London Stansted is set to open up the UK’s only direct service to the Senegalese capital, Dakar, from this summer. Here, Bolaji Sofoluwe explains why the move will help to bolster trade links for the East of England. Infrastructure is a key component for successful import and
export relationships. This includes transport infrastructure (roads, railways, airports, seaports) and services as well as telecommunications networks – all of which play a part in physical infrastructure that is crucial for moving goods and services to and from different countries. In the past, emphasis has been placed on sea and land
freight because it is less costly than air transport. However, in recent years the importance of air transport for trade has been increasing – especially when speed is of the essence.
Strengthening airports
A 2018 study by Steer for Airlines UK with support from
Heathrow Airport Limited, Manchester Airports Group and the Freight Transport
Association found that air freight services contribute £7.2 billion to the UK
economy and support 151,000 jobs and that across all sectors of the economy,
£87.3 billion of UK gross value added (GVA) is currently dependent on air
freight exports. Air freight currently represents 49% of the UK’s non-EU
exports by value (£91.5 billion) and 35% of non-EU imports (£89.9 billion) –
over 40% of total trade by value but under 1% by volume of goods shipped. To expand on this, strengthening and expanding our airports
is key. However, the quality of the UK’s air freight infrastructure
is a major issue since they now cater to significantly more widebody freight
capacity than the facilities were originally designed for. Many of our freight facilities at UK airports are often
decades old and have suffered from continued under-investment. This means bellyhold cargo now accounts for more than 60% of total UK air freight volume, according to the Steer for Airline study, with forwarders and shippers utilising an extensive intercontinental passenger network.
Direct flights
This is why I welcome more direct flights to countries
within Africa – which will provide more opportunities for trade as well as for
forging new business relationships. And the news of the new service in Essex to Senegal is
particularly interesting after the airline cherry-picked London Stansted for
three flights a week starting on June 26. The reason for the choice could well be the fact that the
East of England is already streets ahead in terms of developing relationships
with Africa. After all, of all the businesses I work with, the majority
come from Essex, Suffolk and Norfolk and this flight route will give them the
chance to develop new trade and investment opportunities. The UK-Africa Summit held in January focused on sectors
where our region has particular strengths, such as renewable energy, housing
and technology and this extra boost to the infrastructure here will continue to
boost our relationships between Africa and the East. It is also a great link for Africans in diaspora to the
Western part of the continent.
Last week started with a great round table meeting with HM Trade Commissioner to Africa, Emma Wade-Smith. The event was organised by Exemplas Trade Services on behalf of the Department for International (DIT) Trade East of England. It was great to have a discussion on the measures that the government is taking to support local businesses in their export plans. And I was honoured to be invited along with five other businesses in the region.
HM Trade Commissioner for Africa, Emma Wade-Smith, at the meeting with Bolaji Sofoluwe. Credit: John Brook
It was inspiring to see that Mrs Wade-Smith has a passion for Africa that in nearly 10 years of business, I have not yet seen. This filled me with extreme confidence and I know this is going to be the golden era of trade to Africa. I didn’t sense the imperious attitude towards the business opportunities on the continent and neither did I feel that this was an economic grab. As a result, I believed it was a genuine effort to build mutually beneficial relationships on the continent.
Healthcare and life science
This was followed by the Selling to Africa: Life Sciences and Healthcare event. Also run by the DIT, this event attracted businesses in the sector from across the East of England. It was fantastic to have a representative from DIT in Egypt, Salma Amin, present a pragmatic and detailed market entry approach to the delegates. Ayuk Foma Mafomekong, from DLRC Ltd, the regulatory consultants, also gave a great presentation on navigating the regulatory environment for medicines across the continent.
Bolaji with Salma Amin of the Department for International Trade in Egypt. Credit: DIT Egypt
This was the first time that I had heard about efforts to harmonise compliance across the continent – you learn something new every day! Above all my clients will be pleased to hear that this is progressing and that the target is 2021.
We also heard from Phil Jennings, from Santander, who gave an impressive presentation on the South African market and the bank’s large network of partners across the continent.
Finally, I gave a presentation on Nigeria, Ghana, Morocco, Ethiopia and Kenya – covering research and development, budget allocations and some opportunities available to businesses in those countries.
Progress
It’s safe to say that this was one of the most practical, detailed events I have been to in a while. Africa as a whole is hard to cover, but focusing on these specific countries, clarifying regulatory requirements and being open and honest about timelines, opportunities and challenges, was a refreshing experience. Well done to Marguerite and her team for organising this event.
So, the motto is, we progress. And, we keep calm and carry on.
International Women’s Day is a global day to celebrate the social, economic, cultural and political achievements of women. It provides the opportunity to look at how far women have come in terms of equality. It’s fitting that this year’s theme is #EachforEqual and how ‘equality is not a women’s issue, it’s a business issue’. Here, our managing director Bolaji Sofoluwe, discusses her passion for celebrating women in high-profile positions.
A lot of progress has been made in equality in recent times – I’m really excited to see women in politics and really excelling.
The prime example is Jacinda Ardern, the Prime Minister of New Zealand – a woman in a high-powered position who is continually showing the world what real leadership is.
In Africa, there is trailblazing work going on with women in government positions and on company boards. The Ethiopian cabinet is half women which is a massive step forward in gender parity.
The continent is seen as having strong patriarchal traditions. So, for Ethiopia’s Prime Minister Abiy Ahmed to place women in his cabinet is just phenomenal.
And, in just this past month, three women have been appointed to the boards of companies listed on the Nigerian Stock Exchange.
According to the African Development Bank Group, women hold close to one third of the seats in parliaments in 11 African countries – more than in Europe.
cof_viviThe theme for International Women’s Day 2020 is #EachforEqual. Pictured is Bolaji Sofoluwe striking the #EachforEqual pose.
I am 100% behind the gender equality movement and I want young women to feel empowered and aspire to become business leaders or politicians.
Expertise
Although I am passionate about my African roots, I developed my career while living in the UK in my 20s. I worked first in insurance before moving into banking.
This knowledge – which includes understanding logistics, legislation, economics and business – helped form the ETK Group in 2012 and my understanding of both the African and the British culture has allowed the company to successfully work across both continents.
Some of our East of England clients have enjoyed successful work in Nigeria, South Africa and Kenya. The company also has clients in the north of England and London. And nearly half come from around the world including USA, Singapore, Sweden, Holland and Finland.
Businesses have been very receptive to trading with Africa, especially following Brexit. As a result, many SMEs have explored opportunities to trade elsewhere in the world – Africa in particular.
And the continent is home to six of the 15 fastest growing economies in the world. The time is right for the UK’s businesses to capitalise on the vast amount of growth predicted across Africa in sectors including agriculture, renewables, finance and technology.
The fact is that African women are highly entrepreneurial and own a third of all businesses across Africa. And I am proud to be part of that movement and celebrate this International Women’s Day.
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