The Pan African American Chamber of Commerce (PAACC) has described the forthcoming Trade and Investment Summit/Conference Exhibition which will be held from 9-13 September 2024 in Atlanta, Georgia, USA, as a veritable platform to expose the potentials that lies within the black continent to the world.
Speaking during a media parley on Friday in Lagos, southwest Nigeria, Prof. Toks Onabanjo, the chairman of Pan African American Chamber of Commerce, disclosed that the Summit will be of great benefit to Africa and Africans, adding that the world must be made to know the immense potential that lies within the African continent.
According to him, the Summit will promote economic growth of the continent, enhance educational opportunities, and explore the potential of artificial narrow intelligence, artificial general intelligence, and artificial superintelligence in Africa, with a focus on closing the AI gap between Africa and other regions, through discussions on the E1 and E2 trade treaties, the summit will seek to strengthen bilateral relations between African countries and the US, promoting mutually beneficial trade and investment opportunities. The will highlight the Power Africa project, specifically focusing on the implementation of smart solar PV systems, such as solar farms on lagoons and creeks in major cities and towns.
“The Summit will address the issue of human trafficking, aiming to raise awareness, share best practices, and develop strategies to combat this global problem, retain African talent from brain drain, harnesses Africa’s demographic advantage, while also emphasising the importance of attaining carbon neutrality and combating global warming. Discussions will focus on sustainable practices, renewable energy solutions, and environmental conservation efforts.
“The summit will address the importance of good governance in promoting economic growth and development. Discussions will focus on transparency, accountability, and the prevention of vulture capitalism, promote innovation and technology, encourage entrepreneurship and investment, and support small and medium-sized enterprises (SMEs), while also showcasing African culture and heritage to the world,” he said.
Prof. Onabanjo also highlighted that the Summit will promote gender equality and women empowerment, encourage investment in infrastructure, explore investment in healthcare, promote sustainable agriculture, facilitate technology transfer, boost public-private partnerships, showcase investment opportunities in Africa where business leaders, policymakers, investors, and entrepreneurs, will have the opportunity to foster collaboration, exchange ideas, and forge partnerships.
Onabanjo explained further that at the trade and investment summit, several sectors will be discussed and promoted for economic growth in Africa. These sectors include Artificial Intelligence (AI) investment in education, Agriculture, Health, Industry, Energy (specifically, the Power Africa project, Infrastructure development, Healthcare, Sustainable agriculture, Technology and innovation, Small and medium-sized enterprises (SMEs), Transportation, Telecommunications, Correction agencies and centres empowerments as well as Immigration
He said these sectors represent key areas where investment and development can have a significant impact on economic growth, job creation, and overall prosperity in Africa. The discussions at the summit will focus on strategies, partnerships, and opportunities in these sectors to drive sustainable economic development across the continent.
Prof. Onabanjo recalled how he had the privilege of serving as the State Director of Computer Services during the tenure of Asiwaju Bola Ahmed Tinubu as the governor of Lagos, he said: “It was an exciting time as Lagos State emerged as one of the biggest economies city-states in Africa.
“One of my significant contributions was the implementation of 15 Oracle Enterprise Resource Planning (ERP) modules. These modules included General Ledger, Cash Management, Accounts Receivable, Fixed Asset Register, Budgeting, and Payroll for over 50,000 employees. Working in conjunction with one of the consultancy agencies on account receivables we were able to successfully deploy these modules.
“This project played a vital role in launching Lagos State as the economic fulcrum of Nigeria. By automating and streamlining critical financial and administrative processes, we laid the foundation for efficient governance and economic growth. The implementation of ERP systems facilitated better financial management, increased transparency, and improved decision-making.
“Through the global computerization of Lagos State, we showcased the immense potential for technology-driven advancement and economic transformation in Africa. It served as a spring board for the state inspiring other states and countries to invest in technologies.
“Investing in AI has the power to empower the economy and governance of Africa. By harnessing the capabilities of AI, Africa can achieve remarkable progress and surpass the achievements of the global computerization of Lagos State. The integration of AI technologies will enable African nations to leverage automation, data analytics, and intelligent decision-making to drive economic growth, enhance governance, and address pressing challenges.
“There is definitely hope for Africa, as we embrace the potential of AI and other emerging technologies. By investing in AI and fostering innovation, African countries can unlock new opportunities, drive inclusive growth, and create a brighter future for the continent.
“By focusing on these key areas, investment and development can contribute to economic growth, poverty reduction, and sustainable development in Africa.”
Corroborating Prof. Onabanjo, Ambassador and Permanent Representative of Pan-African American Chamber of Commerce (West Africa), Otunba Adeniyi Dada said that effort to coordinate investors in the West African region to the Summitt is ongoing.
Otunba Dada, who is the President of Africa Citizen’s Forum, a diplomatic agency that enhance the economical trade of the entire black race across the world, further disclosed that he has initiated load of partnerships and collaborations with the Presidency, Ministry of Foreign Affairs, Ministry of Trade and Investments and the Office of Iyaloja General among others.
In attendance at the media parley were Engr Bola Babarinde, Ambassador/Project Champion and Olatutu Oladunni, Special Adviser (SA) Foreign Relations and Head of Protocol to the Ambassador and Permanent Representative.
