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3.4 References: Economic Report on Africa 2007
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Ladybrille Exclusive:Interview with Storm Records' Music Mogul, Obi Asika
This is Part I of my indepth interview with Obi Asika, Executive Chairman of Storm Media and Entertainment Group; one of the biggest players in music and entertainment in Nigeria--think SonyBMG Music Entertainment Group although not quite the same reach, for now. In Part I, I ask and Obi candidly responds to questions on his background, managing artists, substandard music videos and the lack of sophisticated African fashions in Nigeria/Africa's music videos. In Part 2, Obi & I discuss the music business in Nigeria & Africa, entrepreneuralship, piracy, artists abuse, technology/new media, Nollywood and international expansion and collaborations.

Part 2 Interview of Nigeria/New York's Fashion Designer Lola Faturoti
We complete our interview with Nigeria/New York's Fashion Designer Lola Faturoti. Here, Lola discusses some tips African designers can use to get noticed in the USA/European fashion industries.

Central Bank of Nigeria (CBN) Approves Conversion of Community Bank into Microfinance Institution (MFI)
The Central Bank of Nigeria (CBN) has approved the conversion of the Olabisi Onabanjo University Community Bank Limited into a microfinance bank. The community bank has operated on the campus of Olabisi Onabanjo University in Ago-Iwoye, Nigeria since March of 2003, and the majority of its shareholders are affiliated with the university. One source reports that, in its first year in business, the bank made a surplus that was “far in excess of its total paid up capital,” but no other sources were found to corroborate this information and no further information was found on the OOU Community Bank.
4.0 Diversification trends in Africa: Economic Report on Africa 2007
The diversification of African economies is one way through which the recent economic growth achievements could be sustained. Africa’s economic transformation can be achieved through both horizontal and vertical diversification. In addition, such diversification will help to build competitive economies that can productively be integrated into the global economy. Diversification is therefore a pre-condition if Africa is to register accelerated development. The scaling-up of current real growth to desired levels and in a broad manner can also be sustained if there is deepening in the diversification of African economies.
4.1 Case studies on export diversification for selected African countries: Economic Report on Africa 2007
So far, diversification trends in relation to African economies indicate that different countries have achieved varying results. The overall conclusion is that, in general, African economies have failed to make gains beyond their initial positions in the early 1980s. It has also been pointed out that they reacted defensively to the crises that beset them in the 1980s. Their macroeconomic stabilization policies did not create an environment conducive for dynamic response, as a good number of countries in Asia and Latin America were able to do. Their defensive response as seen in the oil factor, perpetuated the status quo and worsened it in some instances. Earlier gains in such countries as Gabon, Nigeria and Sudan were eroded.
6.5 Financing research to increase TFP: Economic Report on Africa 2007
The other major area in which new economic policies for diversification are required is in research. The majority of African countries, since the demise of diversification gain resorted to relying on factor accumulation as the main source of economic growth.
Sustained growth with equity is needed to halve poverty in Africa
Researchers predict that many African countries will not reach the Millennium Development Goal (MDG) target of halving extreme poverty by 2015. Will accelerated economic growth or better income distribution be most helpful in getting African countries get back on track to achieve the MDG poverty target?

Regional Economic Communities in Africa
Regional economic integration has a long history in Africa. The South African Customs Union (SACU) was established in 1910 while the East African Community (EAC) was set up in 1919. The East African Community collapsed in 1987 but is now being actively revived. Currently there are 14 regional economic communities in Africa.
Mary Onyali, 20 Years and Still Running Strong
Mary Onyali aka the “African Sprint Queen" is a woman you should get to know. Over two decades ago, when the social norm for a female in Nigeria was everything but being an athlete, Onyali went against the norm getting involved in the sport of track and field and continuing on to compete for Nigeria and Africa, on a national and international level. Since her entrance into the world of track and field, Onyali has opened the door for many women as well as amassed numerous medals along the way: Commonwealth Games medals, three World Cup medals, four African Games gold medals and two Olympic bronze medals, are just a few of her achievements. Onyali now embraces a new and frankly speaking daunting task, manufacturing and distributing the first ever sports apparel wear in Nigeria.
The African Market: Challenges for SMEs and Responses
In the presentation of WUSME World Union of SMEs on 20th May 2011 at the VI.African Summit, chaired by the former President of the Federal Republic of Nigeria H.E. Obasanjo, the market trends and opportunities for Micro- Small and Medium Enterpriseswere summarized as follows: Focusing on the economic development in the „Danger Zones” of the African Continent, the Sub Saharan Countries remain a challenge and urgently need to be addressed. These are the African Savanna and Sahel: Niger, Sierra Leone, Mali, Burkina Faso, Guinea-Bissau, Central African Republic, Chad, northern Uganda, Ethiopia and Somalia.

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