Bob Geldof’s 8 Miles Raises $200 Million for African Investments – Bob Geldof’s private-equity firm, 8 Miles, raised $200 million to invest in Africa, with pledges from the World Bank, the African Development Bank, CDC Group Plc, and several institutional and private investors. In a statement, Geldof said that “private equity is one way to support the enterprise and dynamism of the people of the continent and help provide the jobs and skills that are needed.” (Bloomberg, Anne-Sylvaine Chassany)
Nigerian poverty rising despite economic growth – Despite growth in Nigeria’s economy, poverty is on the rise, “with almost 100 million people living on less than $1 a day,” as the percentage of Nigerians living in absolute poverty rose from 54.7% in 2004 to 60.9% in 2010. The National Bureau of Statistics “estimates that the trend may have increased further in 2011 if the potential positive impacts of several anti-poverty and employment generation intervention programs are not taken into account.” (Reuters, Joe Brock)
Africa’s Richest Man Opens $1 Billion Cement Plant – Nigeria’s largest company, Dangote Cement opened a $1 billion cement plant in Ibese, Nigeria. The plant is expected to boost its production capacity in Nigeria by more than 40% and provide direct employment for as many as 7,000 Nigerians. The plant will help transform Nigeria “from major importer of cement to self-sufficient in production and export.” (Forbes, Mfonobong Nsehe)
Witnessing the Start of a New Chapter in South Africa – South Africa is plagued with a 25% official unemployment rate, yet there are over 800,000 unfilled job openings at companies in need of skilled labor. A whopping 70% of the “population between the ages of 18 and 24 do not have the skills to meet required job” qualifications, and the lack of a skilled workforce is depriving South Africa of investment opportunities. South Africa should serve as a lesson for all developing countries, “that education is the most powerful equalizing force in our world today.” (Huffington Post, Gregory Cappelli)
