billion financing. “This financing effort for women is the most significant in the continent’s history,” Adesina noted.

The AFAWA initiative, backed by the G7 nations, is based on three fundamental principles. The first is to improve women’s access to financing through innovative and adapted financial instruments, including guarantee mechanisms to support women entrepreneurs.

In cooperation with strategic partners, the second principle is to provide capacity-building services to women entrepreneurs, including access to mentoring and training courses in entrepreneurship. AFAWA also assists financial institutions in responding to specific needs of women-led businesses through specially adapted financial and non-financial products.

The third principle is improving the legal and regulatory environment, eliminating obstacles that specifically affect women by engaging in policy dialogue with governments, central banks, and other institutions.

This press conference on AFAWA is part of the G7 Summit’s emphasis on reducing inequality, specifically including a renewed partnership with Africa. This partnership will be highlighted by creating sustainable employment and supporting entrepreneurship, particularly women entrepreneurs.

France holds the presidency of the G7 in 2019, and President Emmanuel Macron is championing gender equality as a major theme of his five-year term.

Chinese firms handling $47bn key FG’s projects

At least 22 major infrastructural projects worth over $47bn have been linked to Chinese firms as China continues to support its companies to win prime contracts in Nigeria to maintain a foothold on the nation’s economy.

The projects cut across vital sectors of the nation’s economy such as power, rail, road, aviation and communications.

The CCECC is involved in multiple projects across the country, comprising the construction of airport terminals, roads and rails including inner-city light rails in Abuja and Lagos, all financed with concessional loans from the Exim Bank of China.

$600m for four international airport terminals

In aviation, the Federal Government entered into a partnership with the Chinese government through the CCECC in 2013 to execute four international airport terminal projects.

The projects are the rehabilitation and construction of airport terminals in Nnamdi Azikiwe International Airport, Abuja, Port Harcourt International Airport, Mallam Aminu Kano International Airport, Kano and the Murtala Muhammed International Airport in Lagos.

The four projects are being funded with a $500m loan from the Export-Import Bank of China and $100m counterpart funding from the Federal Government, obtained as a loan from the Debt Management Office at an interest rate of 5.37 per cent.

Railways to gulp $35bn

In the railway sub-sector, the CCECC was handed a $528m contract in 1995 to rejuvenate the nation’s stretch of old rail track, supply 50 locomotives, wagons and coaches, install signal system and train Nigerian workers.

The contract, which had four-year delivery period, was executed partially and later abandoned after fund commitment and was never revisited.

Despite abandoning the $528m project, the CCECC has continued to win railway contracts from both the federal and state governments.

For instance, it has its hands in all the three major rail lines being built across the country. They are Lagos-Kano (with another line from Kaduna to Abuja), Lagos-Calabar rail and Port Harcourt-Maiduguri rail, whose costs are put at $9bn, $11bn and $15bn, respectively.

When the idea of a 25-year railway development plan was mooted in 2006, the Chinese firm got the first contract to build a new line between Lagos and Kano at a cost of $8.3bn.

After the foundations laying ceremony at Kajola, Ogun State, performed by the then President Olusegun Obasanjo, nothing was heard about the project again.

About 10 years later (2016), the same firm was beckoned to handle the project after its review by the Muhammadu Buhari administration.

It started with the phase one of 156km Lagos-Ibadan stretch awarded at $1.5bn. Additional $500m was approved by the FG, according to the Minister of Transportation, Rotimi Amaechi, for the procurement of locomotives and other rolling stocks for the new line.

The company later won the $6.68bn contract for the Ibadan-Kaduna stretch, which consists of four segments and the project could take two to three years to complete, depending on budget, according to the minister.

The CCECC also handled the construction of the Abuja–Kaduna segment costing $876m, consisting of $500m in loans from the Exim Bank of China and the balance coming from the Nigerian government.

The 187km rail contract was awarded in 2009. The new line, Nigeria’s first high speed rail, was inaugurated in July 2016 by President Buhari.

The FG has also signed two contracts valued at $5.1bn with the Chinese firm for the construction of the new rail lines.

They are the Kano-Kaduna rail, which is the Segment 3 of the Lagos-Kano rail modernisation project with a contract sum of $1.68bn; and the Calabar-Port Harcourt Segment 1, which extends to Onne Deep Seaport of the coastal rail project at a cost of $3.4bn.

The coastal rail is part of the Lagos-Calabar line signed with the CCECC in 2016 worth $11bn.

In September 2016, the China Railway Construction Corporation announced that it had won a $1.8bn contract to construct the Kano city light rail with a total length of 74.3km.

The Chinese firm handled the rehabilitation and asphalt overlay of the Papalanto-Lagos/Ibadan Expressway valued at $4,780,000m, which was completed in May 2001.

Dr Adaora Osondu-Oti of the Afe Babalola University, Ado-Ekiti, in his survey of Chinese projects in Nigeria listed the construction of houses in the Games Village of the National Stadium Complex, Abuja valued at $50.5m and commission building in Abuja valued at $16.56m.

She also listed the rehabilitation of Ikot Akpaden-Okoroette road awarded by the Niger Delta Development Commission and valued at $5.63m and the construction/rehabilitation of Ugep, Ikom, Ogoja and Obudu Urban road valued at $14.6m.

In the communications industry, there are two major projects linked with the Chinese firms worth $670m.

One of them is the National Rural Telephony Programme, designed by the Federal Government to extend telecommunication services to rural communities.

The project was financed through a $200m concessionary loan from China and awarded to Chinese companies – Alcatel and ZTE Nigeria Limited – in the first phase.

Another project, the $470m Close Circuit Television contract was awarded to the ZTE during former President Goodluck Jonathan’s tenure. The contractor was said to have stopped work after collecting the sum of $100m.

The communications system awarded to ZTE Nigeria Limited is meant to provide audio, video and data information for use by the Nigeria Police Force and other security agencies.

The contract for the installation of the CCTV cameras in Abuja and Lagos by the Ministry of Police Affairs was part of a larger project titled, ‘Nigerian National Public Security Communications System,’ facilitated by an EXIM Bank of China loan.

Another project in the communications sector was Nigeria’s first communications satellite, NigComSat-1, which was designed and built by the China Great Wall Industry Corporation at a cost of $400m.

The satellite which was put in the orbit in May 2007 was deorbited in November 2008 following the development of power fault. It was replaced in December 2011 with NigComSat-1R by the same company.

Three power projects worth $10bn underway

Chinese firms are involved in three key projects in Nigeria’s power sector estimated at $10bn. One of the projects, the Mambilla hydroelectric power plant, is for the delivery of a 3,050Megawatt power plant in Taraba State.

The $5.8bn contract was signed by the FG and the China Gezhouba Group Corporation, Sinohydro Corporation Limited and the CGCOC Group Company Limited in November 2017, about 40 years after the idea was conceived.

The China Exim Bank and other Chinese lenders will provide 85 per cent of the contract sum, while Nigeria pay the 15 per cent balance.

Zungeru hydropower project is a 700MW hydroelectric facility also being developed with the Chinese assistance on the upper and middle reaches of Kaduna River in Niger State.

A consortium of China National Electric Engineering Company and Sinohydro was awarded the $1.3bn contract in October 2012. It is expected to take 60 months for completion. The company’s Deputy Project Manager, Mr Xiao Nie, said the project would be completed in 2020.

Another power project with funding support from China is the $1bn Gurara hydropower plant located in Kaduna. It has the capacity to generate 360MW electricity.

Attraction of China: Low price, low-interest loans

Data from the Debt Management Office show that Chinese credit accounts for 80 per cent of all bilateral loans to Nigeria.

Many analysts attributed the seeming attachment of Nigeria and other African countries to China and its corporations in key project developments to China’s cheap labour, low price and favourable funding arrangement.

For instance, apart from the Exim Bank of China bearing the huge chunk of the cost through concessionary loans, they point to the low-interest rate on loans from China’s Exim Bank, usually not above three per cent, as enticing.

A recent loan promise of $328m from China’s Exim Bank led to Nigeria’s Galaxy Backbone and China’s Huawei Technologies signing a deal for the country’s telecoms infrastructure development.

Vice President Yemi Osinbajo, the justifying Nigeria’s preference for China’s concessional loans, said they only attracted between 1.5 per cent and two per cent interest.

He spoke at a recent meeting with strategic investors at the Council for Foreign Relations, New York.

Many analysts noted that relevant indigenous firms and people were hardly employed by these Chinese contractors during the projects’ execution or merely hired casual workers.

The Director General of NECA, Timothy Olawale, said some of the agreements between the Federal Government and the Chinese government were not properly thought out in terms of technology transfer.

“The agreement is not favourable to the skill set of our people. We have engineers who are well qualified, better than those they are bringing in from China but they are out there roaming the streets.

“Granted that it is the Chinese government loan and they have the right to bring in their expertise too but the agreement should have taken into cognizance the development of our youths,” he said.

A former Secretary General, Nigeria Labour Congress, Peter Ozo-Eson, told The PUNCH that in signing the agreements, the Federal Government did not pay attention to requirements for local content.

Country Open for Investment – President

President Mnangagwa yesterday told the high-level Tokyo International Conference on African Development (TICAD) that his administration is committed to comprehensive economic reforms and making the country a safe destination for investment.

He lauded Japan, saying the world’s third largest economy had a “critical role to play for Africa’s economic transformation, diversification and industrialisation”.The President made the remarks while addressing a plenary session at the three-day TICAD 7 Summit, which was officially opened yesterday by Japanese Prime Minister Shinzo Abe.

A number of African Heads of State are attending or are highly represented at the summit which seeks to stimulate trade and investment between the continent and Japan.

President Mnangagwa said under his new administration, Zimbabwe is ripe for investment and is pulling all the stops to attract global capital.

“Guided by our Zimbabwe is Open for Business mantra, my administration is determined to continue implementing reforms, aimed at making Zimbabwe a safe, favourable and competitive destination for investment.

“My Government has put in place comprehensive reforms to accelerate the economic development agenda.

“We are promoting private sector-led investment, particularly in agriculture, mining, manufacturing, energy, infrastructure, ICTs and service sectors,” he said.

The President lauded Japan for its inspiring development model characterised by advanced technology, saying Zimbabwe is ready to walk hand-in-glove with Tokyo to take lessons from Japan’s advancement.

“Zimbabwe recognises and applauds the immense strength that Japan continues to have in science, technology innovation and stands ready to enhance cooperation with Japan in these and other spheres.

“Zimbabwe and others within our African continent has vast resources across all sectors and remains ready to increase trade and investment with Japan on mutually beneficial basis,” he said.

The President underscored the significance of TICAD, saying partaking at the high-level meeting primes Zimbabwe to achieve its goals of modernisation and industrialisation to become a middle income economy by 2030.

“Our participation at this important conference reaffirms my Government’s continued commitment to the TICAD process. The private sector is a valued partner in sustainable economic development in our quest to transform, modernise and industrialise our economies,” the President said.

President Mnangagwa informed TICAD delegates of the tangible progress made under the ease of business programme, including remodelling of the Zimbabwe Investment and Development Agency (ZIDA) for a One-Stop-Shop that will enhance convenience for potential investors.

“We have embarked on the ease of doing business reforms, which seek to enhance the country’s investment environment.

“The Zimbabwe Investment and Development Agency (ZIDA) will ensure that all Zimbabwe’s investment information is available and processed under one roof,” President Mnangagwa said.

He also said the jettisoning of the indigenisation and economic empowerment act was a game-changing move by the Government to lure investors.

“Under my administration, Zimbabwe has liberalised our investment conditions, by repealing the indigenisation and economic empowerment act,” he said.

“This now allows for greater adjustment in the private sector participation across all sectors, which should in turn, further accelerate our economic transformation and industrialisation.”

In his opening remarks, Prime Minister Abe, who is co-chair of the summit, pledged to aggressively promote private-sector investment from Japan to Africa.

He said Japan’s private sector invested US$20 billion in Africa over the past three years.

“The Japanese Government will do its best to encourage the private sector so that it will surpass the $20 billion in investment over the past three years.

“I make this pledge to you that Japan’s investment will be surpassed under the New TICAD that we agreed to come up with at the last summit in Nairobi Kenya,” said Prime Minister Abe.

United Nations Secretary-General Antonio Guterres, as well as African Heads of States also addressed the high level summit that was co-chaired by African Union chairperson and Egypt’s President Abdel Fattah el-Sisi.

The TICAD summit is co-organised by the AU, the UN, the World Bank and the United Nations Development Programme.

2X Challenge Members Launch Business Competition in Africa

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Leading development finance institutions (DFIs) including FinDev Canada, CDC Group (CDC) of the United Kingdom, Proparco of France, and the Overseas Private Investment Corporation (OPIC) of the United States along with the Mastercard Foundation announced today at the Women Deliver 2019 Conference that they are joining forces to sponsor the 2X Invest2Impact – Business Competition. The purpose of the competition is to support the growth of high-potential, women-owned businesses to increase their commerciality and impact. This major new initiative will support women entrepreneurs who have the potential to make a positive impact on their local economies and are strong candidates for investments from development financiers.

While there is no shortage of business competitions on the African continent, and many women-focused entrepreneurial forums, programs, and initiatives, 2X Invest2Impact will stand out by focusing on growth stage women-owned businesses, poised for investment capital. 2X Invest2Impact will provide them with mentorships, business development services, visibility, and the opportunity for funding.

“The credit gap for women-owned SMEs globally is estimated at $287 billion. This means that 70 percent of women owned SMEs cannot access the financing they need to grow a business. This competition aims to directly address this,” said Paul Lamontagne, Managing Director of FinDev Canada.

“We also know that there is a persistent disconnect between investors and development financiers who are seeking to invest in women-owned businesses and those women owners who are looking to grow their companies. Our 2X Invest2Impactinitiative will help bridge that gap by bringing high-quality women-owned businesses together with interested investors,” noted Jen Braswell, Director, Value Creation Strategies, CDC.

The goals of 2X Invest2Impact are to:

  • Directly reach women-owned businesses that may otherwise face barriers in accessing investment capital;
  • Contribute to the community of women business owners and leaders in the region;
  • Gather and share learnings on women in business and gender-lens investing;
  • Increase visibility and momentum for gender-lens investing; and
  • Pilot an investment prospecting model that could be replicated in other regions.

“Africa is home to more female entrepreneurs than any region in the world. Through 2X Invest2Impact, OPIC is proud to join its 2X Challenge partners and MasterCard Foundation in providing a platform for female entrepreneurs to showcase their successful enterprises and to access critical expansion capital. We are not only reaching these female entrepreneurs but also showing the world what African women can do when they are empowered,” said Kathryn Kaufman, OPIC Managing Director for Global Women’s Issues.

“The Mastercard Foundation is pleased to support this exciting business competition. We know that when we support women entrepreneurs, there is a positive impact in the community. This competition will drive employment and growth,” added Lindsay Wallace, Director of Strategy and Learning, Mastercard Foundation.

The competition will provide value to all entrants, including networking and feedback through insights and benchmarking reports. After an initial application process, twenty-five small and medium enterprises (SMEs) will be selected for participation. These contestants will benefit from pitch training, access to webinars, podcasts and other learning tools as well as networking opportunities. Each SME will be assigned a mentor and be promoted during a high-profile and well-publicized closing event.

“We are confident that this will be a turning point for the winners of the competition,” noted Gregory Clemente, CEO, Proparco. “They will benefit from improved access to funding, increased visibility stemming from the media coverage and word of mouth and the hands-on mentorship of a leading entrepreneur in their region. We are also very happy to see them entering into an investment readiness support program, which will help these brilliant women entrepreneurs bring their businesses to new highs.”

Distributed by APO Group on behalf of Africa Regional Media Hub.

Africa rising as Bizcommunity launches .Africa domain

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Africa rising, pan-Africanism and African renewal are just some of the terms seen regularly on the radars of global business scenario forecasters.

52.3% increase in intra-African trade

According to The Economic Commission for Africa (ECA), intra-African trade is expected to increase by 52.3% from 2020. With the African Continental Free Trade Agreement signing in Rwanda, March 2018, and other factors, Africa has proclaimed itself open for business – with 55 countries merging into a single market of 1.2 billion people and a combined GDP of $2.5tn, which will see Africa become the largest free trade area in the world.

With the above factors providing every reason why African business stakeholders should be talking to each other more than ever, Bizcommunity’s dedicated B2B platforms are ideal to enable exactly the knowledge and resource sharing and intra-African networking required right now.

Celebrating Africa Month_ May 2019

In May, the daily go-to media for the curation and distribution of African company news, jobs and events across 18 industries will further spotlight the factors and stakeholders spearheading these moves.

Join us in our vision to enable a connected business-ready Africa

Send a clear message to the world that your company is open for African business opportunities on bizcommunity.africa daily news platforms.

Join us in our vision to enable a connected business-ready Africa. Publish company news, opinion, activations, events and jobs on the biggest multi-industry website, that’s made in Africa, to put African business news on the front pages and in the hands of our 464,000 readers.

Distributed by APO Group on behalf of Bizcommunity.

Global Cyber Security Market

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Author: Hirem Sam (Source: Global News Journal)

Zion Market Research has announced the addition of a new market intelligence report. The report is titledCyber Security (Network Security, Cloud Security, Wireless Security and Others) Market, By Solution (Identity and Access Management (IAM), Encryption, Risk and Compliance Management, Data Loss Prevention, Antivirus And Antimalware, Firewall And Others), By Vertical (Aerospace, Government, Financial Services, Telecommunication, Healthcare And Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. The global Cyber Security Market report serves with all-inclusive, highly-effective, and thoroughly analyzed information in a well-organized manner, based on actual facts, about the Cyber Security Market. The whole information from the scratch to the financial and management level of the established industries associated with the Cyber Security Market at the global level is initially acquired by the dedicated team. The gathered data involves the information about the industry’s establishment, type and the form of products it manufactures, annual sales and revenue generation, the demand of the manufactured product in the market, marketing trends followed by the industry, and a lot more important information. The industries majorly comprise the global leading industries that are putting their extreme efforts to maintain the hold over the highly-competitive Cyber Security Market, about which the thorough information is provided in the report.

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Cyber security

Some of the Major Cyber Security Market Players Are:

  • Symantec
  • IBM
  • McAfee
  • Northrop Grumman
  • Booz Allen Hamilton
  • CSC

The industry analysts begin their task by compiling this huge pile of information, graphically expressing, anticipating the future market growth, offering the ways to improve the business, and many other important viewpoints explained by them in the global Cyber Security Market report. The report delivers the analytical data in several parts based on the fragments of the global Cyber Security Market product, its end-users, applications, and others of the market; additionally,

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Cyber Security

The global Cyber Security Market report elucidates the comprehensive analysis of the market-derived on the basis of regional division [Latin America, North America, Asia Pacific, Middle & East Africa, and Europe]. The report comprises precise analytical information related to market forecast for several upcoming years. The report also includes the particulars about the valuation of macro and micro elements significant for the growth of already established Cyber Security Market contenders and emerging new companies.

Find the Right Business Opportunity for You in Africa

Finding the business opportunity which will suit you best should never be a random process and always requires a sound strategy.

Your plans must obviously take into account your skills and aptitudes, as well as your interests and previous experience. And while such an approach should never rule out something entirely new, you must know your strengths (and weaknesses) in order to determine what path you plan to follow.

You must also look around carefully to find out what is popular and where there is a gap in the market. And fortunately, Africa is a continent full of business opportunities for both traditional and trailblazing entrepreneurs.

Right Business Opportunity
African art and traditional craftwork

Do you know much about the value of African art? You may be surprised to hear that Sotheby’s sold a collection of West African antiques in New York for the staggering sum of $41 million in 2014 (a record sum for African art in the US).

And elsewhere, Nigerian artist Ben Enwonwn’s wooden sculptures sold on the London market for $500,000, – three times more than they were expected to make!

While these are extreme examples, it’s also known that the marketplaces of Egypt and Morocco, for instance, enjoy a buoyant trade in original artefacts and locally created, hand-crafted goods produced primarily for the tourist trade.

There are undoubtedly many reasons for the resurgence of interest in this field, but the spread of multiculturalism and today’s ease of access via the Internet suggest this is a trend set to continue.

Right Business Opportunity
Africa’s renaissance farmers

African agriculture suffers from a bad press, associating it with poverty, aging farmers, back-breaking labor and subsistence-level returns.

As a result, there has been a pronounced drift away from rural areas. This industry has become an untapped goldmine crying out for new blood and full of exciting opportunities to develop an ancient industry in exciting new ways.

Sub-Saharan Africa has fertile soils, around three-fifths of the world’s unexploited arable land, an abundant source of agricultural labor and year-round sunshine.

These attributes put the region in pole position to become a major source of food for the world’s markets. This projection discounts the continent’s own ‘home market’ of one billion people – a huge opportunity for young agricultural entrepreneurs to exploit.

Eco-energy for the African market

Would-be entrepreneurs should note that hardly one-fifth of Africa’s population have access to an electricity supply, and even those who do mostly rely on dirty and noisy generators.

With much of sub-Saharan Africa able to enjoy an average of more than 325 days of sunshine a year, the continent has its own source of cheap, clean energy ready to be harnessed to get its people connected to the future.

The market for solar power has huge potential. To take just a single example, the smartphone has emerged as Africa’s most potent tool for communication, but millions have problems finding a reliable source for recharging their phones – especially in rural areas.

Solar energy now benefits from advanced technologies which make it fast and cheap to set up, even in the most remote locations.

In addition, solar-generated energy is a ‘green and clean’ product which makes it an even more attractive proposition for the future.

With equipment prices also falling, many observers believe that African solar power could start making a major contribution to the European energy market.

Africa’s potential education market 

There is an ever-growing need for education and training all over Africa which is overwhelming governments everywhere.

For the entrepreneur equipped to meet such demands, there are numerous small and large opportunities right across the sector: in both primary and secondary education, for individual private tutors, in university training, for vocational training as well as professional certification needs of all kinds.

Africa’s growing population of young people see a good education not only as a pathway out of poverty but also as the key to securing a good job with prospects for advancement.

And in the corporate arena, businesses are looking to recruit an educated workforce who can service the needs of a 21st-century economy. For example, these needs alone have created an almost insatiable demand for language teachers.

These are just some of the many gaps in the market Africa now offers the young, dedicated and organized entrepreneur.

So, provided you carefully research the present and future demands of your sector, there are many businesses which could represent an ideal opportunity.

By Bruce Hakutizwi, USA and International Accounts Manager for BusinessesForSale.com, the world’s largest online marketplace for buying and selling small and medium size businesses.  Bruce has over 7 years’ experience working within the US business transfer marketplace connecting buyers and sellers.

Kenya ranked third in Africa’s private equity chart

By BRIAN NGUGI

Kenya has been ranked the third most attractive African market for private equity (PE) funding, indicating the huge promise in East Africa’s largest economy despite multiple challenges arising from a recent pile-up of public debt.

Consultancy EY (Ernst & Young) says in a report that is expected to be published today (Monday) that Kenya’s fast-growing technology sector, nicknamed “Silicon Savannah”, drew the most foreign investor interest, supported by an improved business environment.

“FDI [foreign direct investment] projects in Kenya increased by 44 per cent compared with 2016,” says the Turning Tides, Africa Attractiveness October 2018 report.

The increase, the report says, was “largely because of a conducive environment, including a pool of well-resourced IT developers and a high smartphone penetration rate.”

South Africa and Morocco are ranked as Africa’s top hotspots for PE deals ahead of Kenya, which beat Nigeria, Ethiopia and Egypt – the number four, five and six respectively.

The report says Kenya’s top ranking has benefited from recent government’s action to make the country a viable and competitive technology hub through formulation of policies to drive the initiative.

The country’s performance is described as significant given that 2017 was dominated by election-related investor jitters.

Kenya’s economy grew 4.9 per cent in 2017, its lowest rate in five years, under the weight of a prolonged electoral process and adverse weather.

Top ten countries by Foreign Direct Investment (FDI) Projects

That pace of growth was far below the 5.9 per cent recorded in 2016, according to the Kenya National Bureau of Statistics (KNBS) data.

The last time Kenya’s growth stood at below five per cent was in 2012, also an election year, when the economy expanded by 4.5 per cent.

EY says British investors were particularly active in Kenya last year, having made 10 project commitments, followed by Dutch firms.

“The digital industry remains a key driver of the continent’s growth riding on high mobile and Internet penetration rates coupled with the establishment of technology parks across numerous countries including Cape Verde, Angola, Kenya, Senegal and Rwanda,” says the report. Kenya is expected to remain a hotspot for private equity whose attraction to global deal makers was mainly driven by improved business environment.

“Recent initiatives in Ethiopia, as well as gains by Kenya and Nigeria in the World Bank Ease of Doing Business scores, illustrate that more and more of Africa’s leaders are starting to prioritise reform,” it says.

“Along with that, recent leadership changes in Angola, Ethiopia, South Africa and Zimbabwe are also expected to stimulate policy change, as countries increasingly compete for foreign investment as a key driver for sustained growth.”

Recent studies have echoed similar projections while noting that the improvement in ease of doing business, high return potential across all sectors, a well-diversified economy and consolidation in sectors such as financial services has created an avenue for increased PE activity.

Consolidation

In the financial services several analysts have said they expect consolidation in the banking industry and innovations to be the main drivers of activity.

“We remain bullish on PE as an asset class given the abundance of global capital looking for opportunities in Africa, the attractive valuations in private markets compared to public markets and better economic growth in sub-Saharan Africa compared to global markets,” investment firm Cytonn said in an outlook earlier.

The Treasury has recently upgraded Kenya’s economic growth projection to six per cent from 5.8 per cent, a move that was seen as having been informed by renewed private investor confidence and increased agricultural output.

Heavy rains in the second quarter of the year and the March 9 truce between President Uhuru Kenyatta and opposition chief Raila Odinga — popularly known as the ‘handshake’— are likely to lift growth to a seven-year high, Treasury secretary Henry Rotich said earlier.

Kenya’s economy last expanded at the projected pace in 2011 when growth was 6.1 per cent.

Economic activities last year buckled under the weight of a biting drought in the first half, which hit farming activities hardest, and elevated political uncertainties following a bruising presidential election contest in the second half that put on hold a raft of investment decisions.

That, together with the debilitating effect of a sharp drop in loans to the private sector due to legal ceilings on loan charges starting September 2016, resulted in the slowest growth in national wealth in five years at 4.9 per cent.

Source – Business Daily