By Tolulope Lewis Tamoka
AFRICA stands at a crucial point, where the decisions made today can advance opportunities for economic growth and prosperity. This month (February) we launched the GABI 2024 Executive Summary Report which offers valuable insights into Africa’s business environment, shedding light on opportunities, challenges, and global trends that are shaping the continent’s future.
The goal of this report is to transform ideas into action. By sharing key findings, innovative strategies, and solutions, it seeks to equip decision-makers across various sectors to drive lasting progress for Africa.
The report also reflects on “Unstoppable Africa”, the annual flagship event of the Global Africa Business Initiative or GABI. Unstoppable Africa 2024 was held on the back of the strategic partnership between the United Nations Global Compact (UNGC) and the African Union Commission, focused on harnessing Africa’s business potential to drive sustainable development and advance the African Union’s Agenda 2063: The Africa We Want, and the 17 Sustainable Development Goals.
With over 4,000 attendees, including Heads of State and Governments, CEOs, and high-profile investors, GABI’s Unstoppable Africa event emphasized the continent’s economic progress and its ability to influence its global narrative.
For far too long, narratives about Africa have been shaped by external perspectives that are often narrow and limiting. According to 2024 data from AfricaNoFilter, these stereotypical narratives, which dominate global media coverage of the continent, could be costing Africa up to $4.2 billion annually in excessive interest payments on its loans.
This needs to change. With a young and growing population having a median age of just 19.2, Africa’s young people are its greatest strength. While the narrative around Africa is starting to shift, the pace of action must quicken.
The themes emerging from Unstoppable Africa —trade, green energy, digital transformation, creativity, and sports—are not incidental. They are priorities aligned with Africa’s most pressing needs and its most significant opportunities.
This was evident in some of the landmark initiatives discussed at GABI. Take the Itana Digital Economic Zone in Lagos, for example. As Africa’s first digital free zone, it reflects a comprehensive understanding of the global digital economy’s demands. By offering businesses a framework for seamless cross-border operations— together with targeted incentives—it exemplifies how Africa can lead in developing environments that build growth.
A key message at Unstoppable Africa was Africa’s determination to chart its growth path. Leaders like AU Chairperson Moussa Faki Mahamat and UN Deputy Secretary-General Amina J. Mohammed stressed the importance of African-led partnerships that enable the continent to define its role in the global economy. Encouragingly, this shift is resonating with key global stakeholders. Also noteworthy is the continent’s focus on transforming its food systems.
For example, AGRA is playing a pivotal role in transforming Africa’s agricultural landscape by catalyzing the growth of sustainable food systems across the continent and influencing partners to create a robust enabling environment where the private sector thrives, and smallholder farmers are empowered to produce sufficient, healthy food. This collaboration also corresponds with upcoming milestones such as the UN Global Compact Annual Local Network Forum in South Africa, and the 2025 Food Systems Summit.
Notably, GABI has forged alliances to transform Africa’s education landscape, aligning with the goals of the 2022 Transforming Education Summit and the African Union’s Continental Education Strategy for Africa (CESA).
GABI continues to benefit from the valuable experience of its GABI Circle—a collective of prominent business leaders and philanthropists, including the African Union, Google, Afreximbank, BUA Group, and The Rockefeller Foundation—who play a critical role in shaping its strategic direction.
As part of Unstoppable Africa 2024, the Africa Hub and the Networks of the UN Global Compact on the continent also hosted a side event themed “Driving Sustainable Impacts in Africa with Digital and Energy Transition Solutions.” This event highlighted Africa’s transformative potential. Google’s panel on Africa’s creative economy focused on the impact of YouTube content creators in amplifying young African voices and forming global connections.
Afreximbank hosted a session and launched The Untold Story of Africa’s Response to the COVID-19 Pandemic, emphasizing the continent’s resilience and innovative approaches during the crisis. Additionally, Summa Group’s session explored infrastructure development as a catalyst for economic growth.
Unstoppable Africa also focused on Africa’s progress in technological innovation and infrastructure development, with Angola and Zambia advancing sustainable mining through the Lobito Corridor , and Turkish companies SUMMA and TAV Airports collaborating on projects to boost jobs, economic growth, and quality of life.
The outcomes from Unstoppable Africa will guide GABI’s work going forward, with a focus on financing, scalability, and advocacy. There are plans to expand GABI events on the continent and hold them more frequently. These “GABI bridges” aim to strengthen GABI’s footprint across Africa and will continue to focus on emerging topics relevant to businesses and the African Union agenda. GABI will also align with global forums and intergovernmental processes like the G20-B20 and BRICS to advance pan-African objectives and showcase Africa’s untapped investment opportunities. The need for Africa to assert its voice in global conversations is more pressing than ever; the continent must not simply seek a seat at the table; it must demand one.
The call for collaboration is crucial. Alone, no single entity can address the complexities of Africa’s unique economic landscape. What is needed is a commitment from all parties involved. Governments must craft growth-enabling policies, the private sector should bring investment and long-term vision, and international allies must view Africa as a growth partner.
Africa taking its place on the world stage is long overdue, and with the collective momentum inspired by GABI, we are well on our way to realizing our vision of a truly Unstoppable Africa.
Africa’s moment is now. And it is not just a moment—it is a movement!
Tamoka is Chief of Government Relations and Africa at the United Nations Global Compact
