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[INTERVIEW] Exclusive interview with Made In Africa Foundation: What Africa Can Be In The Next 50 Years

Made in Africa was founded in 2011 to support and fund master plans and feasibility studies for transformational and large scale infrastructure projects across Africa. In this interview with Kola Aluko agrees that the infrastructure in Africa is really what's holding Africa back. The reality of it is that Africa's not being able to take full advantage of its resources. We need to get Africa right for the rest of the world.

ABC: Please introduce yourself and your company

Aluko: "As an individual, I am motivated by the fact I am a proud Nigerian who wants to do his best for his country and for the African region in general. As the co-CEO of Atlantic Energy, an upstream oil and gas company which currently operates exclusively in Nigeria, my involvement within the energy sector has given me the chance to work with others to develop ways of improving the lives of Africans across the whole continent. It is something I feel very strongly about".
 
ABC: Can you tell us a bit about Made in Africa and Africa50?

Aluko: "The Made in Africa Foundation (MIAF) is a Foundation I co-founded with international designer Ozwald Boateng and Atlantic Energy to support and fund feasibility studies for transformational change across the African continent. The key for us is that any development must be sustainable. Short term-ism doesn't work so the exponential benefit to the continent of well-placed development projects is our focus with the Foundation.    

We're delighted to have partnered with the AAA-rated African Development Bank (AfDB) to co-manage and market the sort of initiatives that will accelerate funding for infrastructure delivery. The Africa50 fund is an important part of that process".
 
ABC: Can you expand a bit more on Africa50?

Aluko: "Africa50 was launched on 26th September with the ringing of the Opening Bell at NASDAQ in New York. The interest from business leaders and media was tremendous and we were also delighted to receive celebrity support from the Jamie Foxx, who is passionate about African development.

The critical objective is to reduce the timing required to develop infrastructure projects across Africa and with that in mind, our partnership with AfDB is very important. Over the past 5 years, AfDB has delivered over USD 5.4 billion in critical infrastructure investment in Africa through private sector and public-private partnership financing. The alliance between MIAF and AfDB aims to raise USD 500 million for Africa50’s project development arm by the first half of 2014".

ABC: What made you desire to help Africa?

Aluko: "Simply because I am African. There is no better motivation than that. I am committed to playing my part in improving conditions for people across a continent that I am passionate about".
 
ABC: A decade ago, Africa's finance industry was seen as unexplored. Is the industry coming of age?

Aluko: "I think it is, yes. There is a growing understanding that Africa, and its wealth of natural resource requires the correct support if it to realise its potential. It's important to accelerate the process between the formulation of a plan and the financial conclusion. It is something that AfDB President, Donald Kaberuka spoke about recently at a meeting of African Central Banks. He said we must shorten the time between an idea and financial close from the current average of seven years to less than three, and he is absolutely right".

ABC: What is the main focus of Made in Africa and Africa50?

Aluko: "The main focus is of course to make a difference and help accelerate African growth. But to do that we must concentrate on sustainable development that reflects infrastructure changes that will improve things like transportation routes and the delivery of essential utilities. Africa has extraordinary potential and a focus on these 'building blocks' will help us to unlock it".
 
ABC: In your estimation, what is not working for Africa as a brand?

Aluko: "I think the answer is encompassed in everything we've already discussed. There is a need to - if you like - join the dots. We have to connect resources and people to each other in order for its potential to be realised".

ABC: How easy will it be for people to make those investments in infrastructure in Africa?

Aluko: "If something is worth having, then it is worth fighting for and whether its easy or not, doesn't really matter. Africa's development is crucial to the continent itself and to the international community and I think people across Africa and, indeed the whole world, are waking up to that fact".

ABC: Finally, has Made in Africa’s principle of bringing together the continent’s skill sets to co-operate towards progress bore any significance?

Aluko: "The most recent significant development was the launch of Africa50 because it has brought together like-minded people from sectors across all industries. This is not another charity or aid project. Africa50 is about establishing commercially viable projects in which investors can responsibly invest in high-impact opportunities.

ABC: What is the latest?

Aluko: "I was recently (October 9th) in Chicago for the 9th U.S.-Africa summit. I was fortunate enough to sit on a panel discussion about African energy's challenges and prospects with businessmen and strategists from the USA and Japan and there is a clear recognition of Africa's potential. It is time it was unlocked".

Website: http://www.madeinafricafoundation.co.uk/

YouTube Channel: http://www.youtube.com/user/myfutureafrica

Twitter: https://twitter.com/myfutureafrica

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The infrastructure in Africa is really what's holding Africa back. The reality of it is that Africa's not being able to take full advantage of its resources. We need to get Africa right for the rest of the world

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