IGA: Broadly speaking, who are the Malta Permanent Residence Programme, Malta Startup Residence Programme and the Nomad Residence Permit designed to appeal to?
As global mobility and investment opportunities continue to evolve, so too do the initiatives designed to connect individuals with new residencies and second citizenships. CEO Insight is pleased to present this special report on investment migration, which highlights leading programs that underscore the strategic advantages of these opportunities. In this issue, we delve into the insights of key leaders from two distinguished markets: Malta and Antigua & Barbuda, each offering unique pathways to meet the aspirations of global citizens and investors alike.
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In an era defined by globalization and interconnectedness, American investors are increasingly venturing beyond their domestic borders in search of lucrative investment opportunities. This trend marks a significant departure from traditional investment strategies, where most of the capital remained within the confines of the United States. The reasons behind this shift are multifaceted, encompassing a combination of economic, geopolitical, and technological factors that have reshaped the investment landscape. From diversification and growth prospects to access to emerging markets and technological advancements, the allure of international investment has never been stronger for US investors.
Amidst challenges and opportunities, faith stands out as a cornerstone of success in the diverse African business landscape. Beyond mere religious belief, faith in oneself, in the vision, and in a higher power plays a pivotal role in navigating the complexities of entrepreneurship in Africa. Of multifaceted importance, faith fosters resilience, perseverance, and innovation, ultimately driving business success across the continent.
Nigeria’s Special Economic Zones (SEZs) have emerged as powerful catalysts for economic growth, generating 35,000 direct and indirect employments and propelling socioeconomic development across the nation, according to Nabil Saleh, chairman of the Nigeria Economic Zones Association.
Speaking at the association’s annual general meeting in Lagos, Saleh revealed that the SEZs have not only spurred employment but have also attracted substantial investments. He disclosed that these zones have drawn over $66 billion in Foreign Direct Investments (FDI) and N620 billion in Domestic Direct Investments (DDI).
A breakdown of the investments highlights the dominance of the manufacturing sector, which claimed 45% of the total investments, followed by the service sector at 30%. Additionally, the oil and gas sector accounted for 11% of investments, while trading, logistics, and agriculture sectors also made noteworthy contributions.
Saleh underscored the transformative impact of SEZs, citing the establishment of Africa’s largest oil refinery, a deep-sea port with a capacity of handling approximately 6 million twenty-foot equivalent units of containers, a gas processing hub along the Atlantic Coast, and an oil and gas downstream manufacturing hub as significant developments.
“The success stories of countries like China, Singapore, and the United Arab Emirates highlight the immense potential of SEZs in attracting foreign direct investment, driving industrialization, and fostering innovation,” Saleh remarked.
In Nigeria, the Free Zone program was initiated in 1992 through Act No. 63 of 1992, empowering the Nigeria Export Processing Zone Authority as the primary agency responsible for establishing, licensing, regulating, and monitoring Free Zones/Export Processing Zones in the country.
Prominent free zones in Nigeria include the Lekki Free Trade Zone in Lagos, Ogun-Guangdong Free Trade Zone, Abuja Technology Village in FCTA, KoKo Free Zone in Delta State, Warri Industrial Business Park in Delta State, and The ICT Park Asaba in Delta State.
The theme of the AGM, “Unlocking Opportunities: Harnessing the Power of Nigeria’s Special Economic Zones Scheme,” underscores the importance of leveraging these zones for Nigeria’s growth and development, as emphasized by Olufemi Ogunyemi, managing director of Nigeria Export Processing Zones Authority.
Ogunyemi stressed the need for SEZs to adapt to the fourth industrial revolution, focus on sustainable development, and align with evolving global value chains. He anticipates that the interactive sessions at the AGM will facilitate discussions on critical issues such as standardizing free zone operations, tax administration, sharing experiences, and developing actionable solutions to propel Nigeria forward in its economic trajectory.
In the imminent landscape of 2030, a revolution is brewing in global transportation and electricity, promising a verdant transformation, courtesy of the International Energy Agency (IEA). Picture a world where electric vehicles swarm the streets tenfold, where renewables claim half of the electricity mix, and where solar panels alone surpass the entire energy output of the US power sector. This captivating vision emerges from the pages of the IEA’s World Energy Outlook, a blueprint based on current government energy policies, unveiled to steer us toward a sustainable future.
In an unprecedented move that underscored the ever-changing landscape of technology, Nairobi played host to the Kauffman Fellows Summit, drawing three hundred venture capitalists from across the globe. This historic event marked not only the largest congregation of venture capitalists but also the first time this summit ventured into the African terrain.
The tale of technology in Africa intertwines seamlessly with the rise of fintech. A significant majority of Africa’s 10+ unicorns are fintech ventures, a narrative we’ve closely followed. Between 2021 and 2022, a substantial 40 to 60% of venture capital (VC) funding in Africa found its way into the fintech domain.
Emerging from this extraordinary gathering, one resounding consensus echoes through the tech corridors: the future of fintech—and by extension, technology itself—in Africa gleams with boundless promise. Here, we unravel five compelling reasons why this continent is poised for an exceptional tech journey.
Africa Benefits from Strong Macro Tailwinds
Auguste Comte’s adage, “demographics are destiny,” finds new resonance in Africa. Today, the continent boasts a population of 1.2 billion, with three-quarters under the age of 35, and over 40% under the age of fifteen. By 2050, Africa will claim a quarter of the world’s population. This burgeoning market is further amplified by remarkable technology adoption rates, with over 90% mobile penetration and 88% internet penetration. Sub-Saharan Africa alone harbours more mobile users than the combined might of the United States and the United Kingdom. Mobile devices have become integral to daily life, commanding a third of Africans’ daily attention. The African fintech sector, riding this wave, is on track to reach a staggering $65 billion by 2030—a thirteen-fold surge from 2021.
The Entrepreneurial Flywheel Sets in Motion
The African tech landscape has witnessed the rise of over ten unicorns—a tenfold increase in a mere decade. These companies are rewriting the playbook, achieving unicorn status in record time. The ecosystem now buzzes with early-stage venture capital, seasoned mentors, and a collective wisdom on how to initiate and scale ventures. The vitality of venture capital hinges on exits, and while Africa is still in the early innings, promising indicators are emerging. For instance, Paystack’s CEO, Shola Akinlade, orchestrated a $200 million sale to Stripe. Kopo Kopo recently found its suitor in Moniepoint, while Flutterwave eyes an IPO in the near future. Notably, the impact of “mafias”—groups stemming from specific companies that exert outsized influence within their ecosystems—is palpable. The African tech landscape is nurturing its own tech mafias, as Paystack alumni alone have spearheaded over a dozen startups.
Global Categories Are Forged in Africa
The ethos of innovation, where the best ideas transcend borders and scale universally, has found a vibrant home in Africa. The birthplace of M-Pesa—a mobile money juggernaut—Africa illuminated the path to successful mobile banking, with over 75% of Kenya’s GDP flowing through M-Pesa. Over 300 mobile money deployments spanning nearly 100 countries have drawn inspiration from this pioneering initiative. What’s more, M-Pesa has catalysed a platform on which a myriad of services, from home solar lanterns to merchant acceptance and car financing, have flourished. African enterprises are venturing abroad, with Flutterwave charting a course for India.
Startups in Emerging Markets: A Different Breed
Startups in emerging markets craft camels, not unicorns. They prioritize solid unit economics and sturdy foundations over growth at any cost. This prudent approach equips them to weather storms when turbulence strikes. The absence of excessive venture capital dependency is a distinguishing hallmark of these “camels.” The resilience of founders in emerging markets is unparalleled, embodying an unwavering commitment to survive the harshest challenges.
Leading African Entrepreneurs Forge Impactful Industries
African startups aren’t merely building convenient apps; they are creating industries imbued with profound impact. They pioneer markets rather than disrupt them, ushering in monumental transformations. In Africa, fintech transcends mere expediency—it ushers in profound economic empowerment. The tech canvas here paints a picture of meaningful value, touching lives and altering destinies.
In conclusion, as demographics unfurl Africa’s destiny, the continent emerges as a pivotal player in the future of technology. Its burgeoning talent, relentless drive, and boundless mindset converge to craft a future where Africa holds sway not just demographically but also technologically. Africa’s destiny, intertwined with the future of tech, beckons us all to embrace the journey ahead.
