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Which Are Africa’s Most Tradable Countries? The Answer May Surprise You
By Joel Popoola
Here’s an exploration of the best places in Africa to do business, and they are not necessarily the first countries you might think of.
When we talk about the best places in Africa to do business, all too often we focus exclusively on the continent’s most established economies – South Africa, Nigeria, Egypt and Kenya. And as a proud Nigerian I am as guilty as that as anyone!
Which is why new research into the most tradable countries in Africa is quite so interesting – some of the best places in the continent to do business are not necessarily the ones you’re thinking of.
The latest African Trade Barometer, produced by Standard Bank – one of Africa’s biggest – suggests that British businesses should in fact be taking a closer look at Tanzania, Uganda, Zambia and even Angola.
The survey ranks nations on economic stability, governance, infrastructure and trade openness – using both quantitative data and a comprehensive survey of businesses of all sizes from across Africa.
Result show Namibia, Uganda and Angola competing with more established economies such as Ghana and South Africa when it comes to tradability, with Tanzania praised for its government support for trading activities – based around President Hassan’s efforts to engage world leaders and develop its international relations – Uganda for its export and import prospects, and Angola for its infrastructure and ease of trade with foreign markets. Angola’s booming chemicals and processing sector in particular seems to be taking advantage of global trading constraints.
Zambia is rated highly for its improved economic stability, no doubt the impact of a relatively new government’s approach to the economy – which has lead to 80% of businesses expecting their turnover to increase in the next year.
As a long-term believer in the link between good governance and business confidence and growth – and has developed the digital technology to improve the transparency and accountability of elected officials in Nigerian – it is gratifying to see successful elections in Kenya, Angola and Zambia, and the change of president in Tanzania, have lead to improved business attitudes throughout these nations and their neighbours.
British businesses need to start thinking more about Africa – especially if they want to take advantage of the coming African Continental Free Trade Area. This will make Africa the largest free trade area in the world, a single market of over a billion consumers and a combined GDP of over US$3 trillion – although there is no shame about British businesses being in the dark about the agreement, the figures show that only 3% of Mozambique businesses are!
Even where tradability is less strong, there are opportunities for British business – power outages remain a severe infrastructural obstacle to trade – particularly in Nigeria, South Africa and Mozambique. But that means opportunities for British businesses to tackle these issues here and across the continent.
The results also show African businesses seeking to import fewer goods directly from China with the greatest decrease occurring in Angola, Mozambique and Namibia.
This is undoubtedly the result of China’s Zero Covid policy with which has seen ports and businesses shut down to stop the spread of the virus – leaving African traders looking elsewhere to avoid supply chain interruptions. Why not Britain?
The figures are not all good for Africa. The figures indicate that interest rate rises in the United States have increased borrowing across many African markets, negatively impacting business confidence – particularly in Ghana where a combination of inflation and poor liquidity has adversely impacted the country’s ability to import.
Nonetheless British businesses need to open their eyes to the potential of Africa – and look beyond the usual suspects.
The UK government has negotiated a number of free trade agreements with African countries and trading blocs since it left the European Union creating significant opportunities for African consumers and companies, not least in our 24 English speaking countries – and the International Monetary Fund has predicted that over the next five years, half of the world’s ten fastest growing economies will be in Africa.
Joel is a software entrepreneur, and Chief Executive of political engagement app Rate Your Leader.
By Henry Ukazu
Dear Destiny Friends,
The importance of timing cannot be overemphasized. Timing is everything in life. It is critical to one’s success. You can lose your money and get it back in many folds. You can even lose your health and get it back all things being equal, but when you lose time, you can hardly get it back again.
The importance of timing can be seen in crops. Every crop has a season, a good farmer won’t plant maize when it’s time for oranges, nor will he plant pears when it’s the season for mangoes.
Time is very instrumental to the success and failure of anyone. Imagine having a meeting or interview at 9:00am and you arrive at 10:10am, it will take the grace of God to be interviewed. As an employee, apart from one not being able to diligently do his job, one of the fastest ways for an employee to lose his job is by being late to work.
When I was in New York Law School studying Taxation law, I did a course titled, the Problem of Timing. During the semester, I learnt about cash and accrued income. Let me do some academic exercise here. In cash income, just like the name entails, one is paid in cash as soon as the work is completed. It’s just like going to the market to make a purchase. One can either pay directly with cash or with debit or credit card. But Accrued income refers to revenue a company has earned by providing goods or services, but for which payment has not yet been received, one will have to do the work first before getting paid. This is applicable when one works in either a public or private organization where one is paid either weekly, bi-weekly or at the end of the month depending on the stipulated mode of payment.
It’s important to note that before the money is paid either in cash or accrued, one would have earned it. It’s just like one learning g before earning, and one will have to update to upgrade. These are just the practical principles that will work with life.
In the same way, in life there’s a seed time and harvest time. It’s a universal principle of life. Whether as a parent, entrepreneur, student or employee. As a parent, if you don’t train your kids very well, they will grow up to reflect the opposite of what you desire. As an entrepreneur when you invest in your business, you will get the reward in due time. As a student, if you take your studies seriously, your grades will improve, and as an employee, you stand to get promotions and opportunities when you add value to your work. In summary, one will have to put in the work before recognition comes on.
To understand how seedtime and harvest work, imagine where parents tend to like one child more than others just because they see potential in him, or he’s smart, hardworking or even creative. They fail to understand that every child is different and as such their timing can be different. Some kinds take time to develop.
I personally believe there’s something so unique about each individual which God has deposited in everyone of us. It’s just a matter of time for it to manifest. Your timing of manifestation is different from your siblings and colleagues.
Personally, I didn’t mature fast with my contemporaries. Overtime, I have seen much improvement in my personal and professional life. Maybe because I have added value to my work with the assistance of mentors and good friends, or God had to humble my colleagues and mentors . Why do I say this? During my formative years, I had little or nothing to show for it. I was looking at my contemporaries as mentor and seeing my mentors as small gods whose feat is unattainable, but now, the reverse seems to be case as I have developed capacity some of my colleagues are yet to attain, while I have even surpassed the achievement of my some of my mentors in some quarters.
In all these, they are all surprised how it happened. Some are yet to comprehend or articulate the feat. It’s just like watching a film where everyone slept and woke up to see the game and tides have changed. The secret behind it is the seed time and harvest time. I was probably learning the trade while in the wilderness, and when the training season matured and ripe enough to be harvested, I became attractive to almost everyone who loved the seed I was producing.
There are litany of examples of people, who have been in the wilderness during the seed planting season. Let’s take a case study of Joseph in the Bible, his journey to stardom took a little twist. Despite the travails he experienced in the hands of his siblings who sold him, his experience while in the jail, and with Portiphar’s wife, who tried to seduce him; they were all set ups for success. The moral here is Joseph seed time and harvest time was quite different, it wasn’t a smooth journey. Ordinarily, one would have cursed his siblings or his friends who were with him in prison and forgot him after they were released. But at the end of time, everything worked out for his favor. Joseph’s seed days were his dark days while in the wilderness.
Another inspiring story of note was that of Pastor Ibukun Awosika, the former board Chairman of First Bank of Nigeria. She once shared a pathetic story during her formative years of being in business. According to her, she sojourned for about 15 years. She cried because lines were not adding up for her and she wouldn’t do what her contemporaries were doing to get opportunities. At a point in her business, it appeared like she was in a race of own life because everything seemed to be against her, but at the appropriate time, lines began to fall in place for her. Appointments, business opportunities, favours and goodwill began to fall in place for her. Again, she had a fair share of seed time.
An interesting question I would like to ask you is, what’s your seed time? Have you ever been in the wilderness when you appeared to be fixed? It’s unfortunate many people are not willing to pass through the storms or experience seeds and harvest time. Amidst all these, one must do some work before they get opportunities. However, before such opportunities will come up, one will have to plant the seed.
In conclusion, seed time and harvest time is critical in the journey of life. Take a seat and determine what seed you would like to sow and what you’ll like to harvest.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design Your and Unleash Your Destiny . He can be reached via info@gloemi.com
By Eric Elezuo
The Senate has suspended Senator Natasha Akpoti-Uduaghen for six months over her sexual harassment accusation and other disputes against the Senate President, Godswill Akpabio.
The Senate also withdrew her salaries for the period of the suspension, as well as her security details.
The chamber however, soft-pedaled on the salaries and allowances of her aides, who it was argued would not have any source of livelihood within the period.
Globacom is welcoming new customers on its network with the introduction of the e-SIM. The e-SIM activated in any Gloworld shop or Dealer outlet comes with an introductory free 5GB data when the customer buys a data plan of N1,500 or more.
Customers already on other networks can now join the Glo network with e-SIM as an additional SIM. Existing Glo customers can also enjoy this “SIM-less” freedom.
With the e-SIM, customers no longer have to worry about space for a physical SIM on their phones. The e-SIM is a software-based digital chip built directly into smartphones or wearable devices, thus eliminating the need for a physical SIM card for customers.
The use of e-SIM enables customers to have seamless switching between phone numbers without a physical SIM. It is ideal for upwardly mobile people who travel frequently. The e-SIM also guarantees security, as unlike physical SIM, it is harder to remove from devices. It is also eco-friendly and reduces plastic waste.
Globacom’s launch of the e-SIM enables enables it to cater to high-net-worth individuals and enterprise customers, and it also reinforces the company’s commitment to providing seamless and future-ready services to its customers.
A customer seeking to activate the Glo e-SIM needs to check the compatibility of the mobile handset by dialling *#06# on his or her phone. If an EID number reflects on the mobile screen, the device is e-SIM compatible.
“The customer can then proceed to the nearest Gloworld shop or Glo Dealer outlet to migrate to e-SIM. The process takes only a few minutes and the customer can thereafter begin to enjoy the use of an e-SIM”, the Marketing Department disclosed.
