"Insights" : The Need to Invest in Africa's Emerging Economies

There are few people that I admire more than Ngozi Okonjo-Iweala, the globally renowned economist who currently serves as Nigeria's Finance Minister.

In a thought provoking TedTalk Okonjo-Iweala details the importance of comprehensive economic development across the African continent that includes the critical need for investment in emerging firms. Framing her argument she uses the economic transformation of her native Nigeria.

Nigeria's story is amazing. A nation that underwent decades of corruption,  in both economic and governmental spheres, has implemented a range of economic reforms that have included industry privatization - particularly within the telecommunications and extraction sectors, firm development, and liberalization of the Nigerian economy thereby increasing competitiveness across all economic sectors and raising the nations GDP to a robust 8.67% growth rate this year. 

This is the Africa of opportunity. This is the Africa where people want to take charge of their own futures and their own destinies. And this is the Africa where people are looking for partnerships to do this.
— Ngozi Okonjo-Iweala

Okonjo-Iweala's presentation encompasses the immense opportunities that that lie within the borders of the African continent. Members of the African economic community are read and able to expand innovative industries that have the possibility to transform the continent's economic development. As Okonjo-Iweala states, 

The best way to help Africans today is to help them to stand on their own feet. And the best way to do that is by helping create jobs.

Let's take note of this call. Let's invest in exciting, and innovative firms that are eager to transform the economic trajectory of societies across the African continent. 

In short, let's think with Foresight 

"Insights": iHub, Inside Kenya's Tech Innovation incubator

Design Indaba has highlighted iHub “Kenya’s Tech Innovation Hub,” an innovation incubator in Nairobi that is assisting in the development of 152 emerging tech start-ups in the Kenyan capital.

Image Credit: ihub.co.ke

Image Credit: ihub.co.ke

In five years iHub has connected a variety of these firms with international investors, implemented a cross-sectional educational program that has introduced the scope of tech related jobs to young students across the Nairobi metropolitan area, and has been directly involved in the employment of 1,265 jobs!

The monumental growth of iHub’s efforts illustrates the progress – specifically in technology related industries – capable of being replicated across the African continent.

Africa is on the precipice of rapid economic development expansion. Ensuring that viable firms have the capacity grow, and are assisted, and supported, by innovation entities such as iHub will play a pivotal role in realization of a dynamic trans-continental African economy capable of competing on the international economic stage. 

Explore more of iHub's work by venturing over to ihub.co.ke, it certainly will not dissappoint!