ETK Group Ltd

🕊Celebrating International Peace Day🕊

In a world mired by conflict, inequalities, and discrimination, the effects extend beyond human suffering. It impacts global , , and our shared future.

To build a sustainable global economy, we must nurture a culture of peace, driven by dialogue, empathy, and respect for human rights. The International Day for Peace epitomises our joint aspiration for a world devoid of conflict.

On this International Day of Peace, we join the United Nations in reaffirming our commitment to creating a future where peace drives prosperity and growth for all.

The African Diaspora…A Force Driving Africa's Growth and Prosperity!

Africans in the have made and continue to make a remarkable impact on the continent.

With an estimated 200 million people of descent living outside according to the World Economic Forum—over 1.5 million of them in the — the connection to their roots remains strong despite living thousands of kilometers away from the continent.

From sending remittances to investing in their home countries, contributing to the overall development of the continent, the African diaspora plays a very important role in the continent's prosperity.

According to the United Nations, remittances to Africa have doubled in the last decade, surpassing $100 billion in 2022—exceeding both Official Development Assistance (ODA) and Foreign Direct Investment

Recently, CNN's Eleni Giokos spoke with ETK managing director Bolaji Sofoluwe and other diaspora business leaders on how they’re maintaining strong ties to Africa while contributing to its growth.

👉 Watch the full interview here: https://cnn.it/3yXVBbA

Our leadership team keeps doing incredible things!

We are pleased to announce that Terser Adamu, ETK's Director of Growth and Strategy, has been selected as a Global Juror for this year’s Global Startup Awards.

This esteemed role highlights Terser's expertise and leadership, reinforcing our dedication to promoting innovation and connecting global businesses with African opportunities.

We look forward to seeing Terser leverage his extensive experience to identify and celebrate the world’s most innovative startups.

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Honouring the contributions of the African diaspora.

ETK joins the United Nations in recognising the exceptional contributions of people of African descent worldwide.

The International Day for People of African Descent reminds us of the resilience and determination of individuals of African descent in their pursuit of fundamental human rights.

Today we lend our voice to promote the extraordinary contributions of the African diaspora around the world and to call for the elimination of all forms of discrimination against people of African descent.
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Photo by Ato Aikins on Unsplash

ANGIC Draws Exceptional Innovations Across Sectors and Borders!

Our journey with Africa’s Next Global Innovation Challenge (ANGIC) has been truly remarkable.

The call for applications from innovative growth-stage businesses has attracted remarkable entries from six African nations, showcasing the continent's diverse potential.

When we first announced the call for applications, our goal was to discover growth-stage businesses from Nigeria, Ghana, Kenya, South Africa, Morocco, and Rwanda with innovative products across sectors.

As of the application deadline on July 31, 2024, we are happy to report close to 200 entries from diverse sectors from our target countries on the continent.

ANGIC aims to empower African businesses by offering them comprehensive support and access to new markets to scale their solutions, promote sustainable enterprise development, and make a significant global impact.

Check out the map to see the countries from which we received these exceptional entries.

Don't Miss Out!

Join us on July 31 and August 1, 2024, for the ultimate business masterclass of the year!

ETK Group's Managing Director, Bolaji Sofoluwe, along with other esteemed professionals will be sharing their expertise and insights with in the export industry.

Over two days, Bolaji and other experts will provide invaluable training on:

Day 1: Intra-African Trade Dynamics: Unlocking Local Market Potential

Day 2: International Trade and Market Entry Strategies

Date: July 31 & August 1, 2024

Time: 4 PM WAT

Venue: https://bit.ly/3WuR2wS

Don't miss this opportunity to enhance your knowledge and skills in International Trade!

If you are a female business owner or woman involved in trading in Africa, this is an opportunity you don’t want to miss! Register via https://bit.ly/4c2IMtL

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Dear Innovators,

Do not wait until it is too late!

Application for Africa’s Next Innovation Challenge, ANGIC closes tomorrow July 31, 2024, at midnight.

You have just 1 more day to join the list of businesses across Africa who have successfully applied.

Click https://bit.ly/4bsGfZy to submit your application now!

The Africa Social Impact Summit 2024 (ASIS 3.0) was a resounding success!

We're still buzzing after the two-day summit held under the theme "Reimagining Progress: A New Blueprint for Sustainable Growth in Africa."

From networking opportunities with businesses to learn about their social impact projects on the continent to helping SMEs and businesses understand how ETK can support their business goals and their social impact initiatives in Africa, we had a fantastic time at the summit.

Co-convened by the sterlingone foundation and un_nigeria , with Lagos State as the host city, the summit featured enlightening and thought-provoking discussions, evidence-based insights, and action plans for the achievement of the Sustainable Development Goals, in Africa.

For two days, the summit brought together over 2000 forward-thinking and socially conscious professionals from the private and public sectors, civil society organisations, and development communities across Africa with the mission of inspiring investors to support existing African solutions addressing critical issues such as climate change, the circular economy, education, health, WASH, renewable energy, and agriculture on the continent.

From the opening remarks, insightful debates, panel sessions, and roundtable discussions at the event, the event was focused on strategies to increase investment and funding for impactful projects that foster sustainable economic growth and development in .

ETK Group specialises in providing SMEs across Africa with access to markets and business opportunities, as well as a range of tailored services to impact investors in Africa, enabling them to achieve their goals. This summit was fully aligned with our goals of supporting investment and sustainable development in Africa.

If you’re a business or social impact investor and want to know more about how ETK can support your business sustainability goals in Africa, please do reach out!

DAY ONE HIGHLIGHTS

Yesterday, in partnership with , ETK Group provided technical content and investor relations services to the Lagos State Government during the state's Investors Roundtable to kick off the 2024 Africa Social Impact Summit (ASIS 3.0), organised by the Sterling One Foundation with the Lagos State Ministry of Commerce, Cooperatives, Trade, and Investment.

The investment summit provided the Lagos State Government with the opportunity to present the state's ambitious investment focus and key areas of opportunity to potential investors.

At ETK Group, we do not just believe in Africa's development potential; we are helping shape the narratives of investment and development on the continent by connecting investors and businesses with investment opportunities in the African market.

Lagos State is projecting a positive economic outlook for the state, driven by the leadership of his Excellency, the executive Governor of Lagos State, Babjide Sanwo Olu , the expanding population, and the ongoing sustainable infrastructure development in the state. We are happy to be part of this.

In the last couple of years, Lagos's economy has shown remarkable resilience, welcoming new investment policies to guarantee returns to investors.

As a leading investment destination in Africa and the 7th largest economy on the continent, Lagos has been proactive in implementing business-friendly policies, including a constant review of the state's Ease of Doing Business policies to reduce the challenges associated with new business registration, obtaining permits, and helping to eliminate bureaucratic bottlenecks.

The countdown has begun for the ANGIC application deadline!

Do you know a growth-stage company in Ghana, Kenya, Nigeria, South Africa, Morocco, or Rwanda with a tangible, market-ready innovation that’s poised for investment and scaling?

The Africa’s Next Global Innovation Challenge (ANGIC) is here to support businesses like these in expanding their innovations to global markets.

Eligible businesses have until July 31, 2024, to apply.

Don't miss out on this opportunity to reshape the future of Africa with your innovative solutions.

Visit https://bit.ly/4bsGfZy to apply now!

Celebrating Nelson Mandela International Day 2024!

Today, we honour the legacy of a global icon whose commitment to justice and human rights reshaped Africa and the modern world.

At ETK Group, we are inspired by Mandela's vision and legacy of equality and economic empowerment for Africa and Africans, which mirrors our mission of enabling the social and economic development of Africa.

As we mark , let’s honour his legacy and turn our hands towards building a better world for all.

Closing the Gender Funding Gap in Africa

Recently, we had the honour of attending the Demo Day event for women founders and funders organised by the Lagos State Employment Trust Fund (LSETF) in conjunction with AfriGloCal VC, GIZ Nigeria & ECOWAS, to mark the end of their 8-week intensive masterclass programme.

The event, which took place at the Lagos Continental Hotel, Victoria Island, Lagos, was attended by women founders, angel investors, and technology and innovation ecosystem stakeholders from private equity and firms, international development organisations, public sector agencies, governments, and non-governmental organisations, including the First Lady of Lagos State, Dr. (Mrs.) Claudiana Ibijoke Sanwo-Olu, the Consul General of the Kingdom of the Netherlands in Lagos, Michel Deelen, and other notable dignitaries.

The 8-week incubation and acceleration programme for early-stage women and angel investors aimed at promoting a more inclusive startup ecosystem and improving representation of women and featured knowledge-sharing, engagements, masterclasses, and mentorship sessions from expert and esteemed facilitators, including ETK Group’s managing director, Bolaji Sofoluwe, Mope Abudu, Biola Alabi, Stefni Bridges, Onaopemipo Dara, Abimbola Olufore Wycliffe, Soyini Coke, Titilayo Aina-Scott, Olufunmi Adepoju, CFA, FRM, FCA, and Etemore Glover - (MBA)

The high point of was the pitching session by six startup finalists from the programme. The session saw Olapeju Umah of MyFoodAngels emerge as the overall winner for her collaborative business solution, a farm offtake model that has cracked supply chain solutions for farmers and consumers in .

At ETK, we are interested in the role artificial intelligence (AI) and machine learning (ML) can play in reshaping the narrative of across key sectors and markets in . So it was interesting to learn about Covenda AI's innovative solutions, which use artificial intelligence to provide cutting-edge threat modelling and ML-powered risk prediction to counter cyberattacks on in Africa.

It was also interesting to gain insights into the Lagos State Government’s commitments and support for , startups, and emerging businesses, especially women-led entrepreneurs, and the future of innovation, technology, and investment in the state.

From the keynote address by the Honourable Commissioner for Innovation, Science, and Technology, Lagos State, Tunbosun Aleke, to insights from the panel session on Sustainably Closing the Gender Gap in the Startup and Investment Ecosystem, the event was insightful and illuminating.

Thank you to the teams at the Lagos State Employment Trust Fund (LSETF) and AfriGloCal VC for championing this initiative.

In case you missed it...

The African Development Bank Group's 10-Year Strategy (2024-2033) for https://bit.ly/464EgcT outlines urgent actions to support countries in overcoming various hurdles and advancing towards the African Union’s Agenda 2063 and the Sustainable Development Goals (SDGs) while seizing opportunities to lock in lasting progress as well as the vision of an Africa that is prosperous, inclusive, resilient, and integrated.

The Bank’s primary contribution to this vision is its High 5 operational priorities (the High 5s), a five-point agenda that combines the critical priorities outlined by African countries with the Bank’s core strengths as a partner in delivering high-quality, transformative investment projects and programmes.

Here are key priorities under the bank’s High 5s:

🌍 Light Up and Power Africa: Currently, across Africa, 600 million people lack access to energy, and nearly a billion lack access to clean cooking solutions according to the AFDB.

The AFDB’s Light Up and Power Africa agenda will focus on promoting access to affordable, reliable, sustainable, and modern energy to create economic and enhance green growth.

🌾 Feed Africa: Currently, Africa’s food import bill stands at USD 75 billion a year for cereals alone. Africa's food and agriculture market could increase from USD 280 billion a year in 2023 to USD 1 trillion by 2030, according to the AFDB.

The Feed Africa agenda will focus on transforming to boost food security, reduce import dependence, and enable participation in global value chains through climate-smart technologies and improved market access.

🏭 Industrialise Africa: Manufacturing value-added has increased in Africa over the past five years to 11.2% of GDP, according to the AFDB, but remains well below that of other regions.

AFDB's Industrialise Africa agenda will focus on establishing a robust manufacturing sector, supporting industry value chains, infrastructure development, and digital services to drive job creation and economic growth.

🤝 Integrate Africa: Full implementation of could increase trade by USD 450 billion by 2035, raising average incomes by 7% and lifting 30 million people out of poverty, according to the AFDB.

The Integrate Africa agenda will focus on promoting the free movement of goods, finance, people and advancing the implementation of AfCFTA to build a productive, integrated economy.

👨‍👩‍👧‍👦 Improve Quality of Life: Currently, Africa has only 1.3 hospital beds per 1,000 people (compared with 6.1 in ) and only one intensive care bed for every 100,000 people (compared with seven in ) according to the AFDB.

This fifth agenda item of the AFDB's 10-year strategy will focus on , , and economic opportunities, particularly for and , to fullfil their potential and drive inclusive progress.



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Hello Innovators! 📢

You asked for it, and we listened!

The application deadline for Africa’s Next Global Innovation Challenge has been extended to July 31, 2024.

This is to ensure that innovators and qualified businesses from across Africa have an equal opportunity to submit their applications.

Don't miss out on this opportunity to reshape the future of Africa with your innovative solutions.

Visit https://bit.ly/4bsGfZy to apply now

🌍✨ Clean Energy Investments Surge in Africa Amid a Decrease in FDI Inflow for 2023.

Incase you missed it: The UN Trade and Development (UNCTAD) recently released its World Investment Report for 2024h ttps://bit.ly/3xEJuPR.

According to the report, global foreign direct investment (FDI) fell by 2% to $1.3 trillion in 2023 amid an slowdown and rising geopolitical tensions. Here are some key insights from the report:

🔍 FDI to developing countries fell by 7% in 2023 to $867 billion, but the decrease varied significantly across regions.

🔍 Foreign direct investment inflows into Africa declined by 3% to $53 billion, largely due to varied FDI trends in and South Africa, two of the continent’s largest economies.

🔍 The estimated value of international project finance deals in African countries in 2023 declined by 50% to $64 billion. This follows a 20% drop in 2022.

🔍 Despite the decrease in FDI, significant investments in the clean energy sector in Africa offered a positive highlight. attracted a growing share of global greenfield megaprojects, six of which are valued above $5 billion.

🔍 At the top of the list of global greenfield megaprojects was , a green hydrogen project in , Northwest Africa, spread over an area of about 14,400 square kilometers with an expected $34 billion investment, an amount several times greater than the country’s GDP.

🔍 The renewable energy sector in Africa also attracted substantial investments, with more than $10 billion in project finance for wind and solar energy production. The largest of these renewable energy projects are in , South Africa, and .

🔍Additionally, Morocco’s significant deal with Gotion Inc. for a $6.4 billion electric vehicle battery manufacturing facility and several other large hydrogen projects, such as the Suez Canal Economic Zone agreements for green ammonia and green hydrogen projects in Egypt totaling $10.8 billion and three separate green hydrogen projects in South Africa totaling $7.1 billion announced in 2023, contributed to the continent’s renewable investments in 2023.

Is your firm eyeing business opportunities in the renewable sector in Africa, or are you a business owner interested in entering the African market? If so, our team of experts can offer you bespoke support and resources to ensure your success in Africa.

Exciting News!!!

We are delighted to announce that ETK Group has been shortlisted for the 2024 Allica Bank Great British Entrepreneur Awards - Global Entrepreneur of the Year category for the East of England region!

The Great British Entrepreneur Awards & Community Awards, often referred to as the "Grammys of Entrepreneurship," celebrate the achievements of the UK's most dynamic and businesses. See full list of shortlisted businesses here https://bit.ly/4cBF7nC

Each year, the awards receive thousands of applications, demonstrating the competitive nature and high standard of the competition. This year’s shortlist showcases businesses with a combined turnover of £2.9 billion and approximately 20,000 employees, highlighting the significant roles of these businesses in driving economic growth across the UK.

Like Francesca James, Founder of the Awards, stated, the calibre of entries for this year’s awards is truly outstanding. These entrepreneurs are the backbone of the UK’s economy, and their stories are a testament to the incredible resilience and creativity of the UK's business community.

Previous winners of the Great British Entrepreneur Awards include the founders of BrewDog, myenergi, Zilch, Gr***de, and ClearScore, who have gone on to become household names.

This award is a testament to the hard work of the ETK team and our commitment to the growth of the UK's economy and businesses. We're excited about what the future holds for our mission to support UK businesses in expanding into other markets.

Thank you to Francesca James and the Great British Entrepreneur Awards & Community team for this esteemed nomination.

We look forward to celebrating with other finalists on the 18th November at the JW Marriott Grosvenor House London.

Can Nigeria sustain its export trade trajectory?

The Nigerian National Bureau of Statistics recently released the country's foreign trade statistics for Q1 2024. The report reveals that Nigeria's total merchandise trade reached 31.81 trillion naira in the first quarter of 2024.

The country’s exports accounted for 60.25% of total trade in the quarter under review, with a value of 19.16 trillion naira, driven by crude oil exports valued at 15.48 trillion.

But can Africa’s most populous nation sustain its export-trade trajectory?

ETK Group Managing Director, Bolaji Sofoluwe Sofuluwe, recently joined David Alabi on CNBC Africa to discuss this topic.

Key discussion points included:

👉🏻 Insights into Nigeria's export trade surplus

👉🏻 Nigeria's trade relations with Africa and the global market

👉🏻 Strategies to stimulate Nigeria’s manufacturing industry

👉🏻 Assessing Nigeria's export strategy and effectiveness

Click the link to watch the full interview: https://bit.ly/3xjPfCl

Can Nigeria sustain export trade trajectory? - CNBC Africa Data from the National Bureau of Statistics shows Nigeria's total merchandise trade stood at 31.81 trillion naira in the first quarter of this year.

In case you missed it: The African Development Bank Group, AFDB recently released its Purchasing Power Parities (PPP) findings for .

According to the report, Africa represents 5.4% of the world’s Gross Domestic Product (GDP) in PPP terms and 18.5% of the world's total population. In PPP terms, the African economy expanded by 28.51% from the 2017 benchmark, and the continent's share of global reached 3.27% from 2.4% in 2017, as indicated by the 2021 ICP results.

Purchasing power parities is the rate at which a country's currency would have to be converted into that of another country to buy the same amount of goods and services in both countries. The purchasing power parities (PPP) findings for Africa by the AFDB is a follow-up to the International Monetary Fund International Comparison Program's release of its 2021 and revised 2017 results on May 30th https://bit.ly/3XmWd41 .

Key insights from the report.
Regional and Global Economies
Egypt continues to be ahead of Nigeria as Africa’s biggest economy in purchasing power parities (PPP) terms for the 2021 Round. In 2017, surpassed as the largest economy in Africa, with a GDP of $1.9 trillion in Purchasing Power Parity (PPP) terms.

The shares in Africa's total GDP-PPP of the largest economies are Egypt (22.9%), Nigeria (14.7%), South Africa (10.3%), (7.0%), and (4.7%). In terms of market exchange rates, Egypt's GDP of $462.9 billion remains the largest continental economy, followed by Nigeria's ($438.9 billion).

The African economy produced goods and services worth about $8.2 trillion in 2021, representing only 5.4% of the world’s output, and the size of the African economy measured in PPP terms was 28.51% bigger than in 2017, according to the report.

Findings from the report revealed that the five largest economies in Africa (Egypt, Nigeria, South Africa, Algeria, and Ethiopia) together account for 59.5% of the continent’s GDP. Results further show that the continent's output was dominated by twelve countries which collectively accounted for 75% of Africa’s GDP in PPP terms.

Regional GDP: PPP per capita
The report also provides GDP per capita for 52 African economies. Measured in real GDP-PPP per capita, the five richest countries in Africa are ($29,711.9), ($22,246.1), ($19,546.4), Equatorial Guinea ($18,180.2), and ($17,158.4).

Investment Expenditures
At 21.3%, Nigeria has the largest share of African expenditures on investments, followed by Egypt (12.10%), Algeria (10.30%), South Africa (9.30%), Morocco (6.0%), and 8 other countries representing 75.4% of Africa's total investments.

Is your firm eyeing business in Africa, or are you a business owner interested in entering the African market? If so, our team of experts can offer you bespoke support and resources to ensure your success in Africa.

Read more https://bit.ly/3XlvapJ

It’s not always “popular to talk about Africa from a perspective.”

Despite that, at ETK Group we are committed to championing the continent's immense potential.

ETK Group founder and managing director Bolaji Sofoluwe spoke to Business Leader about ETK Group's mission, the requirements for businesses in Africa, and why now is the right time for medium-sized companies to expand into the region.

Thank you to Business Leader for recognising our efforts, spotlighting the vast opportunities Africa has to offer, and consistently highlighting African opportunities!

At ETK Group, we're dedicated to helping businesses navigate the dynamic African market and support their expansion journey into .

We're delighted to see our work acknowledged by such a prestigious platform.

Read more about our commitment to championing the continent's growth here: https://bit.ly/3yV3UUV

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Africa’s Role in a Changing Global Order

Yesterday 6th June, ETK attended the memorable 10th anniversary of The Africa Debate, London’s leading investment forum focused on Africa, organised annually by Invest Africa Ltd.

The event held at the iconic Guildhall in the City of London under the theme: "Africa’s role in a changing global order.” brought together CEOs, public and private investment entities, thought leaders, policymakers, and the brightest minds shaping Africa's economic landscape to discuss investment opportunities on the continent as well as Africa’s leading position internationally. ETK Group was represented at the event by our Group Managing Director, Bolaji Sofoluwe.

As an Africa-focused trade and business expansion advisory company that is committed to connecting with on the continent, we are always excited to be part of discussions and forums that highlight the continent's potential and prosperity.

From the opening remarks by Rt Hon Mark Simmonds and Invest Africa Ltd's Executive Chair, Karen Taylor, the event featured discussions on Africa's trade and investment landscape.

We really enjoyed the brilliant discussions at the fireside chat on “Investing in Africa: Navigating Risk and Reward” by the inspiring Samaila Zubairu, Dr. Akinwumi Adesina, and The Rt Hon Andrew Mitchell, Deputy Foreign Secretary and Minister of State (Development & Africa) at the Foreign, Commonwealth, and Development Office, all sharing their views on risk, reward, and return across Africa.

During the conference, we were blown away by the interesting on Green Energy Investment Opportunities in ! It was interesting to learn about the country’s commitment to a carbon-neutral economy by 2050 and a 38% emission reduction target by 2030, which are paving the way for e-mobility, off-grid solutions, and green manufacturing in the Central African country.

Well done to the Invest Africa Ltd. team, Karen Taylor, Executive Chair at Invest Africa, and Chantelé Carrington, CEO at Invest Africa, for consistently organising this impactful forum to highlight opportunities on the continent.

🌍✨ Relive the Inspiring Moments at the Oxford Africa Conference 2024! ✨🌍

Last weekend, ETK had the privilege of participating in the Oxford Africa Conference 2024, hosted by the Oxford University Africa Society at Rhodes House, University of Oxford.

The dynamic two-day summit, themed "Charting Africa’s Path Forward: A Journey of Possibilities," convened thought leaders, professionals, and prominent Africans in the diaspora across diverse sectors to explore Africa’s immense potential and envision a brighter future for the continent.

Throughout the event, we were blown away by the brilliance and displayed by the exceptional leaders who graced this year’s conference, each contributing to the shaping and advancement of a stronger global Africa.

This year’s theme reaffirms Africa's limitless potential and highlights the transformative impact of collaborations in addressing the continent's challenges and creating practical solutions.

It aligns with our commitment at ETK Group to supporting business growth by facilitating great business opportunities from around the world, as well as our mission to empower businesses to thrive and expand successfully within .

From inspiring keynote addresses by leaders from across the continent, engaging workshops, and thought-provoking panel discussions to the compelling pitches by finalists for the Innovation Seed Fund, the Oxford Africa Conference 2024 was full of insights into Africa’s economic potential and development.

In his keynote address titled "Forging Africa’s Future: A Journey of Resilience and Renewal," Rt. Hon. Raila Odinga, EGH, EGH, former Prime Minister of , offered profound reflections on Africa's journey of resilience, emphasising the critical role of leadership in steering the continent towards progress and prosperity.

His Excellency Governor Godwin Nogheghase Obaseki delivered an inspiring speech on "Unlocking Africa’s Potential: The Power of Public-Private Partnerships," highlighting the transformative potential of collaboration between sectors within Africa to drive sustainable economic growth.

For a very long time, Dr Khetsiwe Dlamini's viewpoint on the vital role that cooperative efforts play in removing structural barriers and promoting inclusive communities on the continent will be remembered.

During the closing plenary on "Moving Trillions: How Does Africa Move from Aspirations to Tangible Outcomes?" sponsored by the Africa Oxford Initiative and moderated by Dr. Anne Makena, Phd, Co-Director of the Africa Oxford Initiative, ETK’s Managing Director, Bolaji Sofoluwe, alongside Kevin Simmons and Jonathan O., engaged in insightful discussions on the important steps Africa must take to translate its ambitious aspirations into measurable results.

The Oxford University Africa Society deserves commendation for putting together such a highly successful event.