Latest news with #African-led
Business Insider
a day ago
- Business
- Business Insider
Aliko Dangote eyes Namibia for the next big investment move amid pan-African expansion
Aliko Dangote, billionaire and one of the most prominent African investors, is considering Namibia as a potential destination for his group's extensive investment portfolio. Billionaire Aliko Dangote considers Namibia for expanding his investment portfolio. His investment approach emphasizes Africa-wide economic self-reliance and development. Namibia is implementing strategies in green hydrogen and private sector collaborations. Fresh off the completion of what is now the world's largest oil refinery, Dangote hinted at his plans to expand into Namibia during a high-level meeting with President Netumbo Nandi-Ndaitwah in Windhoek this week. The visit marks another step in the Dangote Group 's ongoing expansion into energy and industrial markets across over a dozen African countries, including South Africa, Ethiopia, Zambia, and Tanzania. ' Africa is Africa. It's not about Nigeria alone. If we sit back, there is no entrepreneur; whether from Japan, the U.S., or elsewhere, who can come and build our continent for us. ' The billionaire said. Why Namibia? Dangote's interest in the southern African nation aligns with its emerging green hydrogen strategy and energy ambitions, as well as its renewed focus on pan-African private sector partnerships. Most notably, he announced the completion of a 650,000-barrel-per-day oil refinery, now the largest in the world, alongside significant production capacities for polypropylene, fertilizer, LPG, and other industrial products. He stated, " We now have oil and gas. We've just finished building the largest refinery ever built, not just in Africa, but globally." 'We produce one million tonnes of polypropylene, carbon black feedstock, LPG, sulphate chips, and a fertilizer capacity of over three million tonnes; the second largest in the world." He added. The billionaire investor highlighted his $620 million investment in South Africa as part of a broader strategy to promote economic self-reliance and intra-African trade, stating,"It's not about Nigeria; it's about Africa. We must show that it can be done, and done by us." In response to his comments, President Nandi-Ndaitwah emphasized the need for African-owned investments to drive value addition and job creation. She said: " We are too few to be poor, considering the resources we have; both human and natural." "We don't want to be seen as a rich continent with poor people. African entrepreneurs like you give hope to the young ones that it is possible." She added. In a potential investor-wooing effort, she invited Dangote to consider Namibia as "a home away from home" and affirmed the country's readiness to support African-led investment projects with long-term local impact. 'When we meet successful African entrepreneurs like you, it is not just business; it is inspiration,' she said. 'Namibia is ready for this kind of partnership.' Nandi-Ndaitwah said.
Business Insider
6 days ago
- Business
- Business Insider
Lagos Startup Week turns 10: Celebrating a decade of Africa-led innovation
Fast forward to 2025: Lagos is not just participating in the global startup narrative, it's shaping it. From Dealroom to Partech, Lagos is consistently ranked among Africa's most active startup cities, attracting founders, VCs, and global tech operators. Born in 2015 under the vision of Prime Startups, Lagos Startup Week was launched to spark a movement: one that would not just showcase startups, but shape the very future of innovation across Africa. That vision has now become a reality. In 2025, as LSW celebrates its 10th edition, Lagos has earned its place on the global tech map. According to and Partech reports, Lagos is now one of the most active startup ecosystems on the continent, with Nigerian startups attracting over $3.5 billion in venture capital funding, launching globally relevant startups , and fostering a new wave of digital pioneers redefining what's possible ahead of Istanbul, Turkey and Pune, India. having created five unicorns and grown its ecosystem valuation 11.6x since 2017 despite having a smaller economy,' the report stated. According to the report, Lagos is home to five unicorns, comprising Interswitch, Flutterwave, Jumia, OPay, and Moniepoint, which makes the state stand out and the major acquisition of Paystack by Stripe for over $200 million. The event organisers have curated a range of activities for over 5,000 attendees. Participants will have the opportunity to learn from tech experts and business leaders, gain valuable advice on scaling or starting a business, and network with high-profile entrepreneurs,regulators and investors. Lagos Startup Week is undeniably the destination for anyone seeking to forge connections within the global tech industry. 'This is more than an event. This is where Africa's future gets prototyped,' says Olumide Olayinka, Partner, Prime Startups and Convener of Lagos Startup Week. What began as a grassroots gathering has evolved into one of the continent's most consequential platforms for innovation, venture, and ecosystem development. The 10th edition of Lagos Startup Week marks more than a milestone; it signals a new era. Under the bold theme 'DND – Disrupting the Next Decade,' LSW 2025 will examine what it takes to build in complex markets, elevate African-led innovation on the global stage, and define the next 10 years of entrepreneurial impact. From resilience to radical thinking, this year's event will spotlight founders who are not just building products but rewriting narratives. LSW is proudly powered by Prime Startups, an ecosystem builder supporting African founders beyond the event stage. Through year-round founder support, cross-border ecosystem partnerships, and policy engagement, Prime Startups is helping to lay the foundation for Africa's next wave of high-growth ventures. According to Olumide Olayinka, Co-organiser and Partner at Prime Startups. ' Lagos Startup Week was never just an event; it was always a declaration. Olumide said that 'the city needed a platform where founders could breathe, build, and belong. Ten years later, we are still doing that at scale, and with global attention.' THE LSW EXPERIENCE– 2025 AGENDA HIGHLIGHTS 📅 Dates: July 7–12, 2025 📍 Venue: Civic Centre, Lagos, Nigeria 🌍 Theme: DND – Disrupting the Next Decade To accommodate the expanding scope of this landmark edition, the event will span seven floors of the iconic Civic Centre for three unforgettable days. This year's edition promises to be even more spectacular, featuring 4 stages and Demo Days, all designed to showcase the visionary technology that will shape our collective future. Expect: Previous editions have welcomed visionaries such as: WHY THIS MATTERS In an era of global realignment and digital acceleration, Lagos Startup Week is more than a timestamp. It's a bellwether for how emerging markets will define the future of commerce, connectivity, and capital. It's where Africa builds and the world watches. Join us in Lagos this July. The future isn't coming. It's being built here. Watch 2024 recap: Whether you're an aspiring entrepreneur, a seasoned industry leader, or an enthusiast looking to stay ahead of the curve, Lagos Startup Week is the ultimate destination to witness the cutting edge of innovation. See you there!
Yahoo
04-06-2025
- Business
- Yahoo
World Cup host Saudi Arabia targeted by African-led unions' complaint to UN-backed labor body
GENEVA (AP) — A group of African-led trade unions urged the U.N.-backed International Labor Organization on Wednesday to create its highest-level inquiry into Saudi Arabia, citing alleged abuses of migrant workers in the 2034 World Cup host nation. On the same day in Geneva, the ILO signed a renewed working agreement with the kingdom's government. 'It reflects a shared commitment to advancing labor policies that are aligned with international standards and national priorities,' said ILO director general Gilbert Houngbo, the former prime minister of Togo. A different view was suggested by trade unions in 36 countries — including Ghana, Nigeria and Senegal — who filed a formal complaint with the ILO asking for a 'Commission of Inquiry.' It alleged evidence of forced labor, wage theft, physical and sexual abuse and systemic racism targeting African workers, and continued Saudi use of the kafala system tying them to employers especially in construction and domestic work. 'Workers are being treated as disposable in Saudi Arabia. They leave alive and return in coffins,' said Joel Odigie, general secretary of the Africa chapter of the International Trade Union Confederation (ITUC). 'The ILO must act.' A previous complaint filed by the Building and Wood Workers' International union one year ago is being investigated by the ILO, which unites governments, workers and employers to set labor standards and promote decent work. Vision for Saudi Arabia's future Saudi Arabia has started a massive construction program as part of the Vision 2030 plan directed by Crown Prince Mohammed bin Salman to modernize its society and economy beyond dependence on oil. Sport is key to the program and the biggest Saudi win has been getting picked by FIFA to host the men's World Cup in 2034. Most of the 15 planned stadiums must be built or renovated for the 104-game tournament, and some have extravagant designs. Concerns about Saudi Arabia's treatment of migrant workers echo the intense scrutiny on neighboring Qatar before it hosted the 2022 World Cup. That decision in 2010 led to the current FIFA leadership insisting on human rights assessments of future World Cup bidders. Saudi government officials did not immediately respond to requests for comment on Wednesday. A Saudi promise to FIFA last year included 'equitable wages and decent working and living conditions for all individuals involved in World Cup preparations.' The Saudi bid accepted then only to work with the ILO and seemed to rule out partnerships with international unions, NGOs and independent rights advisors. Union frustration Saudi Arabia 'has shown no real intention to address the situation,' the ITUC said Wednesday, despite its top official engaging with the kingdom's government. 'This (kafala) system strips workers of their freedom and dignity, silences complaints and grants employers near-total control over their lives,' the ITUC added. Still, the ILO's Houngbo said the updated Saudi working accord would 'expand protections for vulnerable workers.' 'Our renewed partnership with the ILO underscores Saudi Arabia's commitment to a fair, inclusive and future-ready labor market,' government minister Ahmed Al Rajhi said after signing the deal in Geneva. It also includes sending young Saudi professionals on international development work through the ILO and posting three government officials to the labor body's headquarters in the Swiss city. Speaking with reporters last week, Houngbo said the ILO also is working to create an occupational health and safety center in the Saudi capital Riyadh. 'I am not too much worried on (Saudi issues) in 2025,' the ILO leader said in Geneva last week, noting 2030 was the deadline for much of what the kingdom wants to achieve. ___ AP soccer:
Fox Sports
04-06-2025
- Business
- Fox Sports
World Cup host Saudi Arabia targeted by African-led unions' complaint to UN-backed labor body
Associated Press GENEVA (AP) — A group of African-led trade unions urged the U.N.-backed International Labor Organization on Wednesday to create its highest-level inquiry into Saudi Arabia, citing alleged abuses of migrant workers in the 2034 World Cup host nation. On the same day in Geneva, the ILO signed a renewed working agreement with the kingdom's government. 'It reflects a shared commitment to advancing labor policies that are aligned with international standards and national priorities,' said ILO director general Gilbert Houngbo, the former prime minister of Togo. A different view was suggested by trade unions in 36 countries — including Ghana, Nigeria and Senegal — who filed a formal complaint with the ILO asking for a 'Commission of Inquiry.' It alleged evidence of forced labor, wage theft, physical and sexual abuse and systemic racism targeting African workers, and continued Saudi use of the kafala system tying them to employers especially in construction and domestic work. 'Workers are being treated as disposable in Saudi Arabia. They leave alive and return in coffins,' said Joel Odigie, general secretary of the Africa chapter of the International Trade Union Confederation (ITUC). 'The ILO must act.' A previous complaint filed by the Building and Wood Workers' International union one year ago is being investigated by the ILO, which unites governments, workers and employers to set labor standards and promote decent work. Vision for Saudi Arabia's future Saudi Arabia has started a massive construction program as part of the Vision 2030 plan directed by Crown Prince Mohammed bin Salman to modernize its society and economy beyond dependence on oil. Sport is key to the program and the biggest Saudi win has been getting picked by FIFA to host the men's World Cup in 2034. Most of the 15 planned stadiums must be built or renovated for the 104-game tournament, and some have extravagant designs. Concerns about Saudi Arabia's treatment of migrant workers echo the intense scrutiny on neighboring Qatar before it hosted the 2022 World Cup. That decision in 2010 led to the current FIFA leadership insisting on human rights assessments of future World Cup bidders. Saudi government officials did not immediately respond to requests for comment on Wednesday. A Saudi promise to FIFA last year included 'equitable wages and decent working and living conditions for all individuals involved in World Cup preparations.' The Saudi bid accepted then only to work with the ILO and seemed to rule out partnerships with international unions, NGOs and independent rights advisors. Union frustration Saudi Arabia 'has shown no real intention to address the situation,' the ITUC said Wednesday, despite its top official engaging with the kingdom's government. 'This (kafala) system strips workers of their freedom and dignity, silences complaints and grants employers near-total control over their lives,' the ITUC added. Still, the ILO's Houngbo said the updated Saudi working accord would 'expand protections for vulnerable workers.' 'Our renewed partnership with the ILO underscores Saudi Arabia's commitment to a fair, inclusive and future-ready labor market,' government minister Ahmed Al Rajhi said after signing the deal in Geneva. It also includes sending young Saudi professionals on international development work through the ILO and posting three government officials to the labor body's headquarters in the Swiss city. Speaking with reporters last week, Houngbo said the ILO also is working to create an occupational health and safety center in the Saudi capital Riyadh. 'I am not too much worried on (Saudi issues) in 2025,' the ILO leader said in Geneva last week, noting 2030 was the deadline for much of what the kingdom wants to achieve. ___ AP soccer: recommended in this topic
San Francisco Chronicle
04-06-2025
- Business
- San Francisco Chronicle
World Cup host Saudi Arabia targeted by African-led unions' complaint to UN-backed labor body
GENEVA (AP) — A group of African-led trade unions urged the U.N.-backed International Labor Organization on Wednesday to create its highest-level inquiry into Saudi Arabia, citing alleged abuses of migrant workers in the 2034 World Cup host nation. On the same day in Geneva, the ILO signed a renewed working agreement with the kingdom's government. 'It reflects a shared commitment to advancing labor policies that are aligned with international standards and national priorities,' said ILO director general Gilbert Houngbo, the former prime minister of Togo. A different view was suggested by trade unions in 36 countries — including Ghana, Nigeria and Senegal — who filed a formal complaint with the ILO asking for a 'Commission of Inquiry.' It alleged evidence of forced labor, wage theft, physical and sexual abuse and systemic racism targeting African workers, and continued Saudi use of the kafala system tying them to employers especially in construction and domestic work. 'Workers are being treated as disposable in Saudi Arabia. They leave alive and return in coffins,' said Joel Odigie, general secretary of the Africa chapter of the International Trade Union Confederation (ITUC). 'The ILO must act.' A previous complaint filed by the Building and Wood Workers' International union one year ago is being investigated by the ILO, which unites governments, workers and employers to set labor standards and promote decent work. Vision for Saudi Arabia's future Saudi Arabia has started a massive construction program as part of the Vision 2030 plan directed by Crown Prince Mohammed bin Salman to modernize its society and economy beyond dependence on oil. Sport is key to the program and the biggest Saudi win has been getting picked by FIFA to host the men's World Cup in 2034. Most of the 15 planned stadiums must be built or renovated for the 104-game tournament, and some have extravagant designs. Concerns about Saudi Arabia's treatment of migrant workers echo the intense scrutiny on neighboring Qatar before it hosted the 2022 World Cup. That decision in 2010 led to the current FIFA leadership insisting on human rights assessments of future World Cup bidders. Saudi government officials did not immediately respond to requests for comment on Wednesday. A Saudi promise to FIFA last year included 'equitable wages and decent working and living conditions for all individuals involved in World Cup preparations.' Union frustration Saudi Arabia 'has shown no real intention to address the situation,' the ITUC said Wednesday, despite its top official engaging with the kingdom's government. 'This (kafala) system strips workers of their freedom and dignity, silences complaints and grants employers near-total control over their lives,' the ITUC added. Still, the ILO's Houngbo said the updated Saudi working accord would 'expand protections for vulnerable workers.' 'Our renewed partnership with the ILO underscores Saudi Arabia's commitment to a fair, inclusive and future-ready labor market,' government minister Ahmed Al Rajhi said after signing the deal in Geneva. It also includes sending young Saudi professionals on international development work through the ILO and posting three government officials to the labor body's headquarters in the Swiss city. Speaking with reporters last week, Houngbo said the ILO also is working to create an occupational health and safety center in the Saudi capital Riyadh. 'I am not too much worried on (Saudi issues) in 2025,' the ILO leader said in Geneva last week, noting 2030 was the deadline for much of what the kingdom wants to achieve. ___
