Toyin Umesiri
The Trade with Africa Business Summit 2018 is the inaugural event
that convenes global business leaders, innovators and change agents
driving sustainable agriculture, global trade, digital acceleration, and
women empowerment on the continent of Africa. It aims to create trade
linkages by bringing together business leaders and their supporting
service providers from U.S. and African countries to engage in
actionable dialog that will accelerate economic growth for both regions.
THANDISIZWE MGUDLWA, spoke to Toyin Umesiri the convener and host of
this event. Toyin is the Founder & CEO of Nazaru LLC, a U.S. based
company that is focused on increasing U.S. and Africa trade.
1. What is the ‘Trade with Africa Business Summit 2018’ event all about?
We
know that African countries are racing to strengthen economic ties with
various regions around the world to drive increased economic growth,
job creation and diversification of investment. For the past 20 years
the primary vehicle for U.S. engagement in Africa has leaned heavily
towards foreign aid and I believe now is the time for U.S. businesses to
play a more significant role to secure mutually beneficial business
partnerships.
Trade with Africa Business Summit is focused on
bringing this much needed conversation on Africa to “corporate America”.
With the population rise on the continent of Africa and the projected
economic growth, U.S. businesses should lean in further to participate
commercially in the economic growth that is occurring. Africa is home to
over 1 billion people with a strong youth population and a rapidly
growing productive workforce. Africa can no longer be ignored or seen as
a region of only war, famine and disease and by 2050 it is projected
that Africa would have doubled its population. For those that are
actively involved already this is a not a secret however there is a
significant portion of corporate America that is heavily misinformed
about Africa. The Trade with Africa Business Summit is an active step to
engage U.S. and African businesses in actionable dialog to accelerate
economic growth for both regions.
The inaugural event taking place
on May 10th and 11th of 2018 will be held in Bentonville, Arkansas.
Bentonville is the home town of the largest retailer: Walmart, and is a
thriving trade and economic hub and hence the perfect location to
establish new trade opportunities.
2. Who should attend and what are the benefits?
The
benefits of attending are multifold; For Bentonville and U.S. based
businesses it serves to showcase the vast opportunities in Africa,
create linkages where they could either export to or source goods from
under favorable trade policies, and allow for an opportunity to address
with high-level officials critical concerns or impediments to doing
business. For African Exporters, business leaders and Governments
leaders, it would offer an opportunity to promote their country, help
expand the offerings under AGOA, create jobs, and increase investment.
For African businesses, it will also get them within proximity to the
largest importers, help prepare them to pitch their goods, and open a
pipeline that can then be continued through sustainable business
partnerships. This event also positions the state of Arkansas as a
favorable destination for African business & political leaders
looking to create partnerships with the U.S.
3. What is the exact relation between 'Trade with Africa Business Summit 2018 and Nazaru LLC?
The
Trade with Africa Business Summit is a production of Nazaru LLC. The
event is being executed in partnership and support of key organization
like the World Trade Center and USAID East Africa Trade and Investment
Hub. We know that creating productive dialogue starts by highlighting
the strengths that Africa has to offer U.S. investors looking to partner
on the continent. There is currently opportunities yet untapped
particularly in the small-medium business communities in Africa as well
as the U.S. We are creating an all-encompassing one-stop shop where SMEs
Large Scale organizations across Africa and the United States can find
answers and solutions to trade.
4. As the CEO of Nazaru, what
are the most notable experiences you have encountered in relation to
hosting Trade with Africa Business Summit?
When it comes to U.S.
trade with Africa, creating awareness is key. Unfortunately many still
do not realize that there is a functioning side to Africa and there is a
growing segment that is on the rise to claim global significance in
years to come. If U.S. media will dedicate resources to highlighting
these stories it will significantly benefit both regions. Many do not
know what success looks like.
In 2000, the United States
established the Africa Growth and Opportunity Act (AGOA) to support U.S.
trade with Africa. Although some level of success has been
accomplished, U.S. still engages at less than 2% of total global trade
with Sub-Saharan Africa. On the U.S. side there are several constraints
including lack of awareness, supporting business data, and misconception
and information gap. On the African side there is lack of information
related to available business partnerships and opportunities for African
businesses as well as education on ways to secure investments needed to
build the level of capacity required to meet U.S. standards.
We
are creating a platforms that allows business executives to hear from
other leaders that are actively investing on what is working and to also
become aware of what the investment opportunities are. With focus on
positively impacting Agriculture, Technology, Education and Health
sectors we also help address questions like “What does Africa need?”
“What are the technical expertise required to FastTrack economic growth?
“And where are the high growth areas?” We want people to know how to
engage strategically and also how to view the region within reward-risk
framework.
5. Are there any obstacles standing in the way of
both Nazaru and the Trade with Africa Business Summit achieving their
aims and objectives?
We have the support of major stakeholders and we are now focused on getting the word out as we want more people to get involved
6 Do you have any additional information you would like to share with the public?
In
partnership with the tourism board of the city of Bentonville we are
looking forward to hosting U.S. and African business leaders, Government
agencies & service providers, exporters, commodity Buyers, non for
profit organizations with interests in the region, “Africans in
diaspora” and friends of Africa looking to reconnect with the region.