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2018 African Economic Outlook: African Development Bank makes a compelling case for Africa’s industrialization

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The President of the African Development Bank, Akinwumi Adesina, has made a compelling case for accelerating Africa’s industrialization in order to create jobs, reduce poverty and promote inclusive economic growth.

Citing data from the Bank’s 2018 African Economic Outlook (link is external) launched in Abidjan, Côte d’Ivoire, on Wednesday, Adesina said infrastructure projects were among the most profitable investments any society can make as they “significantly contribute to, propel, and sustain a country’s economic growth. Infrastructure, when well managed, provides the financial resources to do everything else.”

Noting that economic diversification is key to resolving many of the continent’s difficulties, he urged African governments to encourage a shift toward labour-intensive industries, especially in rural areas where 70 percent of the continent’s population resides.

“Agriculture must be at the forefront of Africa’s industrialization,” he said, adding that integrated power and adequate transport infrastructure would facilitate economic integration, support agricultural value chain development and economies of scale which drive industrialization.

He reminded the audience of policy-makers and members of the diplomatic corps in Côte d’Ivoire that economic diversification via industrialization with tangible investment in human capital will enable the continent’s rapidly growing youth population to successfully transition to productive technology-based sectors.

Adesina also highlighted the relatively unknown win-win situation that Africa’s industrialization can generate within the developed world, citing data from the report, which notes that “increasing the share of manufacturing in GDP in Africa (and other Less Developing Countries) could boost investment in the G20 by about US $485 billion and household consumption by about US $1.4 trillion.”

The Bank President highlighted various innovative ways in which Africa countries can generate capital for infrastructure development and what the Bank is doing through its ambitious High 5 (link is external) development agenda to address the issues raised in the report.

He announced that the Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year, up from previous estimates of US $100 billion per year.

New infrastructure financing gap estimates and innovative ways through which African countries can raise funds for infrastructure development are among the highlights of the 2018 edition of the report, which was launched at the Bank’s headquarters for the first time in the publication’s 15-year history.

The Africa Economic Outlook was first published in 2003 and launched mostly in various African capitals outside the Bank’s headquarters in May each year.

In his remarks, Célestin Monga, the Bank’s Chief Economist and Vice-President for Economic Governance and Knowledge Management, said the African Economic Outlook has become the flagship report for the African Development Bank, providing data and reference material on Africa’s development that are of interest to researchers, investors, civil society organizations, development partners and the media.

This year’s edition focuses on macroeconomic development and structural changes in Africa, and outlines economic prospects for 2018. The report emphasizes the need to develop Africa’s infrastructure, and recommends new strategies and innovative financing instruments for countries to consider, depending on levels of development and specific circumstances.

Abebe Shimeles, Acting Director, Macroeconomic Policy, Forecasting and Research, said the Bank will publish Regional Economic Outlooks for Africa’s five sub-regions. The self-contained, independent reports, to be released at the Bank’s Annual Meetings in May 2018, will focus on priority areas of concern for each sub-region and provide analysis of the economic and social landscape, among other key issues.

Participants at the launch session, moderated by the Bank’s Director of Communications and External Relations, Victor Oladokun, included members of the diplomatic community in Côte d’Ivoire, representatives of international organisations and multilateral development banks, civil society and the media.

The African Economic Outlook is produced annually by the African Development Bank. The full report is available in English, French and Portuguese at www.afdb.org/aeo (link is external). Official hashtag: #2018AEO

For more information or to request a hard copy of the report, please contact

Olivia Ndong Obiang, Principal Communication Officer, tel. +225 7575 0215,

Solange Kamuanga-Tossou, Media Relations Assistant, tel. +225 2026 2978,

ECONOMY

Nestoil Receives Latest Certification in Quality Management Systems

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The Group Managing Director of Nestoil Dr. Ernest Azudialu Obiejesi said the certification further underscores the fact that  Nestoil and its affiliated companies in the Obijackson Group are committed to global best practices in the delivery of services to respective stakeholders. He urged employees to remain firmly committed to delivering the highest quality standards to customers and clients at all times.

This was contained in a statement signed by Osagie Ogunbor, head of corporate communications.

Quality Management Systems (QMS) based certifications are often required in bidding for Public Sector jobs especially in the Oil & Gas industry.

Nestoil is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) Company in the Oil and Gas sector and has been a significant contributor to the industry since inception in 1991.

Read More : Nestoil Receives Latest Certification in Quality Management Systems

 

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How to Drive Deep Awareness On Youtube

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Tell your story by showing ads in a particular sequence to a single user. Using YouTube in-stream or bumper ads.

Google Ads recently launched the video ad sequencing, with it you can tell your product or brand story by showing people a series of videos in the order that you define. You can use a video ad sequence campaign to build interest, reinforce a message, or create a unifying theme. This post explains how video ad sequencing works, what type of bidding strategies and ad formats you can use, and how you can view the results of your campaign.

Below is how it works by Google Ads Support.

How it works

A video ad sequence is made up of a series of video ads that you’d like to show to a person. Each sequence campaign is made up of a series of “steps.” Within each step of a sequence is an ad group and a video ad. Most of a sequence’s settings are selected at the campaign level—such as a bidding strategy and targeting—but you’ll select your ad format and bid within each of your sequence’s steps.

 

Read more : Driving Deeper Awareness on YouTube

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ECONOMY

How to Achieve Safety at Workplace (Case study – Nestoil)

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As the energy industry continues to grow and people utilise more cutting-edge technologies in terrains previously unexplored, the need for ensuring workplace safety has even become greater. Establishing a reliable system of managing cases of onshore or offshore hazards to minimise lost-time injury (LTI) is essential to the success of any company, particularly in the energy industry.

At Nestoil, workplace safety is not just a word thrown around lightly; it is a truth embedded in their values. This ethos ensures that the safety and wellbeing of our most valuable assets – Nestoil employees – is guaranteed. Beyond protecting the company’s personnel, having a dependable health, safety and environment (HSE) policy means protection for customers, suppliers, and the public from potential health risks and other dangers.

Nestoil commitment to delivering reliable energy is built on a zero-tolerance for HSE violations, ensuring that risks are mitigated in all operations, especially those in danger-prone sites,

Safety policies cut across all Nestoil sister companies – IMPAC Engineering, B&Q Dredging, Energy Works Technology (EWT) and Hammakopp Consortium. The Nestoil Group has also implemented the ISO 45001:2018 Occupational Health Management in line with other Management System (QMS ISO 9001:2015 and EMS ISO 14001:2015) for synergy, structured organisational strategy and occupational health and safety within the company. This strategy makes reporting and collation of HSE performance statistics on every project efficient and scalable.

Read More : Achieving Workplace Safety Means Having a People-first Policy

 

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