On July 25–26, 2024, ETK took part in the Africa Social Impact Summit 2024 (ASIS 3.0).
The two-day summit held under the theme “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa.” was a resounding success!
From networking opportunities with businesses to learn about their social impact projects on the continent to helping SMEs and businesses understand how ETK can support their business goals and their social impact initiatives in Africa, we had a fantastic time at the summit.
Co-convened by the Sterling One Foundation and United Nations Nigeria, the summit featured enlightening and thought-provoking discussions, evidence-based insights, and action plans for the achievement of the Sustainable Development Goals, SDGs in Africa.
For two days, the summit brought together over 2000 forward-thinking and socially conscious professionals from the private and public sectors, civil society organisations, and development communities across Africa with the mission of inspiring investors to support existing African solutions addressing critical issues such as climate change, the circular economy, education, health, WASH, renewable energy, and agriculture on the continent.
From the opening remarks, insightful debate, panel sessions, and roundtable discussions at the event, the event was focused on strategies to increase investment and funding for impactful projects that foster sustainable economic growth and development in Africa. ETK Group specialises in providing SMEs across Africa with access to markets and business opportunities, as well as a range of tailored services to impact investors in Africa, enabling them to achieve their goals. This summit was fully aligned with our goals of supporting investment and sustainable development in Africa.
If you’re a business or social impact investor and want to know more about how ETK can support your business sustainability goals in Africa, please do reach out!
On July 24, 2024, ETK Group and Alitheia Capital co-sponsored an investor’s roundtable with the Lagos State Government under the theme “Opportunities Made in Lagos,” in partnership with Sterling One Foundation and the Lagos State Ministry of Commerce, Cooperatives, Trade, and Investment.
The event, which was a pre-summit panel for the Africa Social Impact 3.0 Summit 2024 held in Lagos on July 25–26, provided an opportunity for potential investors and donors to connect with key decision-makers in the state and for the state government to present its ambitious investment focus and key areas of opportunity to potential investors.
At ETK Group, we do not just believe in Africa’s development potential; we are helping shape the narratives of investment and development on the continent by connecting investors and businesses with investment opportunities in the African market.
Lagos State is projecting a positive economic outlook for the state, driven by the leadership of his Excellency, the executive governor of Lagos State, Babjide Sanwo Olu, the expanding population, and the ongoing sustainable infrastructure development in the state. We are happy to be part of this.
In the last couple of years, Lagos’s economy has shown remarkable resilience, welcoming new investment policies to guarantee returns to investors.
As a leading investment destination in Africa and the 7th largest economy on the continent, Lagos has been proactive in implementing business-friendly policies, including a constant review of the state’s Ease of Doing Business policies to reduce the challenges associated with new business registration, obtaining permits, and helping to eliminate bureaucratic bottlenecks.
We are delighted to announce that ETK Group has been shortlisted for the 2024 Allica Bank Great British Entrepreneur Awards – Global Entrepreneur of the Year category for the East of England region! https://bit.ly/3VX48UQ
Each year, the awards receive thousands of applications, demonstrating the competitive nature and high standard of the competition. This year’s shortlist showcases businesses with a combined turnover of £2.9 billion and approximately 20,000 employees, highlighting the significant roles of these businesses in driving economic growth across the UK.
This award is a testament to the hard work of the ETK team and our commitment to the growth of the UK’s economy and businesses. We’re excited about what the future holds for our mission to support UK businesses in expanding into other markets.
ETK Group Managing Director Bolaji Sofoluwe was recently named one of the Global Top 100 Export and International Trade leaders.
In celebration of Global Africa Day on May 25th, 2024, under the theme “Championing the Vision of Global Africa as a Unified Economic Block and Single Market,” Most Influential People of African Descent (MIPAD) unveiled the honourees list for the 2024 Most Influential Global Top 100 Export and International Trade Edition in recognition of their exceptional commitment to driving economic progress across continents. Please see the full list here: ww.mipad.org/classof2024.
This groundbreaking list celebrates the achievements of Africans who are making waves in diverse sectors. From CEOs forging billion-dollar deals to social entrepreneurs tackling global challenges, these Trade Champions are proving that African ingenuity is a driving force for positive change in the world economy.
For Nigerians and Africans across the continent, this list is a powerful source of inspiration and a testament to the immense potential of the African diaspora in driving economic growth and prosperity.
Bolaji, alongside other prominent African leaders in Trade and Export including Ngozi Okonjo-Iweala, the first African and woman to lead the World Trade Organization (WTO); Dr. Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of Industry, Trade and Investment; Kanayo Awani, Executive Vice President, Intra-African Trade Bank (IATB); Kemi Arosanyin, CGBP, the Director, Trade Development (Africa & Caribbean) at the World Trade Centre; H.E.Wamkele Mene, the Secretary General of the African Continental Free Trade Area (AfCFTA) were recognised for their groundbreaking achievements in trade and export around the world. The full Global Top 100 list is available via www.mipad.org/classof2024
Bolaji’s contributions are truly exceptional, as she excels in trade promotion and holds the prestigious role of Department for Business and Trade Export Champion. As a business growth strategist focused on market expansion and internationalisation, she also provides companies and businesses with the representation and knowledge necessary to enter and expand across African markets. Bolaji has personally spearheaded projects in over 34 African countries.
At ETK Group, we’re not just advisors; we’re your partner in conquering the African market. Our strategic expertise opens doors for companies looking to thrive on this dynamic continent.
ETK Group Limited has announced the launch of Africa’s Next Global Innovation Challenge – ANGIC – an initiative that seeks to identify and bolster sustainable enterprise development and link African innovations and solutions with global challenges.
Focusing on growth-stage ventures with existing products that are solving specific problems in Nigeria, Ghana, Kenya, South Africa, Morocco, or Rwanda, ANGIC will bridge the gap between African ingenuity and pressing global challenges. Through a curated blend of capacity support and access to markets, the innovation challenge will identify and empower growth-stage businesses to scale existing solutions, drive sustainable enterprise development, and make a profound global impact.
Africa Next Global Innovation Challenge
African innovators and businesses hold significant potential to address the challenges faced by Africa. However, they often lack access to investors, essential support, funding, and face capacity constraints. A significant number of small businesses on the continent struggle due to operational limitations and gaps in critical areas of capacity necessary for growth.
In collaboration with The Nest Innovation Park, ETK will implement Africa’s Next Global Innovation Challenge to address these challenges in a bid to give exemplary innovations and businesses from Africa a chance to expand their reach into global markets.
To participate, qualified businesses can enter the challenge by visiting www.angic.etkgroup.co.uk from May 27 – June 28, 2024.
“Our mission with ANGIC is to contribute to the export of innovative solutions and products from Africa to other markets in the UK, US, Europe, Brazil, or other markets around the world. With this challenge, we want to prioritize innovations that are focused on improving sustainability and the socio-economic status of Africans. At the end of this inaugural edition of ANGIC, our aim is to facilitate the successful export of at least four innovative solutions and products from Africa to global markets,” says Bolaji Sofoluwe, Managing Director at ETK Group.
Africa’s Next Global Innovation Challenge will provide selected businesses with opportunities to scale their solution with expert support in research and development, training, and capacity development, access to global markets, access to ETK Group’s network of international partners and industry experts for guidance, as well as the opportunity to accelerate the growth of their businesses with mentorship from ETK and other industry experts around the world.
“These exports are expected to generate a minimum of $100 million in revenue, directly contributing to the socio-economic advancement of African communities. We will ensure that each exported innovation aligns with the mission of improving the socio-economic status of Africans.” Added Bolaji.
About ETK Group
Founded in 2010, ETK is a UK-based Africa-focused trade and advisory consultancy with a presence in 34 African markets. Our vision is to contribute to the growth of African businesses through advisory work and by facilitating access to export markets for businesses of various sizes across the continent. ETK has facilitated market entry and provided market support services to over 200 clients across Africa, the UK, and in other markets. ETK contributes to the growth of African businesses and markets by helping enterprises to expand into other markets and connecting international businesses from other markets with trade and investment opportunities on the continent. ETK provides support to SMEs across diverse sectors with capacity development, sustainability consulting, strategy, planning, and project management and implementation to facilitate growth.
As the world transitions from carbon-based sources of energy to a more sustainable future, demand is increasing for a range of minerals and metals required for the transition to cleaner sources of energy. From uses in home appliances, transportation, construction, electrical components, and medicine to aerospace technology and infrastructure development, minerals are essential components of modern life. In addition to these applications, minerals such as copper, nickel, platinum, silver, gold, aluminium, cobalt, and lithium are used in renewable energy technologies like batteries for electricity storage, wind turbines, and photovoltaic cells for harnessing energy from the sun.
Sustainable Development Goal 7 (SDG7), which calls for “affordable, reliable, sustainable, and modern energy for all,” aims to increase the share of renewables in the global energy mix and ensure universal access to affordable, reliable, and clean energy. The decarbonizing technologies required to transition to wind, solar, batteries, and other sustainable energy sources are driving increased demand for these scarce natural resources, creating significant economic opportunities for countries where the minerals are found but also posing social and environmental risks.
Risks Associated with Mineral Mining
While minerals are essential for the transition to an electrified future, their extraction from the ground creates a range of social and environmental challenges in countries where the minerals are mined. Extractive industries pose risks to human health, water supplies, and ecosystems. Mining can ravage landscapes, decimate biodiversity, lead to human rights abuses, and be a significant source of greenhouse gas emissions as well.
Other risks include deforestation, soil erosion, water contamination, dust, and noise pollution. Land-based mining is encroaching on wildlife areas and accelerating the rates of extinction of endangered plant and animal species. The extensive land required for mining is also impacting indigenous populations and leading to a crisis of pollution and toxic waste in local communities.
Economic Opportunities for African Countries
With growing demand, proceeds from critical minerals are poised to rise significantly over the next two decades. Global revenues from the extraction of just four key minerals—copper, nickel, cobalt, and lithium—are estimated to total $16 trillion over the next 25 years, in 2023-dollar terms, says the IMF. With sub-Saharan Africa estimated to hold about 30 percent of the volume of proven critical mineral reserves needed to power the transition to renewable energies, this means that Africa stands to reap over 10 percent of these cumulated revenues, which could correspond to an increase in the region’s GDP by 12 percent or more by 2050, according to the IMF.
The Canadian Mining Journal on Africa’s mining potential reports that the extraction and export of these mineral resources contribute significantly to national revenues, foreign currency reserves, and employment. Lithium, cobalt, copper, manganese, graphite, and many other critical minerals are abundant in the region. Africa produces over 60 metal and mineral products and has huge potential for mineral reserve exploration and production. Over 30% of the world’s mineral reserves are found in Africa, with practically every country on the continent producing at least one critical mineral. According to the Policy Centre for the New South’s research on Africa’s mining potential, sub-Saharan Africa accounts for around 80% of global platinum production, 50% of manganese, two-thirds of cobalt, and a considerable proportion of chromium.
In spite of the abundance of raw materials, many African countries still export most of the mineral resources in their raw forms. Approximately 70% of mined minerals are exported to Europe or Asia for refining. This shows that local processing options for critical minerals are still limited.
Mining vehicles digging coal: Source freepik.com
Since the bulk of the economic benefit from these minerals is derived from the refining of the raw materials, the greatest economic gains are realized elsewhere. Developing local processing industries could significantly create higher-skilled jobs and increase tax revenues, thereby supporting poverty reduction and sustainable development. Africa can generate even greater windfalls by not only exporting raw materials but processing them as well. Raw bauxite, for instance, fetches a modest $65 per ton, but when processed into aluminium, it commands a hefty $2,335 per ton in end-2023 prices according to the IMF.
In line with this, many governments on the continent are undertaking structural reforms to support domestic companies in mining and related processing sectors to retain greater economic value onshore. This includes implementing policies aimed at restricting the exports of raw mineral resources. For instance, Ghana has implemented a green minerals policy aimed at retaining a greater portion of the value chain from the country’s natural resources. Namibia and Zimbabwe have taken similar steps regarding the export of unprocessed lithium.
Realizing the Gains While Minimising the Risks
If managed properly, the extraction of these critical minerals has the potential to transform the region’s economic status, according to IMF’s latest Regional Economic Outlook. Accessing these critical minerals in ways that minimize the impact on local communities, protect biodiversity, respect the land rights of indigenous communities, protect workers, and reduce the environmental impacts on surrounding ecosystems is essential if we are to create a sustainable future for everyone. Massive wealth transfers of raw materials in ways that negatively impact communities in the global south to the benefit of consuming economies in the global north are not the answer to a sustainable future.
This edition of the magazine consists of 84 pages of specialist advice and guidance. Horizon Magazine UK aims to equip you with the tools to take your international trade to new heights.
Key themes explored in the article include:
👉 Overlooked Potential: Africa’s thriving market has been misunderstood for too long.
👉 Changing Perception: More are recognising Africa as a lucrative business and investment hub.
👉 Diversity as Opportunity: Africa’s cultural diversity offers fertile ground for innovative ventures.
👉 Relationship Building: Emphasising the importance of building lasting connections in African markets.
👉Flexibility in Approach: Adapting strategies to navigate the nuances of African business culture.
It’s truly an honour for us to contribute to this edition of the magazine and to showcase the work that we’re doing at ETK Group to facilitate trade and investment in Africa.
Many thanks to the team at Horizon Magazine UK for consistently producing such useful and informative content in every edition
On Friday, March 8, 2024, ETK Group organised an Afternoon Tea at the UK House of Lords for a group of inspirational women across diverse professions to celebrate International Women’s Day, very kindly hosted by Lord Kulveer Ranger.
The panellists shared great insights and experiences on women in business, government-led initiatives, and whether or not legislation was needed to increase investment in women.
Key takeaways from their discussion include:
👉 It makes economic sense to support women with funding as women are more likely to reinvest in healthcare, education, and communities.
👉 There is a need to empower women in financial education and incorporate this into the mainstream educational curriculum.
👉 There is a need to expand the table in various aspects of life to allow for diversity of thought, leadership, and equal opportunities.
Our sincere appreciation goes to Lord Kulveer Ranger for hosting us, and Oliver Scheidt deserves special recognition for his consistent support.
A huge thank you to our amazing guests for giving up their afternoon to be with us at the event.
Recently, the Federal Government of Nigeria announced its commitment in 2024 of ₦60 billion (about US$ 37 million) towards achieving net zero emissions by 2060. The roadmap for achieving net zero by 2060 is set out in Nigeria’s Energy Transition Plan (ETP), which stipulates the specific actions the government will take to decarbonise the economy.
The plan focuses on eliminating emissions from the largest sources of greenhouse gases, which taken together, account for about 65% of Nigeria’s CO2 emissions. In thinking about how effective these strategies will be, the following four questions come to mind:
How does Nigeria plan to meet its commitments to achieving net zero by 2060?
Are the commitments laid out in the ETP compatible with the goal of 1.5 degrees Celsius, and how well is Nigeria doing in achieving its Nationally Determined Contributions (NDCs)?
What has been undertaken so far to achieve these objectives, How well is Nigeria doing with respect to meeting its stated objectives, and what more needs to be done?
What does this mean for the country, specifically for individuals and businesses?
We thought it would be a good time to review Nigeria’s strategy for achieving net zero and its impact on businesses and households in the country.
In this progress report, Brent Barnette reviews, assesses, and provides expert insights on Nigeria’s strategy for achieving net zero, progress so far, and how the transition is impacting businesses and households
Institutional investors have a key role to play in helping to close the sustainable financing gap, which is defined as the shortfall between the expected investment required to meet the UN’s Sustainable Development Goals, and existing investment currently allocated towards achieving those goals. In Africa, the sustainable financing gap is estimated to be approximately 7% of the continent’s gross domestic product (GDP).
As part of our commitment to developing robust, viable, growth-enabled businesses in markets across Africa, we at ETK wanted to explore how the sustainability agenda is affecting institutional investment in Africa.
In this article, we took a look at how the focus on sustainability is creating entirely new business models and new opportunities for existing businesses while considering the challenges these businesses face in accessing financing from institutional investors.
We also delved into how institutional investors and the sustainability agenda are creating a new set of obligations for all businesses – regardless of sector or geography – in terms of transparency and reporting around non-financial ESG measures.
