Browsing: AUDA-NEPAD

Africa’s marine and terrestrial natural resources are enormous but most of these riches have not been fully utilized which limit their potential to transform the continent’s economy.

The AUDA-Nepad notes that thirty-eight of Africa’s 54 states are coastal and Africa’s lake zones are estimated to cover approximately 240,000 sq km while its transboundary river basins cover 64 per cent of the continent’s land area. The African Union (AU) highlights that over 90 per cent of Africa’s imports and exports were transported by sea, making the continent a strategic gateway for both regional and international trade.

With the vast ocean and lake resources at Africa’s disposal, African countries have an enormous opportunity to diversify their economies which will help address the risks of relying on specific economic sectors whose consequences are largely limiting to the chances of promoting socio-economic development.

Read: Africa’s recovery pathway offers enormous opportunities, African Development Bank head

The African Union Development Agency NEPAD (AUDA-NEPAD) and the Ecobank Group have partnered in the 100,000 Micro, Small and Medium Enterprises (MSMEs) Initiative.

This initiative is meant to help reposition MSME businesses on the continent, in order to rebuild and recover from the economic shock caused by Covid-19.

AUDA-NEPAD launched the 100,000 MSMEs Programme to accelerate African economic transformation, provide the needed skills, and build resilience against the economic shock triggered by the global pandemic.

Read: Redefining the health system in Africa after the pandemic

The ‘100 000 MSMEs’ initiative seeks to build the capacity of 1,000,000 enterprises in Africa through entrepreneurial and business training to improve access to finance and new markets while establishing networks for support and incubation to bolster their success.

“Across the globe, MSMEs are the biggest and the best engine of innovation, social transformation and economic development and growth. AUDA-NEPAD is deeply convinced that Africa …

Nigeria’s Minister of State for Aviation, Hadi Sirika, and other Africa transport ministers have rallied other countries on the continent behind the Single African Air Transport Market (SAATM).

Sirika, at the ongoing Second Ordinary Session of the African Union Specialised Technical Committee in Transport, Transcontinental and Inter-regional Infrastructure, Energy and Tourism in Cairo Egypt, made the resolution of the ministers known via his twitter handle.

The ministers, in the resolution concerning transport in Africa, “urge all remaining member states to join the Single African Air Transport Market (SAATM), ratify the African Road Safety Charter, the Revised Maritime Transport Charter and the Africa Civil Aviation Commission (AFCAC) Constitution.” Presently, only 28 African  countries have so far shown interest in the SAATM, even as the African Union awaits the decision of others to join the train.

According to African Union, SAATM is “Promoting intra-regional connectivity between the capital cities of Africa …