UNGA 2024: Spotlight on Africa’s Future {Business Africa}

The 2024 United Nations General Assembly (UNGA), themed “Leaving no one behind: Acting together for peace, sustainable development, and human dignity for present and future generations,” highlights Africa’s pressing issues such as climate change and economic inequality. With over 60% of its population under 25, discussions focus on empowering youth and women while exploring sustainable urban development strategies. Public-private partnerships are emphasized as vital for integrating green technologies, enabling African nations to leapfrog traditional development models in an era of digital transformation and artificial intelligence.
The Dangote Petroleum Refinery in Lagos, Nigeria, has commenced petrol production, rolling out its first batch on September 15th, 2024. This $20 billion facility, touted as the largest single train refinery globally, aims to alleviate the country’s fuel scarcity by producing 650,000 barrels per day. With 44% of its output earmarked for domestic consumption and 56% for export, the refinery is poised to significantly reduce Nigeria’s reliance on imported fuel, while also stabilizing the naira and mitigating inflation, which has recently surged above 33%. 
Valued at $8.5 billion, Jomo Kenyatta International Airport (JKIA) faces competition from Ethiopia and Rwanda, which are modernizing their airports. The Kenyan government plans to privatize JKIA. Indian multinational Adani Group aims to invest $1.8 billion in a 30-year deal for the airport’s expansion and operation, projecting revenues to rise from $163 million in 2025 to $290 million by 2030.