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Game Changers: Youth: A catalyst for economic growth

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-820x547.jpg" alt="" class="wp-image-438660" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NEWARK, NEW JERSEY &#8211; SEPTEMBER 12: Ayra Starr attends the 2023 MTV Video Music Awards at Prudential Center on September 12, 2023 in Newark, New Jersey. (Photo by Jeff Kravitz/Getty Images for MTV)</figcaption></figure>



In recent years, the uptake of African musical talent globally has been extraordinary and 2023 was no exception. With the recent announcement from the Recording Academy on the nominees from Africa for the 2024 Grammy Awards, the continent has entered the global hall of fame.



Although this is not the first time African musicians have graced the Grammys, for 2024, Nigerian Afrobeats stars Damini Ebunoluwa Ogulu (Burna Boy), Ahmed Ololade (Asake), David Adedeji Adeleke (Davido), and Oyinkansola Sarah Aderibigbe (Ayra Starr) have all netted in the nominations.



In a statement released in November, the Academy announced three newly-added categories for the 2024 Grammys, one of which is the Best African Music Performance award, hailed a breakthrough acknowledging the commercial and cultural prowess of African music.



“Giving African music its own category would highlight and celebrate the diversity and richness of Africa,” Shawn Thwaites, project manager at the Recording Academy, said at a roundtable. “This is a great step forward!”



The youngest nominee on this list and lone South African artist is 21-year-old Tyla Laura Seethal, with her viral song, Water, already nominated for two South African Music Awards.



Seethal’s recent and fast climb to the top is testament to the excellent emerging pool of talent in the industry.



When you open the explore pages of video-sharing social media platforms such as TikTok or Instagram Reels or even YouTube shorts, hit songs like Yahyuppiyah from Lungelihle Zwane (Uncle Waffles), Tony Duardo and Justin99, and Unavailable by Davido featuring Musa Makamu (professionally known as Musa Keys) stream into your soundscapes. People from all over the world have taken to social media to ensure they get the energetic moves right for the vigorously viral songs.



Davin Phillips, Executive Director at Celebrity Services Africa (CSA), an agency that specializes in brand marketing in the culture and entertainment space, says that social media has amplified the &nbsp;reach of African artists.



“I think social media, maybe more technology, has allowed us to actually go into other regions across the continent that previously didn’t have access to certain streaming or publishing. We’ve been able to identify the continent a lot more and bring it together. Also, another thing, as we know, in any emerging market, sometimes we only give our own artists the recognition, but we are seeing the international community recognize them,” Phillips says.



“Social media has amplified the careers of so many artists on the continent, so its role cannot be understated,” adds Phiona Okumu, Head of Music for sub-Saharan Africa at Spotify. “Reaching a global audience, instantly, looked different a few years ago and required significant resources. But now on the back of social media, accessibility has taken a new form for artists.”



Data shows that social media platform TikTok has over 1.677 billion users globally out of which 1.1 billion are its monthly active users as of 2023; South Africa alone makes up about 11.83 million of those users. Instagram’s data also shows there are 2.35 billion active users, and 14.9 million of those users are reportedly from Western Africa.



This has allowed young artists like eSwatini- born DJ, Uncle Waffles, Nigeria’s Rema, and even South Africa’s Musa Keys to take the world by storm in what feels like the blink of an eye. “The pool of artists is a lot younger,” concurs advocate Katlego Malatji, Head of Legal and Business Affairs at Sony Music Africa. “I think the internet has created quite an opportunity for a lot of young acts and a lot more diverse acts to come out with different interpretations and variations of various sounds.”



<figure class="wp-block-pullquote"><blockquote>“Sustainability being obviously a different question altogether as to how sustainable are some of these careers because of the lack of depth that comes with being young; but at the very least, they’re getting their moment” <cite>Katlego Malatji</cite></blockquote></figure>



But a big concern for Malatji, especially from a revenue perspective, is if social media offers a viable and sustainable future for the artists.



“Sustainability being obviously a different question altogether as to how sustainable are some of these careers because of the lack of depth that comes with being young; but at the very least, they’re getting their moment,” Malatji says.



“The challenge is that a lot of the songs that I see go viral are not really listenable songs, like we can’t just be chilling at home [and listening to it],” Amapiano artist Makamu says. “You always have to hear that specific part of the song which is kind of dangerous for some songs, however, some people really need viral moments and some don’t.”



Be that as it may, Dataxis however has predicted that Africa’s annual music streaming revenues will grow (from $92.9 million in 2021) to $314.6 million by 2026. Recently, PricewaterhouseCoopers’ (PwC) annual report, Africa’s Entertainment &amp; Media Outlook 2023-2027, highlighted that the music streaming market will continue its march across three of Africa’s biggest markets; South Africa, Kenya and Nigeria. Marketing streaming subscription revenue in South Africa alone is set to rise at 10.5% compound annual growth rate (CAGR) to reach R1.1 billion ($58,494,304) in 2027.



Spotify’s Okumu adds that in 2022, revenues generated by Nigerian artists from Spotify alone reached over NGN11 billion (approximately $14.3 million). While Nigerian music industry revenues overall have grown 63% from 2021 to 2022, according to the International Federation of the Phonographic Industry (IFPI), revenues generated by Nigerian artists, from Spotify, grew 74% over this same time period. Similarly, in 2022, revenues generated by South African artists from Spotify reached nearly R200 million (approximately $10 million) which is three times what it was four years ago.



“These figures only represent a part of the picture. Spotify is one of many music-streaming services that generate revenue for the music industry, and streaming only makes up a portion of all industry revenues,” Okumu adds.



“Africa has incredible creativity that people in Europe and the US marvel at once they get to know about it,” two-time Grammy- award winner Wouter Kellerman says. “I’m very upbeat about the future of African culture and music.”

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="662" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-820x662.jpg" alt="" class="wp-image-416524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-820x662.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-300x242.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-111x90.jpg 111w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-768x620.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh</figcaption></figure>



In a significant development in the banking sector, Standard Chartered Bank announced the sale of its Consumer Banking business in Côte d&#8217;Ivoire to Coris Group. This move, pending regulatory approvals and business transfer formalities, marks the culmination of Standard Chartered&#8217;s divestment strategy initiated in April 2022, targeting various markets.



Sunil Kaushal, the CEO of Standard Chartered for Africa and the Middle East (AME), alongside Coris Group Chairman Idrissa NASSA, formalized the agreement. Kaushal expressed that this deal signifies a pivotal moment in Standard Chartered&#8217;s strategy within the AME region. He emphasized the bank&#8217;s commitment to refining its business model, enhancing service quality, and focusing on growth opportunities in the region. He assured a smooth transition in partnership with Coris Bank International, prioritizing customer satisfaction and employee welfare.



While exiting the retail segment, Standard Chartered Bank reaffirms its commitment to Côte d&#8217;Ivoire, maintaining a strong focus on its Corporate, Commercial, and Institutional Banking sectors. The bank aims to continue delivering exemplary services in these areas.



Idrissa NASSA, President of Coris Group, acknowledged the strategic importance of this acquisition. He highlighted Coris Bank International&#8217;s ambition to strengthen its position in the burgeoning Ivorian market, promising the introduction of new products and innovative services. NASSA reassured new clients about the institution&#8217;s dedication to maintaining and enhancing service quality.



This sale is the latest in a series of strategic divestments by Standard Chartered, following its exits from markets including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the Consumer banking business in Tanzania since April 2022. These moves are part of the bank&#8217;s global strategy to streamline operations, reduce complexities, and scale its presence across the AME region. The Jordan transaction was completed in August 2023, with other business migrations progressing as planned.



This agreement, expected to be finalized in the coming months, represents a significant shift in Standard Chartered&#8217;s operational focus and a promising expansion for Coris Group in the West African Economic and Monetary Union (WAEMU) region.

MPQ6F6Q53BNTZO5LPN4WBMJEAM

Standard Chartered announces sale of Consumer Banking business in Côte d’Ivoire to Coris Bank

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-820x547.jpg" alt="" class="wp-image-436426" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-969437892-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Getty Images</figcaption></figure>



In the ever-evolving landscape of technology, the year 2024 promises to be a pivotal moment for the tech industry. As we step into this era of innovation and digital transformation, it&#8217;s essential to take a closer look at the top jobs that are driving this technological revolution. These roles not only define the future of the industry but also offer exciting career opportunities for those who are passionate about shaping the world through technology. From software engineering to blockchain expertise, these professionals are the architects of our digital future.



1. Software Engineer



Highly sought-after, highly-paid; a software engineer designs, develops, tests, and maintains software applications, systems, and programs. The professional uses principles of computer science, engineering, mathematics, and project management to create solutions that meet specific requirements or solve problems.



2. AI/ML Engineer



There’s a growing trend of generative AI applications, which requires skills from an AI/ML engineer to develop, implement, and maintain AI and machine learning solutions. Their key focus is to create algorithms, models, and systems that enable computers to learn from and make predictions or decisions based on data without explicit programming.



3. Data Scientist



Over the years, data scientists have become more in-demand as big data has become key to decision making. They gather, analyse, interpret, and draw insights from large amounts of data, which can be used for stats, ML, or programming. Data scientists also uncover patterns, trends, and valuable information from complex datasets.



4. Cybersecurity Engineer



As technology increasingly becomes integrated into our lives, the need to protect digital assets, sensitive information, networks, and systems from cyber threats becomes more critical. A cybersecurity engineer designs, implements, and maintains security measures to protect an organisation.&nbsp;



5. Project Management



According to the Project Management Institute, the global economy needs <a href="https://www.pmi.org/learning/careers/talent-gap-2021">25 million</a> new project professionals by 2030. An IT project manager plans, executes, and completes projects within an organisation, relating to infrastructure, software development, system upgrades, network installations, and anything else tech related.



6. Full-Stack Developer



A full-stack developer is a software engineer who works on both the front-end and back-end of web development, which requires a broad skillset. They handle all aspects of software development, including designing user interfaces, building databases, creating server-side logic, and ensuring the overall functionality of web applications.



7. Cloud Solutions Architect



According to <a href="https://www.cloudwards.net/cloud-computing-statistics/">Cloudwards</a>, 94% of enterprises globally make use of the cloud, and over 100 zettabytes (one zettabyte is a billion terabytes) will be stored in the cloud by 2025. A cloud solutions architect designs, develops, and deploys cloud computing solutions and architectures that is scalable, secure, and efficient to meet an organisation’s needs.



8. Blockchain Engineer



Blockchain technology has revolutionised the financial landscape and as a result, the demand for blockchain engineers has skyrocketed. It entails designing, developing, implementing, and maintaining blockchain-based solutions, which is a decentralised and distributed ledger system that securely records transactions across a network of computers.&nbsp;



9. Product Manager



Given the demand for software engineers and full-stack developers, naturally, product managers are in demand. A product manager overseas everything from development, strategy, and lifecycle of IT products and services. They focus on creating and enhancing products to meet the demands of the market to bring value to users.



10. UX Designer



There will always be a need for a good end-user experience (UX) and thus, UX designers will always be in demand. The key focus area for this role is to enhance the user’s overall experience when interacting with systems, services, or products to ultimately deliver intuitive and enjoyable user experiences for the target audience.

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CNBC Africa

Game Changers: Youth: A catalyst for economic growth

Invest Rwanda: How Rwanda is set to become Africa’s premier cargo business hub

The Rise And Influence Of African Music On The Global Stage

Focus On: MTN Nigeria Capital Market Day 2023

Agro-processing in Rwanda: The cassava value chain

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Standard Chartered announces sale of Consumer Banking business in Côte d’Ivoire to Coris Bank

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Remember to catch all your business news recaps here on YouTube! #FirstInBusinessWorldWide

Happy Holidays, from our CNBC Africa family to yours!

Focus On COP28: Achieving Namibia’s low carbon emissions target

COP28: The South African Pavilion

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