In May 2023, the Conference assembled prominent entrepreneurs and distinguished leaders from the African public sector. The resulting report sheds light on the potential impact of Africa's prosperity being built upon collaborative efforts from various stakeholders - local and international players, innovators, funders, governments, and consumers.
The Oxford Africa Conference delved into frameworks aimed at realizing Africa's prosperity and addressing its pressing challenges. This newly released report encapsulates the findings from this event.
The 2023 Conference Report articulates, "Amidst a backdrop of multiple crises encompassing security issues, coup d’états, debt burdens, and poverty, the Oxford African Conference 2023 sought to redefine Africa's path to prosperity. It questioned prevailing poverty reduction narratives and advocated for a shift in the continent's development strategies."
The report captures profound discussions, making it an essential resource for policymakers, entrepreneurs, and citizens alike, propelling Africa towards a brighter future.
Chukwuemeka Nwangele
Over the past decade, the event has stood as one of Europe's largest conferences focused on Africa, attracting 300 attendees, including distinguished guests, in May 2023. The theme "Prosperity: A New Approach?" tackled crucial inquiries about indigenous innovation, improved trade, and exemplary leadership.
The conference addressed pivotal questions: Can Africa achieve prosperity? If so, what steps are required to make it achievable? How can Africa ensure the best sustainable development outcomes?
"Africa holds the power to shape its destiny by embracing opportunities amid challenges," emphasized Chukwuemeka. "Despite Africa's undeniable hardships, this well-attended conference kindled hope for the continent's prosperity. Across various disciplines, experts and researchers stressed a comprehensive approach to progress, igniting the possibility of collective action. This report captures insightful conversations and should be accessible to policymakers, entrepreneurs, and citizens, guiding Africa's transformative journey."
Esteemed entrepreneurs like Sir Mo Ibrahim, Aigboje Aig-Imoukhuede, and Abdul Samad Rabiu joined distinguished African public sector leaders such as Ambassador Sena Siaw-Boateng and Kamissa Camara. They examined the roles of governance and foreign relations in Africa's advancement, highlighting the potential of enterprise and indigenous innovation supported by effective governance.
They contended that by nurturing entrepreneurship and facilitating strategic local and global trade, the financial sector could catalyze Africa's competitive edge.
Report Excerpts
Africa's diaspora stands at the forefront of innovation, addressing critical needs and leveraging resources effectively. Diaspora funding offers an alternative to heavy debts from international sources, promoting efficient resource utilization, bolstering local currencies, and boosting economies. Thoughtfully deployed, foreign investments and diaspora remittances serve as development foundations.
Driving prosperity through innovation and entrepreneurship, the 'pull approach' emerges as pivotal. Sir Mo Ibrahim's visionary work in the 1980s is a testament; he transformed an initially uninvestable market into a crucial economic sector through Celtel.
For African innovation to flourish, reevaluating the international funding framework is imperative. Addressing the trust gap between African companies, funding institutions, customers, and governments presents a challenge.
Africa holds immense potential in converting raw materials into finished goods, as highlighted by Abdul Samad Rabiu.
A Road to Prosperity
There lies an opportunity for Africa to steer itself toward prosperity through intra-continental and strategic international trade. By trading, Africa can gain a competitive edge, shifting from its historical pattern of exporting raw materials and later importing processed goods. Embracing the African Continental Free Trade Area (AfCFTA) enables intra-member trading, reducing vulnerability to external shocks and positioning Africa as a global economic force.
Tunde Onakoya's visionary work with Chess in Slums Africa exemplifies leveraging unconventional methods to empower underserved communities and enhance human capital. By equipping children with chess skills, this initiative imparts resilience and strategic thinking essential for future employability. Expanding such endeavors would provide transformative opportunities for Africa's 98 million out-of-school children.
