UNGA79: BHM, business leaders hold dialogue on driving economic growth in Africa

BlackHouse Media (BHM), an African public relations company, and African business leaders held a dialogue on driving economic growth on the continent.

In a statement on Monday, BHM said the business leaders convened at the World Trade Center in New York City, United States, on September 27 for the ‘Africa breakfast convos’ on the sidelines of the 79th United Nations General Assembly (UNGA79).

Co-hosted by Allison Worldwide, global communications firm and BHM, the event gathered executives from various African nations and the United States to discuss strategies for sustainable development and economic growth across the continent.

“The Africa Breakfast Convos aligned with UNGA79’s broader theme of global progress and sustainable development,” the statement reads.

“Participants stressed the importance of public-private partnerships and engaging the African diaspora to drive economic growth on the continent.

“The discussions at the event highlighted Africa’s youthful population as a significant driver of future growth, with 70% of sub-Saharan Africa under 30.

“Projections indicate that by 2030, one-fifth of the global population will be African, underscoring the continent’s increasing importance on the world stage.

“Throughout the event, speakers highlighted Africa’s potential for investment and collaboration.

“Recent data from the UN Trade and Development (UNCTAD) shows that although 2023 was a challenging year, foreign direct investment (FDI) flows to the continent remained relatively stable at $48 billion, although this represented just 3.5 percent of total global FDI.”

‘HARNESSING INNOVATION CRUCIAL FOR AFRICA’S SUSTAINABLE DEVELOPMENT GOALS’

In her opening remarks, Claudine Moore, managing director for Africa at Allison Worldwide, emphasised the importance of leveraging communication and stakeholder engagement for Africa’s sustainable development agenda.

“By harnessing the power of communications and innovation, we can accelerate Africa’s socio-economic progress towards achieving its sustainable development goals,” Moore said.

Moore added that the dialogue represents a unique opportunity to bring influential voices and decision-makers from across Africa, the US and beyond, together.

“We’re facilitating meaningful dialogue that will drive sustainable growth and social impact across the continent,” she said.

A panel focused on technology and finance featured insights from Iyin Aboyeji of Future Africa, Tobe Okigbo of MTN Nigeria and Anie Akpe of African Women in Tech (AWIT).

Okigbo commended the continent’s business landscape, adding that African businesses are not just solving local problems, “they’re turning billion dollar problems into billion dollar opportunities”.

Aboyeji stressed the potential of Africa’s diaspora to contribute to the continent’s growth.

“There is an opportunity for Africa’s diaspora to better orchestrate impact on the continent by facilitating its major inflows to deliver value on the ground,” Aboyeji said.

“The diasporan community can, for example, leverage aggregated remittances as capital to establish sustainable infrastructure on the continent.”

The creative economy also took center stage during a discussion led by media executives including Sam Onyemelukwe, senior vice president of global business development at TRACE, and Ayo Animashaun, founder and chief executive officer (CEO) of Smooth Promotions, Hip TV, and the Headies.

Onyemelukwe highlighted the global impact of African pop culture and how African creatives are shaping global trends and narratives.

Animashaun spotlighted the economic potential of the creative industries, noting that the creative sector is a powerful engine for job creation and economic growth in Africa.

Speaking on the event’s significance, Ayeni Adekunle, founder and CEO of BHM, stressed the importance of fostering dialogue to address Africa’s challenges and opportunities.

“This gathering is an opportunity to have the right conversations about our continent – the opportunities and the challenges. We’re providing guests with a space where conversations can flow freely, turning ideas into impactful initiatives that foster sustainable growth across Africa,” Adekunle said.

BHM said as the event concluded, there was a palpable sense of optimism about Africa’s future and its potential to lead in sectors like renewable energy and technology, setting the stage for more productive collaboration and continued investment in the continent’s sustainable development.