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Benin: The African Development Bank Supports a Study Aimed at Strengthening the Textile Industry Through the Private Sector

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2 years ago

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Benin

The meeting helped to identify opportunities and make core proposals to strengthen efforts to dynamize the cotton industry

I am especially pleased to see that it is now possible for young designers to get financial and other forms of support for their initiatives in the textile sector

COTONOU, Benin, August 2, 2024/APO Group/ —

The Country Office of the African Development Bank Group (www.AfDB.org) in Benin – one of Africa’s leading cotton producers – organised a workshop in Cotonou on 31 July 2024 to provide feedback about a study on private sector players bringing fresh momentum to the country’s textile industry.

The meeting marked the end of a process that began on 9 March 2023 with a workshop dedicated to the sector. This has led to collecting important data for a better understanding of the issues in the industry faced by the West African country.

Attendees at the workshop included several experts and national authorities, including the Vice-President of Benin, Ms Mariam Chabi Talata Zimé Yérima, private-sector players operating at all stages of the local cotton value chain, support functions (finance, training, transport, logistics, etc.) and representatives from the country’s technical and financial partners.

The meeting helped to identify opportunities and make core proposals to strengthen efforts to dynamize the cotton industry.

The study revealed multiple opportunities for developing the textile value chain, ranging from production units for accessories to making, logistics, distribution and solutions for taking care of textile items. Other opportunities relate to producing textile items for medical use or for furnishing, cosmetics or the automotive or food industries. The sanitary towels sector alone could generate annual revenue of over USD 13 million (8 billion CFA francs) for the country.

The study emphasised the numerous opportunities for creating tens of thousands of skilled jobs for young people and women.

The report also highlighted the opportunities for the Bank to contribute to the socioeconomic development of the textile industry in Benin and called on senior leaders to take decisions that would support the development of new local industries.

As well as cotton-based textiles, the study pointed to the colossal economic potential and the opportunity to create over 45,000 jobs in a new industry based on pineapple-leaf fibre.

Ms Nathalie Daouda, an expert consultant in the private-sector textile industry at the African Development Bank’s Country Office in Benin, who carried out the study, commented: “The potential additional revenue for the Beninese economy is over USD 5 billion (FCFA 3,000 billion) a year. And it would not take much to make the forecasts a reality, since Benin already has the natural and human resources needed to do the work. The next step is to produce and implement a national plan. The Beninese government has provided ample evidence of its ability to tackle ambitious challenges.”

The Vice-President of the Republic, Ms Mariam Chabi Talata Zimé Yérima, congratulated the Bank on its commitment to supporting an inclusive economy in Benin but above all, for the “realism, completeness and feasibility” of the study. “This report (…) is a sort of strategic plan for strengthening our economy through the textile industry and is relevant to us because developing our economy by building on this sector will help create a large number of jobs,” she emphasized.

“This strategic plan is the first of the steps we need to take to move from ideas to action and from theory to practice,” added Ms Yérima. She highlighted the job-creation opportunities for women and young people but also the economic and social potential of the strategic use of pineapple-leaf fibre for the Beninese textile industry.

Ms Faridatou Yekini, the founder of Mod’Ukpè, which specializes in woven pagne cloth and producing clothes for women, recognized that several actions are underway to boost local small and medium-sized enterprises (SMEs), with a particular focus on women-led businesses. “I am especially pleased to see that it is now possible for young designers to get financial and other forms of support for their initiatives in the textile sector. This development marks a significant step towards the growth and sustainability of our industry,” she said delightedly.

“The African Development Bank has done well to create a favourable environment to encourage collaboration, particularly with visits to the Glo Djigbé industrial area and capacity-building sessions for small and medium-sized businesses. These initiatives helped to formalize and organize my business, Safari Textiles Afrique, and develop positive partnerships. The logical next step would be continuing to fund businesses that are working to bring themselves into line, backed by serious monitoring to ensure good management of the funds,” advocated Caleb Menou, co-founder of the Safari Textiles Afrique brand.

The head of the Bank’s Country Office in Benin, Robert Masumbuko, highlighted the economic and inclusive social development potential of the industry, which is a real windfall for Benin in his view. “The Beninese ecosystem is full of talented women and men who produce really beautiful textile items on a daily basis. But all of them have commented frequently on the need for a clear plan to help them increase not only volumes but also the quality of their training. They need help to acquire or access modern, quality equipment for processing and production and above all, to get access to local and international markets with high-quality, competitive textile solutions,” he commented.

One of the Bank’s missions in relation to the private sector is to intervene financially in a smart, agile manner to provide efficient support for actors in various value chains, concluded Mr Masumbuko. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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2 days ago

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February 6, 2026

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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2 days ago

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February 6, 2026

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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