Sudan's private sector resilient in war crisis

The ongoing crisis in Sudan continues to take a toll on the economy, leading to a shrinking market that poses challenges for private businesses. Despite these obstacles, the private sector remains resolute in its efforts to overcome adversity and contribute to the revitalization of the economy. In a recent interview with CNBC Africa, Nur Magid, the Founder of Yogi, shared insights into the strategies employed by his company to navigate the challenging business landscape in Sudan. Magid highlighted the importance of identifying market gaps and leveraging the local workforce to drive success. Yogi, known for its dairy products like yogurt and milk, has swiftly adapted to fill the void left by the disruption in the market due to the war. The company has experienced significant growth within the first year of operation and is now eyeing expansion into other regions of Sudan. Sudan, with its abundant natural resources and vast land suitable for farming, presents an attractive destination for trade and investment. Magid emphasized the potential of Sudan's agricultural and livestock industries, which boast over 100 million heads of livestock ranging from camels to cows. Despite the existing opportunities, Magid urged for greater recognition from impact investors and emphasized the need for partnerships between public and private entities to realize Sudan's economic potential. When questioned about the financial mechanisms available to support business growth in Sudan, Magid highlighted the challenges posed by the current unstable environment. While various financing options such as local bank loans and international grants are accessible, the cumbersome process and lengthy delays hinder their effectiveness. Magid recounted the arduous experience of waiting over a year for a grant approval, only to face the additional setback of currency devaluation during the waiting period. He suggested streamlining the disbursement process by considering foreign currency payments to expedite fund allocation and reduce administrative burdens amidst the ongoing crisis. The resilience displayed by businesses like Yogi in the face of adversity underscores the determination of Sudan's private sector to overcome challenges and drive economic growth. With a strategic focus on market agility, leveraging local resources, and advocating for streamlined financial mechanisms, businesses in Sudan aim to navigate the crisis and emerge stronger in the long run.