Swazi Observer

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SUCCESSFUL WOMEN STEAL THUNDER

By Hlengiwe Ndlovu | 2018-11-13

OF the many powerful presentations and high level deliberations which took place in the African Investment Forum last week, one that easily etched permanent footprints in delegates’ memories was the‘investing in women for accelerated growth’ session.

panellists in this session were Senior Advisor to the Islamic Development Bank President Hayak Sindi, Masihle Nkosi the Director of Kgalagadi Manganese mining in South Africa and Ibukun Awosika President of the First Bank in Nigeria.

All three women have played an incredible role and managed to break through male dominated sectors in Africa.

The trio shared insights on how they had climbed the ladder in their different fields by breaking new ground in territories previously perceived as men’s teritory.

Sharing the rough patches she underwent while seeking funding for her mine, Nkosi recalled how she entered the mining industry by sheer coincidence. “I was a community services worker and a group of men approached me to structure their mining project.

business

They gave me a small percentage of this business which was not enough for me as I realised I could also break into this business,” she said.

In 2001, when she sought funding for her manganese mine, Nkosi was dismayed when she was declared uncreditworthy by the ITC.

When she approached different banks for funding, she got shocking responses suggesting that financing for this project could only be possible if she relinquished her position as CEO to a male counterpart. She later approached the African Development Bank (AfDB) for funding assistance which she eventually used to kick-start the mine.

“My experience with banks showed me women feel intimidated walking into banks and seeking for funding because credit committees are dominated by men in suits who immediately see risk when a woman walks in,” she said.

promise

Nkosi made a solemn promise that she would repay her AfDB loan by March next year. Apart from operating the largest manganese mine in the world and determining this mineral’s price in world markets, Nkosi also built roads around this mine as well as a 74.6 kilometre electricity line.

Giving her advice to the many aspiring entrepreneurs out there, President of Nigeria’s First Bank Awosika said business ideas should be inspired by finding solutions to the things people complain of.

She also warned young people who graduate from tertiary institutions against limiting their potential to attained qualifications.

“I am a science student for instance, as I graduated with a degree in chemistry. But my qualification has nothing to do with the kind of work I do now,” she said, also describing women and young people as being Africa’s greatest resource. Also attending this session was AfDB President Akinwumi Adesina who said the Africa Investment Forum was a clear indicator of a shift in mindset in the continent.

“Africa is now thinking big. I have never seen any country growing by aid but by discipline of investment,” he said.

Omar Alghabra who is Parliamentarian Secretary to the minister of foreign affairs in Canada, was also present for this session.

The panel revealed a E588 billion financing gap for women entrepreneurs in the continent each year, yet women are likely to repay loans compared to males.

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