Business
Africa Needs $6bn Yearly To Close Connectivity Gap — World Bank
The World Bank has estimated that Africa needs an investment of at least $6 billion annually to bridge the connectivity gap and ensure universal access to affordable and reliable internet. This revelation was made during a recent virtual conference on digital development in Africa, where experts gathered to discuss the continent’s digital transformation.
According to the World Bank, the $6 billion investment is necessary to address the significant infrastructure gaps in the telecommunications sector, particularly in rural and underserved areas. The bank noted that despite progress made in recent years, many Africans remain unconnected, with an estimated 40% of the population lacking access to the internet.
The World Bank’s Country Director for Nigeria, Mr. Shubham Chaudhuri, emphasized the importance of closing the connectivity gap, stating that it is essential for Africa’s economic growth, social development, and global competitiveness. He added that the bank is committed to supporting African countries in their efforts to develop their digital economies.
The conference also highlighted the need for Africa to develop its own digital solutions, tailored to its unique challenges and opportunities. Experts emphasized the importance of promoting local innovation, entrepreneurship, and digital skills development, to ensure that the continent is not left behind in the rapidly evolving digital landscape.
In addition, the World Bank announced plans to launch a new program aimed at supporting Africa’s digital transformation, with a focus on building resilient and inclusive digital economies. The program, which is expected to be launched later this year, will provide financial and technical assistance to African countries, to help them develop their digital infrastructure, promote digital skills, and foster innovation and entrepreneurship.
The World Bank’s report and the conference’s outcomes underscore the urgent need for Africa to prioritize digital development, to ensure that the continent is not left behind in the rapidly evolving global digital landscape. With the right investments and policies in place, Africa can bridge the connectivity gap, unlock its digital potential, and drive economic growth and social development.
The European Union (EU) and the Government of Liberia have signed a significant €25 million financing agreement to support private sector development in the country.
The deal, signed by Liberian Finance Minister Augustine Ngafuan and EU Ambassador Nona Deprez, aims to enhance critical value chains, including cassava, fisheries, and wood processing sectors.
According to Minister Ngafuan, the agreement is a crucial step towards achieving Liberia’s national development goals.
“The private sector is the engine of growth, and we cannot abandon it,” he emphasized.
The EU’s support will help create jobs, improve livelihoods, and increase economic opportunities for Liberians.
EU Ambassador Deprez highlighted the importance of the agreement, saying, “This is a holistic package that connects with Liberia’s inclusive development priorities, supports vocational education and training, enhances food value chains, and promotes better work conditions.”
With this new agreement, Liberia is poised to take a significant step towards sustainable economic growth and development.
The project’s success will depend on effective implementation and collaboration between the government, private sector, and development partners.
Africa’s richest man, Aliko Dangote, is set to retire as Chairman of the Board of Directors of Dangote Sugar Refinery Plc, effective June 16, 2025.
Dangote’s exit marks the end of over two decades of leadership, having founded the company in 2005.
Under his stewardship, Dangote Sugar Refinery has emerged as a key player in Nigeria’s food sector.
Dangote’s legacy at the helm of the company is notable for expansive projects and strategic investments.
Recently, the company opened a new sugar refinery in Ghana’s Kwame-Danso, Bono East Region, signaling a major milestone in its West African expansion.
The factory boasts a capacity to crush 12,000 tons of sugarcane daily across 25,000 hectares of irrigated crops.
In Nigeria, Dangote Sugar Refinery has recorded impressive financial gains, with revenue surging 74.3% year-on-year to N213.9 billion ($133 million).
The company’s net losses also narrowed significantly to N23.6 billion from N122.7 billion in the previous year.
Arnold Ekpe, a seasoned banker and industrialist, will succeed Dangote as Chairman.
Ekpe brings extensive experience, having served as Group CEO of Ecobank and held leadership roles in various African banks and enterprises.
The transition marks a new chapter for the Dangote Group, as Ekpe takes the reins of Dangote Sugar Refinery.
Industry stakeholders are eager to see how the company will continue to thrive under new leadership.
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The Chair of the CARICOM Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds, has emphasized the critical role of the Council in addressing the challenges facing businesses in the region due to the turbulence in the global trading system.
Minister Symmonds, who is also the Minister of Foreign Affairs and Foreign Trade of Barbados, made the call at the opening of the Sixtieth Regular Meeting of COTED at the CARICOM Secretariat Headquarters in Georgetown, Guyana.
According to Minister Symmonds, the global trading system and economy are now confronted with unprecedented turmoil, which has resulted in cancelled export orders, new and unexpected tariffs, and uncertainties that are affecting the business community.
He stressed the importance of ensuring that CARICOM’s exports enter global markets with minimal barriers.
“The question of whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe, and affordable manner, will all impact the performance of our economies and determine whether we thrive or struggle as a Community,” Minister Symmonds stated.
The meeting, which took place from June 10-11, brought together CARICOM trade ministers to address key issues, including the Caribbean Single Market and Economy (CSME), the proposed implementation of the revised Common External Tariff (CET), and progress of the Sectoral Working Group reviewing CARICOM Rules of Origin.
The ministers also discussed external trade issues, such as the impact of the America First Policy on CARICOM, negotiations on CARICOM-Colombia trade agreements, and Belize’s partial scope agreement with El Salvador.
Other agenda items included regional standards, report on the industrial policy, and public procurement mechanisms.
The meeting aimed to find solutions to the challenges facing the region’s trade and economy, and to promote economic growth and development in the CARICOM community.
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