Staff writer
African Business Council Director-Dr Tinashe Manzungu scooped the African Archivers Award under the Excellence in Leadership and Global Corporate Enterprise in Africa category.
Manzungu who is also a Board Director at Common Market for Eastern and Southern Africa (COMESA) was honoured with the award at the Houses of Parliament, the place of Westminster in the United Kingdom last week.
He described the award as a unique challenge for him that furthers his ambition of contributing significantly in making Africa a hot spot for global markets.
“This is my first time receiving the African Archivers Awards and it came as a surprise. It is as an honour, coming from the whole continent-it is something that I then sit back and say, oh so people have been seeing what I have been doing. I also feel really under immense pressure to deliver more than before in order to continue with the honour, honouring the award and doing so in line with my desire of being part of Africa’s economic transformation, making the continent a hot spot for global market,” he said.
Manzungu said that the award also speaks volume on African projects that are having impact generally and the significance of good leadership in the overall success of these projects.
“As for Africa, this awards speaks for the potential that is within us and what we have to deliver, so the awards gives us the force to go forward. Going forward we will be looking to the issues to do with Africa Continental Free Trade Area, a machine that was designed to join in the 50 Nation, of course there are one or two countries that have not joined. So we are saying through free trade, we are going to make sure that Africa develops in all sectors,” he said
He said his award which echoes his leadership skill is a reminder of the importance of good leadership in Africa’s economic advancement.
Manzungu also urged the young people in Africa to remain focused in order for them to become leaders that will transform the continent’s economy and socio economic development.
“I encourage young people in Africa who desire to become global leaders to start younger, as early as they can. In my career path, I have learnt that everything is very possible, one can create his or her own value stage by stage and not only by nepotism as many young people think. It is all about identifying your talent, have determination no matter how many times you may face failures or challenges, pick yourself up and remain focus on your vision. Do things that you know and be impactful because if you do something u don’t know it means you will want to train to be that something first before you actually do it and the chances of failure are higher than when you actual know about something. It also means that you can easily get to your target easier than someone who does not know,” he said.
The African Achievers Awards (AAA) is an annual event that aims to recognize and honour individuals, organizations, and institutions across various sectors for their outstanding contributions to the development and progress of Africa. According to the AAA, the awards ceremony serves as a platform to celebrate excellence, innovation, leadership, and positive impact in areas such as business, politics, arts and culture, sports, education, healthcare, and more.
The ceremony showcases and highlights success stories, promotes networking and collaboration, and serves as an inspiration for others to strive for excellence and make a difference in their respective fields.
Africa’s infrastructure key in unlocking real estate market –Dr Manzungu
Sub-Saharan infrastructure development expert Dr Tinashe Manzungu has urged African countries to invest in their infrastructure development in order to unlock real estate market globally.
Speaking during a Public Annual Lecture-commemorating the 2023 African Achievers Awards at the European School of Economics in London last week, Manzungu who is also a Board Director of African Business Council as well as COMESA said Africa is emerging as a potential hotspot for real estate investment due to its rapid urbanisation, as such the continent should escalate its projects towards establishing the global real estate market.
Manzungu was a guest speaker at the lecture which was a side line event of the 13th African Achievers Awards where he also scooped the Excellence in Leadership and Global Corporate Enterprise in Africa Award.
“Africa is emerging as a potential hotspot for real estate investment due to its rapid urbanization, rising middle-class population, increased foreign direct investment, and improving business environment. Statistics show promising opportunities and strategies that can accelerate Africa’s growth in the real estate sector,” said Manzungu.
“Investing in infrastructure is crucial for unlocking the potential of Africa’s real estate market. Developing quality transportation networks, power supply, and other essential amenities will attract more investors and drive economic growth.”
He said the continent should also encourage partnerships between the public and private sectors in real estate development whereas governments provide policies, land and infrastructure support, while private investors bring capital and expertise.
As many countries in Africa are experiencing massive urban migration where people are moving from the rural area to the urban areas in pursuit of greener pastures, Manzungu also noted that it is essential for African countries’ governments to establish affordable housing initiatives.
He said, “Africa is experiencing significant urbanization, with its urban population expected to double by 2050. This urban growth creates a demand for housing, commercial spaces, and infrastructure, making it an attractive investment opportunity for real estate developers.”
“Promoting affordable housing projects can address the housing deficit in African cities and provide opportunities for real estate developers. Governments, with the support of the private sector, should provide incentives and remove regulatory hurdles to encourage affordable housing development.”
The immediate past Zimbabwe National Chamber of Commerce (ZNCC) president emphasised on the essence of technology adoption in the real estate development urging the continent to use the necessary technology to ensure transparency that lures global investors. He said Africa should adopt to technology solutions such as digital platforms, smart cities and proptech (property technology) to enhance efficiency and transparency in the real estate sector.
“Technology can streamline property transactions, facilitate property management, and attract tech-savvy investors,” he added.
On the other hand, Manzungu encouraged the European countries to invest in the real estate sector in Africa now more than ever as the continent is currently experiencing a rising middle-class population. According to Manzungu the expansion of the Africa’s middle class is bringing about increased disposable incomes and a desire for improved living standards as well as driving demand for quality housing, retail spaces and leisure facilities.
“Africa’s middle class is projected to reach 1.1 billion people by 2060, representing a significant consumer base for real estate developers. The retail sector in Africa is expected to grow at a CAGR of 7.3% between 2021 and 2026, driven by the rising middle-class population,” he added.
“Africa has been attracting increasing Foreign Direct Investment (FDI) in recent years, including in the real estate sector. International investors are recognizing the untapped potential and attractive returns offered by African real estate markets.”
Manzungu said the FDI flows into Africa’s real estate sector increased by 14 % in 2019 reaching an estimated US$3.3 billion. He added that South Africa, Nigeria and Kenya have been the top destinations for real estate FDI in Africa.
