NGN 2024 Survey Section 3 Key Findings: Leveraging Africa’s Resources

The Mo Ibrahim Foundation’s (MIF) theme for 2024 is Financing Africa. To inform the upcoming research report on the theme, in February-March 2024, MIF surveyed almost a hundred respondents from 54 African countries, members of the Foundation’s Now Generation Network (NGN).

The findings of the survey are being unveiled in a three-part webinar series that started in April 2024. The first two sessions that focussed on Assessing Africa’s financial resources and Assessing resources from non-African partners are available on demand here. This third and final session is dedicated to Leveraging Africa’s Resources.

In summary, Africa’s youth are calling for good governance, increase in value addition and diversification and direct compensation for environmental preservation as means to leverage the continents vast resources.

Almost 60% of Africa’s youth recommend Increasing value addition and diversification of domestic output as the best way to increase domestic revenue.

Respondents were asked how best African governments can increase domestic revenue:

• The majority of respondents (56.7%) chose increasing value addition and diversification of domestic revenue.

• 18.6% of respondents prioritised the need to fight illicit financial flows from the continent.

• More than 20% of respondents chose measures that would improve public finances with 13.4% of respondents recommending a reduction in government expenditure and a smaller share (8.2%) calling for the widening of the national tax base.

• Other suggestions included strengthening the agricultural sector and increased digitalisation.

How best can African governments increase domestic revenue?

"We need to prioritise our manufacturing capacity and value addition to better finance our activities, coupled with fighting illicit activities and being bold in fighting corrupt leadership - we can be on track towards progress"

NGN member

More than half of Africa’s youth are calling for direct compensation for preservation of environmental resources and biodiversity.

Respondents were asked what the most viable path for Africa is to monetise its vast green assets: (multiple answer question*)

• Over half of respondents (54.6%) selected the need for direct compensation to African countries for preservation of environmental resources and biodiversity. On the other hand, more than a third (34.0%) of responses included harnessing the potential of critical minerals.

• 47.4% of respondents chose eco-tourism as a means to monetise green assets.

• Solutions focused solely on carbon credits (33.0%) or taxes (28.9%) each featured in roughly a third of responses. However, one or both of these were present in almost half of responses (49.5%).

What is the most viable path for Africa to monetise its vast green assets?

70% of Africa’s youth believe good governance is key for Africa to attract more Foreign Direct Investment.

Respondents were asked what main conditions are necessary to Africa to attract more Foreign Direct Investment (FDI): (multiple answer question*)

• Good governance was selected by the majority of respondents (70.1%). It was also a key issue in the previous 2 survey sections on assessing Africa’s needs and resources from non-African partners.

• Selected by almost two thirds (66.0%) of respondents was the need for accountability and transparency.

• About half of the respondents selected security and safety (54.6%) and Improved infrastructure (51.5%)

• A slightly smaller share of respondents (22.7%) recommended favourable taxation policies.

What main conditions are necessary for Africa to attract more Foreign Direct Investment?