WEF: Global leaders converge on S/Africa to discuss Africa as new economic frontier

After the World Economic Forum on Africa held in Abuja in May last year, international attention is again focused on the continent as the global forum holds its 25th conference in Cape Town, South Africa, from tomorrow June 3 – 5, with the theme ‘Then and Now: Re-imagining Africa’s Future.’

All appear set for the global forum in the city of Cape Town.

Under the theme, the forum is convening regional and global leaders from business, government and civil society to take stock of progress over the last 25 years, share insights on the present landscape and identify innovative approaches to accelerate inclusive growth while bringing about sustainable development in the future.

Nigerian government which was strongly behind the recent election of its candidate, Adesina Adewunmi as the President of the African Development Bank (AFDB) at Abidjan; the capital of Ivory Coast is likely to show strong presence at the WEF.

Nigeria recently reassessed its gross domestic product (GDP) figures, with the new data of $510 billion pushing the economy above South Africa ($370 billion) as the continent’s largest economy. Nigerian GDP now includes new entrants or hitherto uncounted industries such as film production, music, telecom and ICT among others.

Though, former president of Nigeria, Olusegun Obasanjo who was billed to launch the Africa Progress Panel 2015 Report alongside other members at the WEF will no longer attend the WEF, according to available information, due to bereavement in his family. Obasanjo is said to have lost his younger sister, Adunni Oluniola Eweje-Obasanjo, at the age of 76.

The Africa Progress Panel is chaired by former UN Secretary General, Kofi Annan. The other panel members are Michel Camdessus, former Managing Director of the IMF; Peter Eigen, founder of Transparency International; Bob Geldof, musician, businessman and campaigner; Graça Machel, social and political activist; Strive Masiyiwa, Chairman and Chief Executive of Econet Wireless; Linah Mohohlo, Governor of the Bank of Botswana; Olusegun Obasanjo, former President of Nigeria; Robert E Rubin, former Secretary of the US Treasury; and Tidjane Thiam, incoming Chief Executive of Credit Suisse.

The 2015 Africa Progress Panel report is on “Power, People, Planet, Seizing Africa’s Energy and Climate Opportunities”

Cocal Cola officials will be part of discussions at the forum on ‘Catalysing capital for Africa’, Women in Business and empowering women through partnerships.

BusinessDay Nigeria canin collaboration with Mail & Guardian Africa and the Nigeria-South Africa Chamber of Commerce will during the WEF host an event entitled-’ Nigeria- South Africa Relations: Turning the wheel of progress’ which showcases the emerging opportunities in Africa’s two largest economies.
WEF organizers said the year 2015 is also significant for Africa, as it marks the end of global, regional and local efforts to meet the Millennium Development Goals aimed at eradicating poverty.
Over the past decade and a half, WEF said Africa has demonstrated a remarkable economic turnaround, growing two to three percentage points faster than global GDP. “Regional growth is projected to remain stable at 4.5% in 2015, buoyed by rising foreign direct investment flows, particularly into the natural resources sector; increased public investment in infrastructure; and higher agricultural production.