The Global Africa Business Initiative (GABI) event wrapped up last week (26 September 2024) in New York, themed: “Unstoppable Africa: Shaping Global Ambitions for Agenda 2063”.
The summit emphasised inclusive participation and solution-driven solutions, culminating in a final roundtable where stakeholders committed to tackling pressing challenges. Key topics included unlocking inclusive trade growth, Africa’s role in clean energy, digital advancements, and the global impact of African creativity and sports.
UN assistant secretary-eneral Sanda Ojiambo commended the Africa Business Leaders Coalition for its leadership, noting a nearly 25% reduction in carbon footprints among participating businesses since launching a climate statement at COP27.
Deputy secretary-general Amina Mohammed stressed the critical role of Africa’s private sector in driving impactful change, emphasising that, with the right investments and partnerships, Africa is poised for transformative growth.
A major highlight was the launch of Itana, Africa’s first Digital Free Zone. This initiative enables global technology, finance, and service businesses to operate seamlessly in Nigeria and scale across Africa, entirely online.
Day Two started with a panel on closing Africa’s climate finance gap, which revealed that the continent receives less than 5% of global climate funding despite its renewable energy potential. Another panel explored the rising significance of Africa’s cultural and creative industries, highlighting their role in economic growth and reshaping narratives.
The discussion on the digital economy included insights from leaders like Rwanda’s ICT minister, Paula Ingabire, and Safaricom’s CEO, Peter Ndegwa, who emphasised the necessity for strategic financing and inclusive policies.
Additionally, a session on the African fashion sector showcased the industry’s growth potential, with a focus on female designers dedicated to establishing a competitive presence in the global market.
The event also served as a platform for announcing significant partnerships aimed at shaping Africa’s future:
- Mine Tech Hub Contribution: President Hakainde Hichilema of Zambia announced a significant contribution to the Mine Tech Hub, which aims to promote technological innovation in the mining sector, ensuring sustainable and inclusive growth.
- Timbuktoo Initiative: Philemon Yang, president of the UN General Assembly, expressed his support for the Timbuktoo Initiative, a global effort led by UNDP Africa focused on youth empowerment, digitalisation, and sustainable development.
- Infrastructure Collaboration: Turkish construction company SUMMA and TAV Airports announced a collaboration to enhance infrastructure development and investment opportunities in Africa,
Key initiatives for 2025 include:
- Food Systems: GABI signed a $250 000 partnership with PepsiCo to mobilise the private sector in Africa to transform food systems. The partnership will coincide with key milestones, including a GABI Bridge at the UN Global Compact Annual Local Network Forum in South Africa in 2025 and the Food Systems Summit.
- Education: A planned partnership with the Global Partnership for Education (GPE) will focus on transforming Africa’s education systems. This collaboration will build on the outcomes of the 2022 Transforming Education Summit and begin with a side event hosted by GPE during Convene in 2025.