AfriCanada Commerce Exchange Inc. was established to promote, support, and facilitate Trade, Business and Investment cooperation primarily between Canadian firms and counterparts across Africa, and to do that, it organizes an Economic Summit yearly.

As preparation for the next edition of the summit billed for early next year in Toronto, President/CEO of Africanada Commerce Exchange Inc., Jackson O. Igbinosun, in this interview with JIMOH BABATUNDE about the summit, whose ultimate goal is to explore innovative and cordial ways to further deepen socioeconomic and cultural cooperation between Canada and nations in Africa.

Here is an excerpt:

On what informed the AfriCanada Economic Summit and the theme for 2024

The AfriCanada Economic Summit was conceived to convene under a single umbrella representative from industry associations, academia, civil society groups, and key economic development agencies of the government to discuss and review industry trends, new and emerging opportunities, challenges and threats, policies, and regulatory frameworks, among others.

We are excited to extend a heartfelt invitation to the upcoming 2024 AfriCanada Summit, a pivotal event that seeks to revolutionize Africa’s power landscape. Our theme, “Power Africa: Leveraging Canadian CleanTech and Renewable Energy Sources to Power African Establishments,” encapsulates a visionary mission to transform the energy narrative across the continent. 

Africa is facing a major energy crisis. Only about 40% of Africans have access to electricity and the vast majority of those who do have access live in urban areas. Rural areas are often completely dark, and businesses and industries in these areas struggle to operate.

This lack of energy is a major barrier to economic development. It prevents people from getting the education and healthcare they need, and it makes it difficult for businesses to grow and create jobs. 

With over 600 million people still lacking access to electricity, the region is in dire need of sustainable power solutions. Traditional energy sources have proven insufficient, leading to economic barriers and hindering development progress. 

Moreover, reliance on fossil fuels has contributed to environmental degradation and rising greenhouse gas emissions, further exacerbating global climate concerns. 

Canadian companies, through the government’s robust renewable energy drive, are well-positioned to help Africa transition to a clean energy future. 

The Opportunity

The 2024 AfriCanada Summit will bring together Canadian and African leaders from the clean energy sector. The summit will provide a platform for businesses to connect, share ideas, and build partnerships.

The summit will also highlight the opportunities for Canadian businesses in Africa’s renewable energy market. These opportunities are vast, and they represent a major economic opportunity for Canada.

We believe that together we can catalyze change on an unprecedented scale, and the 2024 AfriCanada Summit will not only empower participants with knowledge about Africa’s business climate but also equip them to be catalysts for change in Africa’s energy sector. 

On those expected at the summit

We are expecting local businesses and business leaders in Canada and their African counterparts. The summit aims to equip and strengthen local businesses with the right tools and resources to scale, innovate, and remain competitive, as well as foster economic collaboration between Africa and Canada, bringing together influential leaders, policymakers, and businesses to explore opportunities for mutual growth.

On the topics that will be discussed at the summit

We are expecting climate action experts from government departments, ministries and agencies, universities, climate advocates and educators, corporate Canada, and civil society, among others, to discuss issues on the pivotal role of electricity in the pathway to net zero, the inter-sectionality of Data Privacy, Ai, and Cyber Security; Agriculture, Agri Value Chain and Food Processing; and Transitioning to a Greener Economy / Efforts to decarbonize by the various governments.

There will also be panel discussions on workforce Development in in-demand and emerging sectors; forging Economic resilience in the face of global uncertainties; Canada-Africa TV and Film Collaboration Framework; women Financial Inclusion / Economic empowerment and Fintech, Agritech, Meditech.