WEF  11-13 May 2016 The Need To Diversify Economies: The World Economic Forum on Africa 2016 is now wrapping up Kigali, Rwanda.

This year marks the 26th World Economic Forum on Africa will convene regional and global leaders from businessThe forum always brings together over 1500 delegates from Africa and beyond under the theme ‘connecting Africa’s resources through digital transformation.’

CNNMoney Africa based business correspondent Eleni Giokos sat down with Nigerian billionaire Aliko Dangote founder of the Dangote Group to discuss diversifying business. Dangote pointed out that all their products and investments are very transformative…he is very confident that even though like most businesses they have their trail times, however, he is not concerned because he knows hard times bring lost of opportunities. 

Aliko Dangote

Dangote says his company is investing more than even when things were better, because is cheaper to build any industry today….

When asked about David Cameron by telling the Queen he thought Nigeria and Afghanistan, possibly the two most corrupt countries in the world

Aliko Dangote said maybe they were, however be believes ”right now things are changing dramatically, because leadership is very very important and l think with the current fight of corruption people must be very insane to try and be corrupt at least we have actually a press break a bit….

He added that ‘it is difficult, you cannot just eliminate corruption overnight. but l think we are on the way and definitely Nigeria will be at the bottom of corruption very soon”

Photo credit: Aliko Dangote

More about this great business man Dangote here

Apply today –  transform your tomorrow!  The Applications for the 2016 Tony Elumelu Foundation Entrepreneurship Programme is open!

Nigerian billionaire, Tony Elumelu has launched The Tony Elumelu Foundation Entrepreneurship Program (TEEP) that aims to create, support and boost 10, 000 young businesses across the continent. These companies are expected to generate  1, 000, 000 jobs and contribute $10 billion in revenue across Africa.

Tony Elumelu In a  statement to the press,  Mr Tony Elumelu said “The opportunity and challenge in Africa is scale – in our people, our resources and our horizons. In my business and philanthropic journeys, I have always sought ways to help inspire a generation across our continent. This programme brings together my own entrepreneurial experience and my fundamental belief that entrepreneurs – women and men across Africa – will lead Africa’s development and transform our futures,”  The 10, 000 start-ups will be selected by a committee of African business leaders. The selected applicants will participate in a comprehensive program designed to equip them with the skills needed to build a successful business. The program includes seed funding, a customized 12-week business skills training course, mentoring, an entrepreneurship ‘boot camp’, participation in the annual Elumelu Entrepreneurship Forum, membership of the Alumni Network and much more. “Entrepreneurship is the cornerstone to African development and the key to local value creation in Africa. I am determined to ensure that Africa’s next generation of entrepreneurs have the platform they need to turn their entrepreneurial aspirations into sustainable businesses that will drive economic growth and job creation across Africa,”… Click here for more  and apply.

Application Deadline: March, 01 2016 

This is great news for African entrepreneurs! What an amazing man!  Credit: tonyelumelufoundation.org

African Energy Group will bring the continent’s leaders together in an effort to build public-private partnerships, leverage political support and mobilize funds for sustainable energy and development. Created by a working group of African leaders including billionaires Elumelu, Aliko Dangote; Donald Kaberuka, President of the African Development Bank; Prime Minister Daniel Duncan of Ivory Coast; and President John Mahama of Ghana, AELG’s mission takes the form of three pillars—driving universal access, driving efficiency and driving renewables.

African billionaires join together to launch African Energy Group

Speaking at a high profile panel on energy at the 2015 annual meeting for the World Economic Forum in Davos, Switzerland,  Nigerian billionaire Tony Elumelu emphasized the key priority for 2015 for Africa as “policy, policy, policy

Nigerian billionaire and philanthropist Tony Elumelu is among the group launching the African Energy Leaders Group (AELG), a multi-stakeholder advocacy group that aims to address Africa’s power deficiency—the continent has approximately 620 million people without electricity.

Elumelu said, “Investors in this space are rational. The risks are huge; the capital requirements are equally huge. If you want to invest in this space, you have to first survey the environment beyond economics; policy, stability, enforceability of rules, the nature of the regulatory framework. If the right policies are in place, investors and financiers will be encouraged to invest.”

“Currently, every single African country is experiencing energy shortages and power outages. This costs the continent 2 percent of its GDP,” said Kaberuka. “We are a continent of miracles; if we are growing at 5 percent without enough electricity, think of what the continent could do with enough electricity.”

Kaberuka also added that the African Development Bank does $5 billion of infrastructure per year; half of that investment is ear-marked for energy, in both the private and public sectors…

Source: Forbes

 

Folorunsho AlakijaNigerian oil tycoon Folorunsho Alakija is now the richest black woman in the world with an estimated fortune of $7.3 billion. Africa boasts 55 billionaires – far more than previously thought – and they’re worth a staggering $143.88 billion in total, according to pan-African magazine Ventures Africa.

Mother-of-four, Folorunsho Alakija, 62, started her career as a secretary in a bank then studied fashion and launched a label but her big break was oilIn 1993, her company, Famfa Oil, was awarded an oil prospecting license, which later became OML 127, one of Nigeria’s most prolific oil blocks

The company owns a 60 per cent stake in the block, valued at around $7.3 billion, Ventures Africa reports

According to Forbes, Oprah Winfrey is worth $2.9 billion

Starting her career as a secretary in a bank in the mid 1970s, Alakija, 62, then studied fashion in London and returned to Nigeria to start a label, Supreme Stitches. But her biggest break came in oil.

In 1993, her company, Famfa Oil, was awarded an oil prospecting license, which later became OML 127, one of the country’s most prolific oil blocks, by then-president Ibrahim Babangida.

The company owned a 60 per cent stake in the block until 2000 when the Nigerian government unconstitutionally acquired a 50 per cent interest without duly compensating Alakija or Famda Oil.

In May 2012, Alakija, a married mother-of-four, challenged the acquisition and the Nigerian Supreme Court reinstated the 50 per cent stake to her company.

She also has a charity called the Rose of Sharon foundation that helps widows and orphans by empowering them through scholarships and business grants.