The two-day Global Africa Business Initiative (GABI) flagship event sought to drum up support for Africa’s business opportunities and innovations, under the theme “Unstoppable Africa: Shaping Global Ambitions for Agenda 2063”.
Organized by the UN Global Compact’s Global Africa Business Initiative (GABI) it markets the continent as the premier destination for business, trade, and investment, and is co-hosted by UN Deputy Secretary-General Amina J. Mohammed and African Union Chairperson Moussa Faki Mahamat.
Among the notable attendees this year included the President of Poland, Andrzej Duda; the Global Head of Public Sector Banking, Citi – Julie Monaco; Prof. Benedict Oramah, the President of the African Export-Import Bank (Afreximbank); as well as Mr. Makhtar Diop, the Managing Director of the International Finance Corporation (IFC).
Also in attendance were Ms. Cristina Duarte, the UN Special Adviser on Africa; Mr. Wamkele Mene – Secretary-General of the AfCFTA Secretariat; Dr. Akinwumi A. Adesina – President of the African Development Bank Group; Dr. Ngozi Okonjo-Iweala, the Director-General of WTO.
This year the summit emphasized 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.
In his keynote video address, UN Secretary-General Antonio Guterres emphasized the importance of strengthening partnerships to drive progress in Africa and globally.
“Achieving an unstoppable Africa requires collective, unstoppable efforts to foster development in areas like renewable energy, food systems, education, and digital transformation,” said Mr. Guterres, while calling for meaningful reforms in the global financial architecture to ensure that all countries receive the necessary support, while promoting job creation and economic growth through initiatives such as the African Continental Free Trade Area (AfCFTA).
AU chair Moussa Faki Mahamat highlighted Africa’s rich cultural diversity and the resilience of its people.
“Africa’s story is one of determination, progress, and hope. Our strength lies not only in our resources but in our people—mothers, fathers, sons, and daughters—who tirelessly work to build a better future,” he said.
UN Deputy Secretary-General Amina J. Mohammed stressed the critical role of Africa’s private sector in driving impactful change, emphasizing that with the right investments and partnerships, Africa is poised for transformative growth.
UN Assistant Secretary-General and CEO UN Global Compact, Ms. 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.
Business leaders Mr. Aliko Dangote, Founder and CEO of Dangote Group; Dr. James Mwangi CEO Equity Group Holdings; Mr. Peter Ndegwa CEO, Safaricom; Mr. Alex Okosi, Managing Director Africa, Google; also attended.
WNBA All-Star and ESPN host, Chiney Ogwumike; and Chido Mpemba, AU Special Envoy on Youth.
Insightful discussions
A panel on closing Africa’s climate finance gap 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 emphasized 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 2024 GABI event concluded with optimism and a shared commitment to harness Africa’s potential for global leadership. With concrete plans and partnerships now established, the initiative is poised to continue its momentum toward a future where Africa leads on the global stage.
