Rational business. He also has worked in the clinton administration, the u. S. Department of commerce and speechwriter and chief aide and senior economic issues. Also he has been involved in a number of Media Outlets and reporting for which he received among other honors the best business column distinction by the weak magazine. Of course aubrey hruby is at home here and i would like to announce the like all great books, it is already out of date. I am not trying to hamper sales but it is always listed on the cover as the visiting fellow, delighted to make public that with the approval of the executive office of the Atlantic Council, aubrey hruby is senior counsel at the Africa Center at the Atlantic Council so we are delighted on our continued association. [applause] aubrey hruby has had a distinguished career working on a number of project over in the years before either of us came to the Atlantic Council and our share of war stories from various friends in africa. Aubrey hruby was managing director of the Whitaker Group with Corporate Strategy and did vincent advisory to facilitate 2 billion investments and capital flows, and numerous fortune 500 companies, she has been recognized by diplomatic career magazine and the top 95 Foreign Policy leaders under 33 from washington. I wont say when that on record. But aubrey hruby very much delighted to be able to host this occasion with the Atlantic Council and following a presentation by aubrey hruby and jake bright, delighted to have senior Reuters State Department correspondent to moderate the discussion. We are grateful to lesley, lesley woughton to being here on this of all days when anyone associated with the state department is out reporting on the journalistic side or spinning if they are on the other side the deal on the Iran Nuclear Deal that she still made time for us at the Atlanta Council and this topic which as a native of south africa is close and passionate interest of hers so thank you very much for joining us. Without further ado, you really came here to listen to jake bright and aubrey hruby. [applause] can everyone here us . Thank you, peter. Real pleasure to be here. Obviously a home for me and home by proxy for jake and thank you for coming today to spend the afternoon in a few minutes with us. So many of you have been part of my experience of doing business in africana and leaders yourselves in doing many innovative things around the continent but also some that jake had done for a long time so i am honored to be here and the special day for us. The washington launch of the book, we came from San Francisco commenting that it is a little bit of a different culture. We thought we wanted to give the few minutes of overview, in the panel in a few minutes. One way i wanted to start was to say why did we write this book . Jake and i really felt compelled to write this in part to expand the audience of those interested in doing business in africa because for a long time, washington, felt we had been talking to the same people for years and years and it is time to reach a broader audience. At the same time we become frustrated with the simple framing of africa in a general dialogue globally. You see from this picture here for those who can see it. And that kind of framing, motivated us to write something ourselves. And we are very aware of that and in the conversation that we believe we spent a lot of time traveling and working on the continent, and many transactions have a perspective to lend as non africans doing business in the region but we have also been listening and spending an enormous amount of time with african entrepreneurs. Those voices and profiles you can see, we did hundreds of interviews, reviews thousands of sources and this is the compilation that you see there. We know that africa is not a country. We expect that question and conversation in particular criticism to come. We believe there are crosscutting trends that warrant writing a book from a continental perspective. If you dig deep the book is mainly about kenya, nigeria and larger markets of the region but it is about the continent. We profess that and we also believe there is the centrality to this story. We will hear about that when it goes in a few minutes. Given not only its size populationwise that economically but special emphasis in this book on nigeria. Is truly of bellwether, 400 million. So the main thesis we come away from with the book is essentials me there will be at normalization in the Global Dialogue about africa. You will not be as simplistic put in a certain box that it is all this for all that, the pundits pendulum is not going to be always apocalypse or optimism. There is essentially going to be a mixed bag where you have billionaires emerging at the same time we have people risking their lives to make it to europe across the mediterranean and those things will exist side by side the same way we have billionaires and the Homeless Population in the same d. C. Area. That kind of normalization of the discussion and trudy we believe on the net basis positives outweigh the negatives on the continent right now. We give a little fought to the buzz around africa. Many are familiar with it. So i wont spend a lot of time here but robust growth story. Growth rates over 6 over the last decade continentwide. We did a quick tally ourselves, google hits increase on search terms like africa and business and investment and tech increase over 1,000 . If you look at africa and tech prior to 2011, the couple dozen google hits, we really do see there is a buzz. We see how that manifests in real ways. Getting to that buzz we backed up a little bit. And ask to explain why africa. Why this buzz, all these Consulting Firm since 2010. Forward looking Consulting Firms did some report on average that after the Consumer Market and we explained that in detail in the book and came up with a brief framework put on the spot to explain why has there been this interest in africa and connecting africa very strongly which had a big dissociation before and transformation, you hear frequently, the basic framework we came up with is the growth story, this is old news to some, new news to others that basically around 2010 there was a big time when economists ran the story, with jake brights economy and the region acceding china where efforts growth story, the growth of several economy is being higher than many in the world, continued to expand since 2010 and after the Great Recession when not looking at a world with a lot of growth. You get a lot of business eos attention. Growth is one driver, the next one is investment. There are a lot of things in africa if you look at five years ago looking at a lot of things that were not happening even five years ago that are happening, doubling and tripling now. There is a huge surge of investment going into africa. Foreign direct investment, 55 million last year, portfolio investment, stocks and bonds and diaspora remains which is a big slope of investment meaning money or african immigrants, Goldman Sachs driving or sending home to relatives so investment has been surging and theres a lot of deal flow next to that and that got a lot ofes attention. The next is demographic. We go into detail in the book. You come back to africa and cant get away from the number, fastestgrowing urban population, fastestgrowing middle class, doubleing projected doubling populations in the world, you have a huge demographic movement and finally there is a big push for modernization. Africa started with one of the dilapidated structures in the world but that is a huge opportunity so theres a huge mobilization of resources to upgrade africas infrastructure and that includes tech infrastructure, roads, housing, you name it. Those are the things that get peoples attention in the Business World about africa. One of the reasons we went with the next africana as opposed to Something Like fought african miracle was we believe this is the work in progress. There are distinct differences from what we call the old africa but the transformation is not complete. No one gets off the plane in rwanda and angle and looks around and thinks this is america when it is over. This is the transformation under way. We thought we would contrast some things we saw from the old africa, many of you have done business for decades, has shifted over time. One of the things that always struck me is in 2007, i took a group of seven or eight finance ministers and trade ministers to california and we went to google headquarters and if any of you have been to google headquarters theres a giant globe and the globe has every google his in the world at that moment as shown up by all light so what you see because of that is the complete outline of the country and each country is a different color and we all stood there and waited for it to rotate and waited for it to rotate towards africana and there was no africa. It was missing on the globe. We were all kind of stunned. It is because there are so few google hits at that time on a daily basis it looks like a couple of islands. It caught my attention that it was indicative of the world africa was stuck in at the time which i call less than 3 world, less than 3 global trade, Global Private equity, whatever metric you want to use africa was less than 3 . In population . No. What we are seeing in the next africa is is beginning to break out of that 3 especially on the investment side. That is the contrast we have seen the day shift away from unilateral, simple trade patterns where things are going being imported, exported raw goods out, shifting to more complex and diverse economy and the unidimensional Foreign Relations shifting away from former colonial power to the african country into the world that is african countries have a choice in partners whether it is turkish investing in ethiopia, brazilian in an ebola, malaysian in tanzania, they have our range of partners in the corporate and political spheres so we a shift in that area. Old africa next to africa comparisons, old africa dependence on foreign aid, next africa, a large number of african folks in the private sector and more in the Public Sector really taking charge of africas development agenda. Private sector, aubrey hruby and i spoke to major figures, these icons, people starting to collect the gates and rockefellers of africa, starting foundations for billions of dollars and step up and take on Socioeconomic Development challenges and it is happening at the government level too, places like rwanda have their own development, starting to address these things that were previously left to in geos or combination of government, foreign aid organizations. Other comparisons, government is the main source for wealth creation. That is changing. The pie is expanding and the number of people, a lot has to do with a entrepreneurs and business leaders. The other thing we noted is there is the huge surge in appeal for africa and meaning diaspora for on for burn ors directing businesses back to africa or returning to africa from the u. S. After having worked in the private sector. Another thing we picked up on is it is not just diaspora entrepreneurs, africa is showing a drop it is bringing a entrepreneur is that would work for companies anywhere. That shows reversal of brain drain and a lot of that is going into the tech sector. We covered a lot in this book. 12 chapters in three sections, these are just some examples of numbers, data and personal examples were important to us. We try to meld the two and together effectively and some numbers, quick numbers, tech is becoming fillings this void of informal economies formalizing so in tech we try to build numbers, what is going on the african tech. We find 200 innovation hubs which are business incubators popping up. In the corner, kenya which the president visited, one of them in africa, the best known. We came up with the number from 3,500 start ups and work the tech crunch to come up with a number of how much Venture Capital is going to effort and startups and projecting a one billion will go in by 2018. You get into sdi, breaking out of this 3 world aubrey hruby talkedabout. Africa is reaching 4 of global fbi and that has to do with stocks and bonds and normalization investment and is easier for individuals like us to buy african stocks and bonds. A lot of african governments got bond ratings recently and there have been more sovereign bond issues in the last several years than over the last seven. Creative industries, we see a big surge in africas Global Cultural influence following a formalization of the creative industry. In nigeria and it was recently quantified the Creative Industries are worth 5 billion and some of that, those creative to diaspora, communities embedded in europe and the u. S. That is another trend, and u. S. Influence, african immigrants are becoming increasingly influential in the u. S. The number one educated group in the country by any demographic immigrants by a recent sense of study and an example of that, someone we interviewed for the book, every spring in new york and d. C. There are newspaper stories of african immigrant kids who get accepted into every ivy league school. Just to conclude before we start the panel, we are very optimistic but not blind to the downside and negative situations emerging in some areas of northern nigeria, the migration in terms of the mediterranean and other challenges that are hitting the continent and specific countries. We have looked at that in depth, we have a chapter on potential deal breakers that could be real african growth or the prosperity will be distributed equally. Some countries surged ahead, a lot of that has to do with institutions, and other factors. And a big surge forward so we can continue to see headlines about new billions invested new ipos, nigerian chefs, fashion designers, those things are indicative of what we will continue to see and we will see that phenomenon by normalizing the relationship with africa, the relationship between the u. S. And africa. Final lines in the future we see the americans being more likely to have african stocks in their 401 k or watch nigerian movies, netflix to work at a company that does business in africa and learning a lot more african names than Nelson Mandela or barack obama. With that we would love to set up on the panel. Most important thing . Good afternoon and welcome, everybody. You wanted to see a full house . Looks like standing room only in the back. Peter made the introductions over here but i also want to introduce eghosa omoigui. Did i say that right . Excellent. Who is the founder and managing jenna role partner of echovc partners, a venturecapital firm, there we go, there you are. There we go. Venture capital firm linking Silicon Valley with underat serve the emerging markets. I am dying to hear what you have to tell us. This morning i woke up and i saw of course a reuters article, starbucks to enter Subsaharan Africa next year and my first thought was are they not lead to the market . Have the kenyons taken up this market . I read the quote. The market here is vibrant and growing fast. Do we want to be part of that growth . That is exactly what the african story is but let me start with an important one which is basically the shift we have seen, nigeria becoming the largest african economy, most populous country as always. What does the shift mean in numbers . The translation into real economic power. Does this mean anything about how you are going to invest in africa . I think it does mean a lot for Companies Looking to the region, historically u. S. Companies went going to africa, south africa was the only gateway so many of them set up their headquarters in johannesburg and using that as a staging point for their growth but many of them found it grows to be slower in the region starting in Southern Africa, starting from another part and they grew to the most neighboring country, botswana, mozambique, that far but often didnt make it as thoroughly or deeply in to the other market so you do have with the shift of nigeria at least in the public mind becoming bigger, basing the gdp over 500, and thinking dont need to set up shop right away and go straight into that. There is a shift in Corporate Strategy that comes to market entry and response to that. Do you feel the shift . Have you felt for a long time . Have you wondered why everybody looking at Southern Africa as a vehicle to this entry point . Start ups in africa, part of what we try to figure out his companys that fit. Africa has always been intriguing continent in part because the South African story is not an easy story to tell but the real market is above water and the low water. Those that are much more interesting to surface have been discovered lands and underserved demand and i and nigeria started to surface as one of those markets. The population to see that, one is going to be the third or fourth by 2050 and that is not significant so the question for a lot of these investors and strategics would be a go to where is going to be or do you play today . And those who are forward seeking to in the summer. We are going to go into that, the market is tough. Theres a lot of friction. The winners will be real winners and i think investors showed that. The question, Companies Like starbucks are the coming late to the game . Should they be looking at this at least two years ago . That is a tough question. The take away is so Many Companies are coming to the game and coming to the game at all, even showing up, they didnt care, have tickets or even want to watch even the First Quarter and anecdotal example is when we first started looking at doing this book i remember in 2009 from 2009 to 2010 there were not a lot of people connecting africa and business. We have this story in the book about how aubrey hruby being consulted in d. C. Prior to 2010 she felt like the lonely maytag repair person in washington compared to other people but there used to be a couple articles that came out about u. S. Companies focusing on africa and literally we traded those around like gold nuggets because there were so few of them. Over the last couple years aubrey hruby and i were engage in this and got to the point we were people trying to follow this and were not able to follow all the deals of u. S. Companies looking, expanding, starting to engage africa and global companies. Another signal of how things change in terms of the investment thesis is we started talking about african tech which initially got a lot of attention for a lot of social ventures but the question was when will we have more of a Silicon ValleyVenture Capital investment and business focused start up . We started talking about this even a couple years ago, it was more of the question of will we see things like we saw in the u. S. Like texas ipos, big acquisitions, we moved a long way from if where the last tech chapters there is no if any more. It is when. You have a quota, these things are coming. There is the massive shift and it has happened so quickly it is hard for us to follow this to grasp it all. One of the Big Questions is companies go in alone and make it or need to tie up with an African Company who knows the lay of the land, and how to navigate. Partners are critical. The dialog around African Business strategy is sometimes dominated over concern over headline risk, those type of issues and the real risk that needs to be addressed is counterparty risk, who are you working with and that focus is very important so choosing your partners wisely is the first step on the road to success. I was recently speaking on a panel, a garage group, a private equity fund. In tunisia, investment and consumer goods, in tunisia, tumultuous times, after everything settled down, with performance of the companys. The actual headline risk had no impact on the consumer growth story. That is analogous to what we see in the market but what is important is a local partner is good and not necessarily as much concern as board rooms but at line risks. Let me ask you how do you you are in the states and you go back home and did you know how tough it was going to be and how easy was it to break into the market and stay in there . This is a ten year plan and anything that has to do with africa has to be ten years, more like a strategic plan, maybe 20. The original plan was to go back to africa to start investing. Recognizing the market was not ready for technology and venturecapital, my choice was to learn from a similar market and investing in indiana and mobile investing. My thesis was africa was five years behind which put me in africa in 2015, africa 2014, right there. I think for us, the firm, going back was an 84 year process every month in San Francisco. Really brutal. Investing before we started investing. A lot of that was trying to get people to understand what we did, looking for the entrepreneurs, teaching them how to do things not just from Company Building but the importance of culture, the importance of branding, thinking about markets, the pitch, how will you pitch your company to an investor . We do that for several years and of course little bits of friction here and there, shifting the levy on your car, they go wherever there is stuff like that you have to deal with so you continue to do that because the entrepreneurs are so driven it is incredible. There is so much friction in these markets. You talked about it earlier. We have this joy in our firm, we find an entrepreneur is that if we funded and here they would be lost because it is so easy here they would not know what to do. That makes no sense. Cant stand somebody these entrepreneurs fit market needs. In india for instance what worked for me from the return perspective is a combination of local founders and right now we have the rest of lamar local. One hazmat team led by women completely trained on the internet. When we see that drive and desire to win that is our perspective but so much risk. We realize no one wants to put the works in in the beginning. Everybody wants the Big Companies for all the big money to put big money. You dont get to be Big Companies and for us the work is to teach people how to build the beagles system which is similar to how weve learned how to do it in the valley. We looked east as an example. The take on the issue on china which was very interesting. We dont have a conversation with china in it. Why would you take that decision . It comes from founding premises in the presentation, we believe africa is the choice of many partners and the obsession with china and washington and london is Cottage Industry now. Institute studying the china africa nexus but truly the more important part was the joy of partners. I also think a lot of the concerns are misconstrued about china investment, and the investment i have trouble with sometimes because of a majority of capital flows come from china into africa, supporting Chinese Companies to build infrastructure. Is perpetuating the construction boom in china externally. And the railroads, to the government and they borrow for those. That was a bilateral government to government, in the rubric of private sector investment. I will open it up for questions because i am sure you have a lot. If we can look at this issue at the africa summit, there was no mention of a during the summit at all. Some people think that is wrong but you still have to discuss areas of development in africa that meet age and is about investment. What do you make of that . I dont think our view is to disagree with that. Similar to china we also decided we were not going to make the book and a book, age versus trade but if you read the book and dig into our chapters it is clear where we stand, favor of the power of investment and market to bring about certain positive trends more so than aid has but we didnt spend time focusing on it. One of the things we said upfront, it was important in the book to have balance. We are not saying africas problems are going to go away. We are trying to make a comparison that we getting to a point where crosscutting trends will lead the continents progress overshadow problems, those problems will persist and continue to persist in and and and flow pattern but for some reason people think africa is supposed to be a straight up or down proposition, either africa and rising or africa apocalypse. Theres a role to play for aid. These books, trends, monumental shift that are happening in the economies and demographics and leadership, in the african diaspora, it is going to lead to a lesser prominence of aid and it will lead, to outsiders and being a dominant role in socioeconomic events. When president obama goes to kenya, what should he be telling africa about americas interest in the continent . An interesting coincidence that he is going in conjunction with the Global Entrepreneur summit. Hundred reportship is the fuel for the continent, policymakers, these entrepreneurs, mentorship is missing in action, one thing needs to change, focus on dollars and these are the people on the continent wanted to learn. They all aspire. Giving them the tools to do that will be very important. The various programs, one of the key issues i see personally is a is great so long as it is targeted and measured, you can figure the impact and correct when necessary. That means you have to put in the people who have skills sets to do that. The continent still has the few more years, the aid recipient, bits and pieces, that is okay because nobody ever get anywhere without help. Generally speaking, how we celebrate entrepreneurship and get out of the way. One more thing quickly that we talk about in the book is also a lot of things that used to be left to the aid world in terms of being africas challenges aubrey hruby and that predicted especially in tech and other areas some of those challenges would be commercial propositions no longer left to agencies and when you look at what ibm is doing, the ibm research center, deploying the building of lucy and africa which is a version of watson hand one of the titles is a take on africas longstanding challenges, that is a shift in our direction of some of that recaps problems we are connected with a being a solution to become commercial opportunities in the future. File and then incredible amount of these deals and companies talking about i never heard of. Pretty amazing. Let me open to the floor. This keeps the questions very short, makes sure they are not long statements or pounding of philosophy. Can i have a gentleman in the back . Thank you. My question in relation to the recent investment in africa, Different Countries from different parts of the world have been investing in africa, for example china, india, turkey, bosnia, so do you think this is very challenging for American Companies to penetrate africa and compete with different types of other types of winded . For American Companies, how challenging for American Companies, when you go to these parts you dont hear about american investors. The rainthe u. S. Is one of the largest investors in african countries, the most recent shows it becomes last year the eyes investor, pure private sector fbi projects. Proctor and gamble alone in 2013 put half a billion dollars in manufacturing facilities, one in south africa, one in nigeria. They do face competitive challenges and some of those challenges are purely they stem from operating in developed markets for so long. If we all look out the window and the rest of the world lives like we do, we are actually abnormal for the rest of the world, traffic, the way the rest, the urban cities of the world operate, very different from the developed world. What i see companies struggling with is what i call a developed market mindset, stuck in working the way they have always worked and one of the advantages companies have from india or china is it is not hard to do business and villages because they have villages in their own country and the messiness of rapid development, we were used to that in the 1890s. It has been a while and been forgotten. You cant ever open a company in south africa anymore without having not one but two generations in case one breaks down. Talk about the challenges. Where do i start . I conviction entrepreneurs. There were lots of little challenges. And the winners and losers, the question is a good one because when you think about it, some of the companys coming from Different Countries are funded in many unique ways. They have Balance Sheet numbers. And American Companies trying to compete on its Balance Sheet alone, the rules are a little different. It is stuff. You have to focus on that but for the entrepreneurs you can start from how to light incorporate this company . What licenses joy need to get. Foreignexchange volatilities in nigeria to the dollar. You have an order rand someone says your cost is changed by 30 when dealing with that but these entrepreneurs are built differently. They are built to win and these are just taking potshots at them and these entrepreneurs, some of them dont fit the paradigms we were sharing, very similar. Some dont speak the queens english. And look and feel like you are used to but execute. You know what you can bring to the mentor ship. We see that over and over again and we hope more people will get involved and take something that will risk this will be the generator of the future. The challenge is changing rules. You cant change the rules, investors dont like that kind of insurgency. One of the challenges policiesmakers it is very important. That is the name of his firm. Very important to have that 70. 30,000 ft certainty, a 10,000 ft 60 to deal with the rest of guest 70 of process because it is uncertain, they generally know how to engage with congress and know how to engage with the executive branch to understand the process and getting their voices heard. And all sorts of other countries is not clear about the process and who makes the decision but we have this situation about not having a cabinet. The issue is who makes the decision. Wheres the coming from . When can we have our voices heard . It is not the policy itself. A five minute line. With africa magazine, i want to touch a few things you mentioned. One is framing and the second is starbucks. We in america have been led to believe that africa is a continent where we need to supply food. That aid narrative is drawn by policymaking the last 40 years and even now Subsaharan Africa imports 50 billion worth of food. With washington d. C. Importing lobbies, how do we change the narrative to tell American Companies about the Investment Options in african farthings related to starbucks, in ethiopia starbucks pace coffee cooperatives 0. 30 to 0. 40 like a broker for coffee and retail coffee in the United States between 13, 15 a pound so on the other side, how do we ensure or take steps that africa captors more value . Good question. We are starting to see more interest in agribusiness investment. Part of that is coming from a larger market view in terms of consumer class so the idea you dont have to just invest in agriculture to export out. It doesnt have to be exportled agricultural investment but enough consuming class that is growing and going to buy the food there, i have been talking to several private equity firms that are very interested in agricultural investments. One of the risk profiles, agricultural investment growing all the way upstream, greenfield is you come in to land ten year issues and availability issues and that is where it can break down so i tend to find more investors interested in processing that peace that dont necessarily want to do the hard work all the way upstream but hopefully if there is up polling the man we will see more. I will take one more question because we only have a little bit. Can we have the woman over there . Quo isnt the need for bribes and greasing palms has been very offputting to many western investors. What is the situation now . One of the things that concerns i will start with how we do it. I talked to little bit about how to inculcate culture, the importance of culture in companies and we start that in the very beginning due diligence. We all have as feed specific styles and questionnaires attached to the agreement and go through this, spend a couple hours talking about this and how to do business. We understand in some cases obstacles the show up. And the entrepreneurs, really about trying to figure out these ministries and understand what they are doing and usually you confined one or two people. Who will do it for the right reasons and not the long reasons. I think i dont want to be naive about it, you will keep running into this. In china and india and coriander japan, in some cases real skill and so it is not the unique thing to africa. A lot of it is just making sure you confined the right people who will do things and sort of a collective investment. If you are afraid of corruption and that is what is holding you back, i think in many cases you should not be in the market. That includes this one. I think i can connect a response to your question and also the second half of the gentlemans question here about what we should do related to assuring fair wages. It was in your question but the question of corruption. My response to the first part of what we should do to bring fair labor standards or higher wages to starbucks activity in africa i am not sure is for us to do. One of the things we talk about in the book is how some of the trends we talk about a vote rising middle class, increased political involvement, those things come with greater investment with people having more upward mobility and you are seeing the rise of an african civic society. They will take on those issues themselves like it happened here and demand some of those things. That ties into corruption too. There is Greater Transparency with tech. A lot of things were out in nigeria and one of the people we profile is the head of reporters who is reporting on all these things about corruption in nigeria that were hard to report on before. You can see nigerian politicians answering and even done stories where people have gotten fired because the stories he has done, theres a lot more pushback on corruption and finally with the greater connectivity of markets, and higher traded currencies. Investment portfolio, one could argue this issue of corruption, 20 billion was, and influence financial markets. A lot of trends connected things we want to talk about where africa and african institutions will start to deal with labor issues. And corruption issues on their own terms. The election of 1900 botched we basically dealt with this over time, and the same processes. How much time do you have left . The conversation we just started. Having too much fun. A crystal ball, what is the next big thing in africa. The next big finger, where should we be putting their money . Where is the next trend. And talked about, in meetings, a map of the world for internet compilations demonstrated, that was resized. That should tell you something. Nigeria is a bell weather and when you get into numbers in tech or consumer goods, to connect to the increased investment with the increase in consumer power, the sheer population numbers, pretty much what you have, in the attack jet sectors any homer and you can hit with that. We should see the next african billionaire on the cover of the Financial Times and wall street journal. A lot of things go back to nigeria, a host invested in a lot of companies solving business problems. Won the we talked about is a lot of people focused potentially, companies doing things with Creative Industries. For example partners, a company we have on the slide, echovc partners, modernization and distribution problems with african creative wears. Nollywood is nigerias Film Industry but in terms of revenue, 1 of the 5 billion traced back to actually going to the people who produce this stuff. If jason and some of these other platforms that are solving this if they can solve this for nigeria and the rest of africa it will make a lot of money but we also uncovered netflix talking to local partners. Companies like this consult these problems for african modernization, they solve them for American Companies that face the save problems getting returns with Creative Industries of too. I will leave the tech because they know is better. I am bullish on sectors related to construction. Infrastructure and construction in africa will be Growth Industries for 50 years, 100 years so things like paint factories, hinge factories, everything you need for construction on a daytoday basis will be Fast Growing Companies and i am bullish on ethiopia. A very large implementing very aggressive infrastructure plans including the first light rail opening up. Very bullish on ethiopia. We barely touched anything. The book will have the answers. Thank you very much appreciate you coming on. [applause] thank you, lesley ann thank you to aubrey hruby, jake bright. Copies of the book are available, please join us for a reception to celebrate the new book. Thank you. [applause] [inaudible conversations] this is booktv on cspan2, television for serious readers. Here is our prime time lineup. Tonight at 7 00 eastern, evan thomas remembers the life of americas 37th president , richard nixon. That all happens tonight on cspan2s booktv. Booktv recently visited capitol hill to ask members of congress what they are reading this summer. I just finished reading the coolidge book and very much recommend it to people. I think coolidge is extremely underrated as a president and i think it is very enlightening. You will learn so much history about the early part of our country and particularly in the early 20s. It is a wonderful wonderful book. Unfortunately my work on the Education Committee and the rules committee forces me to do a lot of very dull reading and i dont get a chance to read as much as i would like but reading is my favorite thing to do outside of work. Booktv wants to know what you are reading this summer, tweet us your answer at booktv or you can post it on our face book page, facebook. Com booktv. [inaudible conversations]