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Business Leaders Consider Africa’s Benefits in $12tr Global Development Target

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Amy Jadesimi
  • Business Leaders Consider Africa’s Benefits in $12tr Global Development Target

The Lagos Deep Offshore Logistics base (LADOL), has joined notable world business promoters in mapping out strategies to actualize how Africa can effectively reap a whopping $1 trillion from a projected $12 trillion new market value in an emerging global economic system.

The projected $12 trillion economic developing plan evolved from the last meeting of the world business leaders in London, United Kingdom (UK), under the aegis of Business and Sustainable Development Commission (BSDC), to impact on the global economic system within the next decade.

At the London meeting, the group had raised the optimism that sustainable business models could open economic opportunities of such high value while at the same time creating over 380 million jobs every year by 2030.

The Business and Sustainable Development Commission which was launched in Davos in January 2016, has the Managing Director of LADOL Dr. Amy Jadesimi as a member from Nigeria alongside other 36 global business entrepreneurs drawn from business, finance, civil society, labour, and international organizations across the world.

At its second meeting of the year which was held in Nairobi Kenya at the weekend, the body essentially deliberated on ways of getting the African continent to optimally benefit from the huge projection with the conclusion that the continent could rake in $1 trillion dollars from the projected $12 trillion largesse, if well harnessed.

The Commission has a twin objective of mapping the economic advantages that could be available to business if the United Nations (UN) Sustainable Development Goals are achieved, as well as highlighting how businesses can contribute to delivering such goals.

In its wide range deliberations at the Kenya confab, the Commission under the Chairmanship of former Deputy Secretary –General of the United Nations (UN), Lord Mark Malloch-Brown, noted that African business leaders, entrepreneurs and economies can benefit and even help to develop significant economic opportunities if they pursue sustainable business models.

The Commission’s Chair, Lord Malloch Brown, “the world is seeing increasingly that African companies are models for what can be achieved with ingenuity and innovation as they solve difficult social challenges. They are not wedded to old solutions and so here in Kenya, we see digital innovators delivering banking energy and health solutions. The speed of innovation and adoption is astonishing.

“The Better Business, Better World report launch in Nairobi puts the African private sector squarely in the drivers’ seat on the road to achieving sustainable development and we welcome more African business leaders to join the Business Commission” he said.

Commenting on the goals of the Commission, Dr. Jadesimi, urged members to demonstrate commitment to the ideals of the report, beyond making it a mere paper work. “We need to show these ideas work not just in a report but on the business frontline,” she added.

The group noted that real development, particularly in the continent has been at slow pace; even as it pointed out that “over the past 30 years, the world has seen huge social improvements and technological progress.

“Yet despite these successes, our current model of development is deeply flawed. Signs of its failure and imperfections in today’s markets are everywhere. There are vast numbers of people who do not have access to basic services such as healthcare, clean water, clean energy and sanitation. Social inequality and youth unemployment is worsening in countries across the world, and many education systems are still failing to deliver access to high quality education.

“The uncertainty created by these burdens makes it hard for businesses to invest with confidence. The Better Business, Better World report offers a positive alternative: setting Business strategy and transforming markets in line with the United Nations Sustainable Development Goals” the report further noted.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Global Oil Drops as Coronavirus Infections Rises in India and Other Nations

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Crude oil

Oil prices declined on Monday during the Asian trading session amid rising concerns that the surge in coronavirus in India and other nations could force regulators to enforce stronger measures at curbing its spread and eventually affect economic activity and drag on demand for commodities like crude oil.

Brent crude oil, against which Nigerian oil is priced, declined by 22 cents or 0.33 percent to $66.55 per barrel at 8:19 am Nigerian time on Monday, following a 6 percent surge last week.

The US West Texas Intermediate (WTI) declined by 18 cents or 0.29 percent to $62.95 per barrel, after it gained 6.4 percent last week.

The decline was after India reported 261,500 new coronavirus infections on Sunday, taking the country’s total cases to almost 14.8 million, second to only the United States that has reported over 31 million coronavirus infections.

“With … a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking,” said Stephen Innes, chief market strategist at Axi.

Businesses in Japan believed the world’s third-largest economy will experience a fourth round of coronavirus infections, with many bracing for an additional slow down in economic activity.

While Japan has had fewer COVID-19 cases when compared with other major economies, concerns about a new wave of infections are fast rising, according to responses in Reuters poll.

On Tuesday, April 20, 2020, Hong Kong will suspend all from India, Pakistan and the Philippines because of imported coronavirus infections, authorities stated in a statement released on Sunday.

India’s COVID-19 death rose by a record 1,501 to hit 177,150.

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Global Markets Near Record Peaks and Will Get Stronger: deVere CEO

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Stocks

As the FTSE 100 hits 7,000 points for the first time since the Covid pandemic, global stock markets are poised to “get even stronger”, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The observation from Nigel Green, the chief executive and founder of deVere Group, comes as London’s index jumped over the important threshold in early trading in London, gaining over 0.5% to 7024 points.

Mr Green notes: “London’s blue-chip index is up 40% since the worst lows of the pandemic.

“This landmark moment represents the wider optimistic sentiment gripping global markets which are near record peaks.

“We can expect global stock markets to get even stronger as investors look to seize the opportunities from economies reopening.

“They are looking towards economies rebounding in a post-pandemic era due to the monetary and fiscal stimulus, pent-up cash and demand, and strong corporate earnings.

“The current ultra-low interest rate environment and the under-performance of bonds will also act as a catalyst for stock markets.”

However, the CEO’s bullish comments also come with a warning.

“I would urge investors to proceed with caution as there are some headwinds on the horizon, including relations between the U.S. and China, the world’s two largest economies, which could be coming to a tipping point in coming weeks.

“As such, in order to capitalise on the opportunities and mitigate risks, investors must ensure proper portfolio diversification.”

Mr Green concludes: “A variety of factors are going to drive global stock markets. Investors will not want to miss out and should work with a good fund manager to judiciously top-up their portfolios.”

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Refinitiv Expands Economic Data Coverage Across Africa

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Building on its commitment to drive positive change through its data and insights, Refinitiv today announced the expansion of its economic data coverage of Africa. The new data set allows investment managers, central bankers, economists, and research teams to use Refinitiv Datasteam analytical data for detailed exploration of economic relationships and investment opportunities among data series covering the African continent.

Securing reliable, detailed, timely, locally sourced content has not been easy for economists who have in the past had to use international sources which often can take many months to update and opportunities to monitor the market can be missed. Because Africa is a diverse continent, economists and strategists need more timely access to country-specific data via national sources to create tailored business, policy, trading and investment strategies to meet specific goals.

Africa continues to develop critical infrastructure, telecommunications, digital technology and access to financial services for its 1.3bn people. The World Bank estimates that over 50% of African inhabitants will be under 25 by 2050. This presents substantial opportunities for investors who can spot important trends and make informed decisions based on robust and timely economic data.

Stuart Brown, Group Head of Enterprise Data Solutions, Refinitiv, said: “Africa’s growing, dynamic and fast evolving economies makes it a focal point for financial markets today and in the coming decades.  As part of LSEG’s commitment to empowering the global markets with accurate and timely data, we are excited about making these unique datasets available via the Refinitiv Data Platform. Our economic data coverage of Africa will provide our customers with deeper and broader inputs for macroeconomic analyses and enable more effective investment strategies and economic research.”

Refinitiv Africa economic data coverage:

  • Africa economics content comprises around 500,000 nationally sourced time series data covering 54 African nations
  • Content is sourced from national statistical offices, central banks and other key national institutions
  • The full breadth of economics categories in Datastream including national accounts, money and finance, prices, surveys, labor market, consumer, industry, government and external sectors
  • International sources including OECD, World Bank, IMF, African Development Bank, Oxford Economics & more provide comparable data & forecasts across the continent

Refinitiv® Datastream® has global macroeconomics coverage to analyze virtually any macro environment, and better understand economic cycles to uncover trends and forecast market conditions. With over 14.2 million economic times series map trends, customers can validate ideas and identify opportunities using Refinitiv Datastream. Access its powerful charting tools, 9,000 pre-built chart templates and chart studies for commonly used valuation, performance, and technical and fundamental analysis.

 Refinitiv continually grows available data – the China expansion in 2019 covered a unique combination of economic and financial indicators. Refinitiv plans to expand Southeast Asia covering Thailand, Vietnam, Philippines and Malaysia with delivery expected in 2021. This ensures that Refinitiv will have much needed emerging market economic content.

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