Africa’s Key Priority Areas Going Forward 2022

Welcome to your June edition of the Africa Bulletin.

This month's bulletin focuses on Africa's key priority areas in 2022 and beyond, exploring Africa's digital growth, green economy transition and the continent’s growing role in the global economy. African Continental Free Trade Area will also be crucial and there are significant benefits to be reaped. A number of countries are seen to be making significant strides in these focus areas.?As African countries lay focus on these priority areas set to shape the future of the continent, it is clear that speaking in one voice will be important to attract investors by creating precise regulatory frameworks, especially those that cut across jurisdictions.??

On a celebratory note, Aluko & Oyebode, the largest full-service law firm in Nigeria, joins ALN, reaffirming our approach on how we see new opportunities, as we continue to help unlock value for our clients investing across Africa.

We also take a look at some of the major business and economic development stories across Africa and their impact on doing business across the continent and the globe. Closely related to these stories are reports that focus on Africa’s economic development and the growth of various industries.

And as ever, we have selected articles on legal updates and developments impacting on today's business world, providing a perspective on the legal issues relevant to your industry.

Top Story

Africa’s Key Priority Areas Going Forward 2022

According to the World Economic Forum, African countries will need to work together with the rest of the world toward actualising key priority areas essential to the continent's economic development. Africa has some progress but there is still a long way to go, especially following the impact of the COVID-19 pandemic and the Ukraine-Russia conflict which have brought to light the unpreparedness of the African countries. Focus on these priority areas would be instrumental in helping alleviate Africa’s challenges...Read more

Stories That Matter

Africa | UN Global Compact Launches New Hub for Africa. The Africa Regional Hub will mobilise, accelerate and scale up the impact of responsible business across Africa and drive forward the...Read more

Africa | Commonwealth Seeks to Grow Trade by USD 6.5 Trillion in Five Years. Intra-Commonwealth trade is expected to expand by USD 6.5 trillion in the next five years from the current USD 13 trillion, as the group...Read more

Africa | Investment Flows to Africa Reached a Record USD 83 Billion in 2021. Foreign direct investment to African countries hit a record USD 83 billion in 2021, according to United Nations Conference on Trad...Read more

Morocco | Invested USD 5.8 Billion in Renewables in 2021. Morocco invested USD 5.8 billion in renewables in 2021, the equivalent of Togo’s GDP for 2020, said REN21 in its latest report on...Read more .

Nigeria | Lagos Technology Startup Ecosystem Valued at USD 9 Billion. Though the average global technology startup ecosystem is valued at USD 28.6 billion, Lagos, which represents Nigeria, is valued...Read more

South Africa | USD 8.5 Billion Climate Pact May Draw New Partners. Alok Sharma, the president of the COP26 climate talks, said other nations and philanthropic organizations want to join the USD...Read more

Tanzania | USD 40 Billion LNG Project to be Seen by 2025. Tanzania is edging closer to its dream of developing a USD 40 billion liquefied natural gas project after the government and...Read more

Uganda | Exploration Results Show 31 Million Tonnes of Gold Ore. Uganda said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big...Read more

Pick Industry Reports

1. Africa Economic Outlook?| The release of the 2022 African Economic Outlook comes against a backdrop of two major global crises: the lingering COVID- 19 pandemic and the Russia–Ukraine conflict. The latter erupted as Africa’s economy was on a path of recovery from the ravaging impact of the pandemic, and it threatens to set back the continent’s promising economic prospects. Click here to download and read the report.
2. Global Plastics Outlook | Plastic pollution is one of the great environmental challenges of the 21st century, causing wide-ranging damage to ecosystems and human health, while the fossil-fuel origins of most of the plastics produced have implications for climate change. Yet plastics have become an integral part of the global economy, being used in almost all economic sectors.?Click here to download and read the report.
3. Growing Intra-African Trade through Digital Transformation of Border and Customs Services Regional Action Group for Africa | The interdependent nature of supply networks in today’s global economy means that disruptions in one region can have a global impact. We have seen black swan events such as the COVID-19 pandemic, social unrest, cybersecurity breaches and even wars completely disrupt regional and global supply chains.?Click here to download and read the report.?
4. A Fundamental Change in Funding Beckons in Africa?| The ground has shifted and cheap budget funding in frontier markets is a thing of the past. In the current climate, African nations will struggle with a narrowing investor pool amid escalating inflation and FX risks. While forced consolidation due to a funding shortfall is a viable risk, a number of funding avenues can still be explored.?Click here to download and read the report.?

ALN Across The Region

Nigerian Law Firm Aluko & Oyebode Strengthens ALN’s Pan-African Offering for Integrated Legal Services

ALN – Africa’s leading alliance of law firms – announces the joining of a new member firm, ALN Nigeria | Aluko & Oyebode, the largest full-service law firm in Nigeria, making a bold statement about its modern strategic vision and its role in the transformational shifts happening in the way excellent legal services are delivered in Africa.??

Africa is becoming a bigger player in the global economy, where a surplus of workers, increased stability and technology are transforming the Continent’s economies. Notably, Nigeria is the largest economy, and the most populous, not only in West Africa but across the wider Continent, accounting for 18.4% of total African GDP in 2021 – the largest share in Africa. As rising investment into sectors outside the traditional extractive industries in Africa creates more sustainable long-term growth, the African Continental Free Trade Area, which has a combined GDP of USD 2.7 trillion, has the potential to create the biggest free trade area in the world – cutting red tape and boosting intra-African trade. At ALN, we believe that investment into the Continent over the coming years will focus on the key sectors and opportunities that will define the Continent’s growth in the short and long term. Aluko & Oyebode’s decision to join the ALN alliance reaffirms the alliance’s approach to how it sees new opportunities...Read more .