Poverty alleviation in Africa: the trade and globalization perspectives

Globalization and international trade, which is its subset, are dynamically reinforcing. Trade among countries stands out as one of the most veritable levers of global interconnectedness. Africa’s contribution to global trade in 2017 was 2.4%. It grew by two percentage points to 2.6% in 2018. These performances are not cheering as they are only marginal. […]

Apprenticeship models in selected African countries

Although the ‘igba-boi’ traditional apprenticeship system of the Igbo ethnic group in Nigeria appears to be the most efficient globally, other African countries equally have productive systems of apprenticeship that are worth appreciating. While virtually every culture seemingly has a unique apprenticeship system for transferring skills and aptitudes, we shall limit this discussion to only […]

African culture supports prosperity creation rather than poverty alleviation

Africa has always been a prosperous continent. Apart from its natural resource endowments, it had a long-standing heritage of entrepreneurial prosperity until its weakening through slave trade and colonialism. The continent had several civilizations such as ancient Egypt, the Mali Empire, the ancient Carthage, the central African kingdoms, the kingdom of Ghana and the Songhai […]

The role of country governments in championing apprenticeship and handholding models

A matter of significant concern is the capacity of various African country governments to mainstream the apprenticeship and handholding models for prosperity creation effectively. The Igbo apprenticeship system has a compelling reputation for the compounded formation of employment and output at large-scale. Likewise, the handholding model of entrepreneurial growth orchestrates the sustained high profitable performance […]

Powering entrepreneurial prosperity: The handholding model

The level of prosperity attained by any country is directly proportional to the size of entrepreneurial minds it houses. The extent to which entrepreneurial thinking feeds into the overall decision-making processes at the individual, corporate and government levels may be a factor differentiating countries, continents and regions in respect of the well-being they enjoy. An […]

Awakening government entrepreneurship

The seeming absence of entrepreneurial consciousness among the governments of African countries considerably hinders their country’s prosperity. In Nigeria, for instance, only about four subnational governments are economically independent. The rest of the subnational governments depend on centrally distributed revenue allocations for survival. This inconvenient reality is avoidable in these governments internalizing the fact that […]

Market failure in Africa

Africa is a continent bubbling with untapped potentials. The abundance of these untapped resources – human, natural economic – also points to the profundity of the underlying inefficiency in resource allocation. From the traditional laws on land which perpetuates subsistence farming and frustrates commercial agriculture, to the absence of motorable roads that will enable the […]

The government in the Prosperity Creation Ecosystem

Over human history, experiences have repeatedly shown that the market left alone cannot satisfactorily deliver as much prosperity relative to when propped by a government. That is particularly true when the government is both inclusive and effective. The Ibo ethnic group in south-east Nigeria was reputed not to have had a king or ruler before […]

Driving the performance of African businesses

In a GreenTec Capital Africa Foundation and WeeTracker Media report based on data between 2010 and 2018, the average failure rate of African start-ups is 54.20%. Ethiopia tops the league with a 75% failure rate. Behind Ethiopia are Rwanda, Ghana, Zimbabwe, the Democratic Republic of the Congo, Tanzania and Nigeria with failure rates of 75%, […]

Co-creating prosperity in Africa

Achieving prosperity is assuredly faster when stakeholders collectively work on it. Unarguably individuals create communally enjoyed benefits while pursuing their selfish economic interests. Nevertheless, that argument without appropriate qualifications may oversimplify the reality of prosperity creation. The relative impact of individual actions cannot effectively supplant the highly impactful synergistic roles and preferences of institutions and […]