By Mulengera Reporters
The Global Africa Business Initiative (GABI) successfully concluded on 26th September 2024 in New York, with the launch of Itana, Africa’s first Digital Free Zone, an ambitious move set to transform how global businesses operate across the continent.
The launch took place alongside the UN General Assembly, and it was a major milestone presented to over 2,000 leaders, CEOs, investors, and policymakers attending the summit themed “Unstoppable Africa: Shaping Global Ambitions for Agenda 2063.”
Itana provides a seamless digital environment for global technology, finance, and service industries to conduct business in Nigeria and scale across Africa—all online.
The Digital Free Zone is designed to attract foreign investment by offering businesses attractive incentives, such as tax breaks and streamlined immigration processes, which ease the entry and operation of global entities within African markets. This digital innovation allows a new model of business facilitation that supports live-work districts and incorporates future-focused urban development.
An added advantage of Itana is its focus on technology and innovation. Alongside the tax and policy benefits, the initiative provides businesses with tailored banking solutions, a live-in accelerator program, and opportunities for growth in a region poised for digital advancement. The live-in accelerator aims to foster startups and entrepreneurs, facilitating a nurturing ecosystem for tech innovation. The project also envisions urban development that supports sustainable and efficient living, providing a blueprint for the future of African cities.
The event’s primary focus was on solution-driven approaches to key topics such as inclusive trade growth, Africa’s clean energy potential, digital advancements, and the international influence of African creativity and sports.
UN Assistant Secretary-General Sanda Ojiambo commended the achievements of the Africa Business Leaders Coalition, especially the nearly 25% reduction in carbon footprints among its members since launching a climate statement at COP27. Deputy Secretary-General Amina J. Mohammed emphasized the critical role of Africa’s private sector in driving meaningful change. She expressed confidence that, with appropriate investments and partnerships, the continent is poised for transformative growth.
The second day of the event featured discussions on critical issues, including Africa’s climate finance gap, which revealed that the continent receives less than 5% of global climate funding despite its renewable energy potential. Another session examined Africa’s growing cultural and creative industries and their economic significance. The discussions on the digital economy featured leaders like Rwanda’s ICT Minister Paula Ingabire and Safaricom CEO Peter Ndegwa, highlighting the need for strategic financing and inclusive digital policies.
Additionally, the summit explored the growing potential of the African fashion sector, focusing on female designers who aim to establish a competitive global market presence. Clare Akamanzi, CEO of NBA Africa, awarded the NBA Africa Startup Accelerator award to Festival Coins, a Nigerian tech company known for its Tix Africa platform. This award supports Africa’s tech ecosystem by providing mentorship and funding to emerging entrepreneurs.
The summit also announced significant partnerships aimed at driving Africa’s development. President Hakainde Hichilema of Zambia announced a contribution to the Mine Tech Hub, an initiative promoting technological innovation in the mining sector. Additionally, Philemon Yang, President of the UN General Assembly, expressed strong support for the Timbuktoo Initiative, which focuses on youth empowerment, digitalization, and sustainable development. Turkish companies SUMMA and TAV Airports announced a collaboration to enhance infrastructure development across Africa, highlighting the transformative power of infrastructure in fostering economic growth and job creation.
Looking ahead to 2025, GABI announced key initiatives, including a $250,000 partnership with PepsiCo to transform food systems through private-sector mobilization. This will be part of significant milestones such as the GABI Bridge at the UN Global Compact Annual Local Network Forum in South Africa and the Food Systems Summit. A planned partnership with the Global Partnership for Education (GPE) will focus on transforming Africa’s education systems, building on the outcomes of the 2022 Transforming Education Summit.
The GABI event concluded on a positive note, with stakeholders expressing optimism and a shared commitment to advancing Africa’s potential for global leadership. With concrete partnerships and plans established, the initiative aims to continue its momentum towards a future where Africa plays a leading role on the global stage. For more information on the Unstoppable Africa event, stakeholders can visit GABI’s official website.
