Life–changing things to put in place before you turn 40 is our conversation for today. It’s an important conversation that sets the stage for the next epoch of your life. Life is believed to begin at age 40. Before you turn 40, you should have reached some financial milestones in life to make your years as enjoyable as possible.
I’ll share the financial steps and things to put in place before you turn 40. If you have reached the age of 40, you can still begin to achieve these financial goals, because it’s never too late to achieve something in life. if you have the commitment and courage.
The list below details the exact steps and pertinent points to be considered. \even if you’ve gone beyond 40, use this as a guideline towards planning and watch yourself begin to hit those milestones.
1. Pay off ALL debt: Debt can be a major setback in your journey to financial security, especially compound interest debt. You must do everything in your power to pay off all of our debts from those with the highest interest rates to the negligible ones.
Your goal should be to lead a debt-free life. Pay off your debt and make sure you don’t take it back on. You have more peace when you have no debts. Business loans are an exception but if you can build from ground up, explore it. However, you should consider other ways to raise capital for your business before considering a business loan.
2. Build marketable skills: If you can do what others can’t do, they’re willing to pay for it. What skills do you have that other people would be willing to pay for? If you don’t have the skills yet, go learn it today. This is very important!
Try to learn a skill that is not common. If everyone can do it, the value will not be high. If you learn or develop a rare skill that you can do almost perfectly and that has a good demand, you can’t go bankrupt because your skills will always give you income.
Some good skills you can learn are graphic design, tablet publishing, hairdressing, catering and decorating, tailoring, vehicle mechanic repairing, computer repairing and networking, computer programming, web design, welding and manufacturing, copywriting, nursing , carpentry, tiling, application development, POP roof installation, electrical work and many more.
Most of these skills are not taught in colleges and universities, but they can feed you. Therefore, even if you are a graduate, you can learn these in a skill development center. It helps to have at least a good marketable skill before the age of 40.
3. Develop a search for financial education: information is dynamic. New information comes out every day. What you know yesterday may become redundant. Therefore, you should always be alert to new information. You need to make an effort to update your financial knowledge.
Before you turn 40, you need to develop your reading skills. Reading is one of the greatest ways to gain knowledge. You need to learn regularly and quickly. Read good books and research online. For information, you need to learn how to use search engines like Google, Bing, AOL.com, Ask.com, and more.
Get a financial mentor: You need to follow someone who has done what you want them to do to prevent mistakes from being communicated by others and speed up your financial progress.
One way to follow a mentor is to read all of their books or articles.
5. Have an emergency fund : The need to always have an emergency fund cannot be over-emphasized. An emergency fund is money that goes to your bank account for serious emergencies such as job losses, illness, accidents, disability, and so on. Experts recommend that your monthly living multiplied across 6 months should be your emergency fund. At least 6 months strong savings.
This money should have good liquidity, but it’s best not to keep it in a savings account where you have access to it and again to ensure depreciation doesn’t catch up with it. You can save the emergency fund to a mutual fund account or simply keep it in USD, Euro or Pound status.
6. Start your own part-time or full-time business – if you’re not starting a business before the age of 40, when will you start it? When do you grow old? Business is a risk and the older you get, the less appetite and risk averse you become.
Try starting a business before you turn 40. You can do this part time if you are employed. This will help you learn from your mistakes, grow, and gain experience. Business mistakes and failures are better when you are younger than when age begin to slowly creep in.
7. Get married and have all your children: You have a more balanced view of life with children. Married people rarely jump into action without weighing all available options. You think about the consequences of your actions, how it will affect your family in some way. You think about the couple and also make more balanced decisions, including business decisions, because two good bosses are better than one.
Having your children under the age of 40 also has several benefits, as it helps you grow with your children and helps carry the financial burden of raising your children while you are still young.
8. Build a solid base of passive income streams from paper assets. Paper assets are one of the greatest ways rich people make money almost effortlessly! Warren Buffett is one of the richest men on earth because of his paper assets. Imagine you have invested N50 000 000 in a mutual fund with a low annual interest rate of 10%. This means that it would earn approximately N5,000,000 annually and N 416,666 monthly. If you continue to invest interest and capital, you will increase even more in the coming years. Therefore, the rich are getting richer because they use the power compound to use the paper resources.
Before the age of 40, this is the best time to buy a lot of paper assets. Invest in stocks, treasury bills, bonds, mutual funds and other paper assets. He is interested in a wide range of paper resources.
9. Investing in real estate: Investing in real estate is one of the best investments you can ever make because it always appreciates in value over time. In addition to food, rental housing costs are one of the biggest expenses for the family.
Before you turn 40, it would be good to build your house. In the worst case, even if you haven’t built a house, try to buy land before you’re 40 years old.
10. You have your own farm: Have you thought about how people would survive without farmers? You can say, ‘I don’t have to be a farmer, because I can always buy the food I need’. Now imagine again what happens if you have money to buy food and there is no food to buy because there are no farmers? Even if you don’t want to grow full time, try a backyard garden where you plant vegetables. This will help you appreciate the wonderful work that farmers do. Investing in agriculture can also be a good way to build wealth. There is always a market available for agricultural products.
11. Start giving to others: You can get as much wealth and wealth as you can, but if you can’t find a way to help others, you won’t know what the accomplishment truly is. The true measure of life does not lie in how much you have, but in how much you give.
Start allocating a portion of your monthly income to help others, especially the needy, children, and the elderly. You can take responsibility for sponsoring a disadvantaged child through school. You can adopt a child. You can meet the needs of disadvantaged children and the elderly on a monthly basis.
I can really do this without the stress of writing articles and maintaining this blog as I don’t get a reasonable financial benefit from it. My joy, though, is that this blog is helping thousands of people overcome poverty and remain financially stable.
Start handing out people now. You don’t have to be very rich to help others. Give what little you have because it opens more doors of resources. There are many people around you who need your help and help. You can deliver cash or to babies in need, disabled and motherless at home. You can sponsor a poor child through school. There are inexhaustible ways to give to others.
1. Write a will. Many financial experts recommend getting a lawyer to help you make a will that legally grants ownership of your properties to everyone you want when you go ahead. This is especially important in conflict-prone families.
2. Buy an insurance policy: Several financial experts also advise you to buy life insurance. The goal is to give your loved ones a financial advantage if you pass away.
Hope this was helpful. We would love to know what your comments are about this article and if you have other great advice around this, feel free to add it in the comment section and we will be happy to add it to the article.
100 investment ideas in 2022 you should not miss. Start with Less than $100
100 investment ideas you can begin with less than $100. Have you ever dreamed of starting your own business? What’s holding you back?
If the answer is not having enough money to get started, then here’s some excellent news: You can start countless businesses with less than $100.
People do many odd jobs to pay the bills, and no matter what your skills are, there are ways to put them to work. It doesn’t matter if you’re a handyman or an online marketing expert — you can still make extra money on the side.
Here are 100 business ideas to get you started.
Direct sales representative
Being a local sales representative for companies like Avon, Mary Kay, and Pampered Chef requires you to spread the word about their products by hosting a party or selling them online. Most starter kits cost around $100 and provide you with everything you need to become a sales rep.
If you already have the knowledge or experience in a specific area, such as providing legal advice or showing business how to become more eco-friendly, then you can easily start your own consulting agency. The main costs involved are marketing your business and networking, so invest in a website and business cards. Here is an example consulting guide.
Senior home companion
In 2016, there were more than 49 million people in the U.S. alone aged 65 years or older. That figure is expected to grow to around 98 million in 2060. That means that there are lot of seniors who looking for someone to keep them company or families looking for advice on how to care for their loved ones.
There are a lot of students who need assistance in every subject, ranging from elementary school to college. If you have this knowledge, then starting your own tutoring service can be an appealing business idea that requires almost no capital. After all, the students already have the learning materials with them.
Whether you’re a writer or web developer, freelancing can be a lucrative business idea that pretty much requires nothing more than your talent, laptop and internet connection. Thanks to the numerous websites that post freelance gigs, you should have no problem starting out. Here is a freelancer guide that will help you every step of the way.
Vlog with YouTube
Since every laptop, tablet, and smartphone comes equipped with a built-in camera, anyone can start creating videos and posting them to YouTube. If you have knowledge you want to share, or are just incredibly charismatic, then you can start profiting from your vlog through ads.
If you have a garage, tools and knowledge, then why not start your own auto repair shop? Even if you don’t have a garage, you could start a mobile auto repair business where you go to the broken-down vehicle.
If you like the idea of working with vehicles but you aren’t a mechanic, then consider washing and detailing cars. (I had a former colleague who did this on the side, and eventually, he was able to make this into a full-time gig through word-of-mouth recommendations at work.)
Sharing economy rentals
Thanks to the “sharing economy,” more and more people are opting to rent items instead of purchasing them. You can rent out things ranging from your parking space to your furniture. Try starting with a niche and slowly working your way up. For example, you could start renting out yard equipment like rakes, shovels or leaf blowers. If you don’t already own them, you can purchase them for less than $100.
Managing web design
There are countless sites out there that teach you basic web design. Learn a new skill today. Even if you aren’t a web designer, you could find a designer affordably and still charge less than professional web design firms. They key here is managing the process — most businesses don’t want to do this and are willing to pay.
If you’re able to make minor household repairs, like switching out a broken electrical outlet or sealing a pipe under the kitchen sink, then this is another in-demand business that doesn’t cost much to launch. You could even consider starting out on TaskRabbit, a marketplace platform for small jobs.
Plenty of people are indecisive when it comes to their food. That’s why they’re willing to hire someone to help them plan out their meals. This is a low-cost idea for anyone who enjoys working with food but doesn’t have the resources to prepare and serve it.
This idea essentially requires no initial investment. You can start asking your family, friends and neighbors if they need someone to watch their home or pet when they go out of town.
If you have a green thumb, enjoy being outside and have the tools to get started — like a lawnmower, weed-whacker or chainsaw — then this is a no-brainer of a business idea. The only main cost is advertising and marketing your business.
Homemade gourmet foods
Whether if it’s soup mixes, jellies or chocolates, people love gourmet food products. And since you probably already have a kitchen, you just need cooking supplies, packaging and basic marketing materials to get started.
We live in a materialistic world, and it’s easy to start getting overwhelmed by all the stuff that’s consuming our homes. Just look at the rising popularity of Marie Kondo. Professional organizers can help people get their homes back in order for no more than $20 or so on classified ads.
Green cleaning service
Cleaning services are a dime a dozen. You can stand out from the competition by offering a green cleaning service that uses eco-friendly and natural products. You may even be able to make some of them yourself and sell them for extra cash.
Some major grocery stores offer delivery services, but not all of them do. There’s a chance your local supermarket doesn’t, either. That’s when you can charge customers to have you go to the store for them and then deliver groceries to their homes.
A personal concierge takes care of everything from taking clients to the airport, bringing the dog to the vet or managing schedules. It’s essentially being someone’s personal assistant.
Creating information products
If you have experience with a specific niche, then you can start selling your knowledge by creating products like eBooks or instructional videos. The cost is usually no more than your time, domain name and web hosting.
If you’re familiar with a specific topic, then you can launch a blog where you share your knowledge. You can earn money by selling ad space, becoming an affiliate or starting a subscription service. Here’s a resource to getting started with blogging. (I followed its tips and was able to personally create a solid four-figure income within around 12 months.)
Related: 10 Keys to Make Millions Blogging
Window-cleaning is many people’s least favorite household chore, and a window-cleaning service doesn’t require much capital to become profitable.
Both homeowners and business owners are looking for people to design comfortable, organized and productive spaces.
Local businesses still hire people companies to hand out fliers or place them under windshield wipers. You essentially just need to make a lot of copies, and that’s not a major investment.
Learning how to program or code, such as with the object-oriented dynamic programming language known as Ruby, is one of the most lucrative business out there. Here’s a guide to starting a developer business to help get you started.
This job is similar to being a personal assistant — answering phone calls, responding to emails and keeping your client’s schedule. The difference? You do this remotely.
Businesses and individuals are always on the lookout for people to manage and maintain their social channels for them, and many businesses will pay $500 or more a month for these services.
Believe it or not, not all businesses have in-house project managers, which means that projects can quickly get off-track. Companies are often willing to hire outside project managers to keep their teams focused.
There are a lot of small businesses and individuals who need services like typing, transcribing and proofreading. As long as you’ve got a computer, a printer and the necessary skills, your business should be good to go.
If you’re an outstanding cook but don’t want to invest in a restaurant, then you can start your own catering business directly from your own kitchen.
Want to put your own spin on a repair service? Start one that involves you going to the client. Whether if it’s fixing a mobile phone, a computer or a piece of furniture, this idea doesn’t require more than a vehicle, marketing and your own expertise.
A lot of people have difficulty writing amazing resumes, and that may cause them to lose out on a job they’ve been eyeing. If you have knack for composing resumes, it can become a profitable business. (I personally have paid $100 several times for people to get my resume in shape.)
Everyone wants their home or office to look festive for an upcoming holiday, but not everyone can make that happen. If you can pull off that holiday cheer, then this is another business that doesn’t require much capital.
You can buy a domain on the cheap — sometimes for less than $1. If a business comes along and needs that domain, sometimes they’ll be willing to pay top-dollar for it.
Using a site like Flippa, you can purchase a website, build it up and sell it. You can turn this into a lucrative business. (I personally have been able to make around $25,000 to $30,000 flipping websites each year.)
Cleaning dryer ducts
Dryers get jammed with lint, and if too much builds up, you could have a house fire on your hands. Since this is an area that’s often overlooked, you can start a dryer duct-cleaning business with just a vacuum and some basic marketing.
If you know your area like the back of your hand, then you can start charging tourists for a personalized tour of your hometown.
If you have a blog with a significant amount of followers, then you can become an affiliate. Essentially, this means that whenever you recommend ther people’s products or services, you can use your own special affiliate link that you’ve requested from the company (or a marketplace like Amazon). Whenever a visitor clicks on that link and makes a purchase, you’ll receive a commission.
Dropshipping is selling products for companies on sites like eBay. Whenever the product is sold, the company handles everything else, such as shipping.
If you have snow shovels and maybe even a plow, then this business idea can make you serious cash. However, it’s completely dependent on the weather. (When I lived in Utah, I paid a neighbor $25 every time it snowed to shovel my driveway and walkway, and it only took him half an hour.)
If you enjoy being around pets and can bathe them, cut their nails and give them a decent haircut, then this can be a serious money-maker without much of an investment.
It’s definitely not the most glamorous job, but you’d be doing something that most people dread so much that they’d pay someone else to do it for them.
Event or party planner
If you’re organized and a planner, then taking care of the arrangements for birthdays, retirements or weddings can be a profitable business.
Computer repair and maintenance provider
Think of all the computers out there that crash or need updates. Do you think that each owner has the technical knowledge to handle any troubleshooting problems? Consider starting your own service.
Life coach or mentor
Many people hire coaches or mentors to help them with things like losing weight or finding happiness. (I’ve found that most life coaches charge $50 to $250 an hour.)
It’s important for both businesses and individuals to keep their files neat and tidy, but not all of them have the time to do so. That’s when they hire someone to keep their books in order for them. (I pay my bookkeeper $30 an hour, and I found her on a local website with a classified listing that she paid $50 per month for.)
Preparing taxes is another necessity, but most of us don’t have the time or knowledge to take care of this task. If you’re up-to-date on the latest tax regulations and enjoy crunching numbers, this can be a lucrative business during tax season.
Did you know that both Amazon and Apple have book-publishing arms? Whether you write an instructional book, cookbook or sci-fi adventure, you can now publish it at almost no cost.
Installing your own flooring may sound easy, but it can get tricky. That’s when you can save the day by installing floors for others. Best of all, you don’t need to worry about inventory — you’d only be focused on installation.
Painting addresses on curbs
Many office and residential customers would gladly pay you to spray-paint their address on the curb. You’d just need some spray paint and an address kit to get started.
Parking lot striping
There are plenty of parking lots that need new stripes. You can start off with a straightedge tool and spray paint. As you earn more money, you can purchase professional equipment.
If you’ve already created a successful business, then you can actually turn that knowledge and experience into a new business. New business owners will pay for someone to help guide them in developing their own successful business plan.
Homemade natural soaps and beauty products
Selling natural products is a thriving business. Even if you don’t feel comfortable making your own natural soaps and beauty products, you can dropship for companies that do.
If you’re a creative individual, then designing logos is a relatively easy business to start. You can do anything from designing unique logos to customizing ideas from templates. Here’s a guide to starting a design business that should help you every step of the way.
Businesses are desperately in need of individuals who can speak the language of whatever market they’re entering.
If you’re handy and spot a used piece of furniture that needs some TLC, you could make the repairs and resell. That’s pretty much all profit.
People have been making a living for years off of eBay by selling their old junk, reselling items and dropshipping.
With the mobile revolution in full swing, the demand for apps has never been higher. Even if you don’t have programming skills, you can still hire someone to make your app a reality.
Unlike catering, which may only keep you busy a couple of days per week, personal chefs are responsible for cooking breakfast, lunch and/or dinner for clients. However, you can spend most of your time preparing meals that just need to be reheated. That allows you to take on more clients.
Even though health is a priority for most of us, it can be challenge to not only stay on track but also make sure that you exercise correctly without injuring yourself. By becoming a personal trainer, you can motivate and monitor people while they exercise.
If you don’t have the tools or skills to build something from scratch, you can always modify or beautify an existing product. Take mosquito nets, for example — they’re bland, but you could decorate them with ribbon or beads to create a unique product.
There’s always a demand for photographers at special events like weddings. Here’s a guide to starting a photography business to get you started.
After procuring tools like a sander, a matte-cutter, a glass-cutter, tape, clamps, saws, miter boxes, picture-hangers, a stapler and glue, all you need for this business is marketing.
Flea markets are still thriving, and you can usually rent out a spot for the day for just $20. You can sell anything from the junk laying around your house to the produce you grew in your backyard to handmade crafts. In many areas, there are multiple flea markets taking place throughout any given week, so this can easily become a frequent gig.
Online content producer
Businesses need lots of content today. If they don’t have an in-house team to create and produce content, they often hire talented outside individuals to do it for them. (There are businesses that pay $50 per blog post, such as mine — here’s my own content marketing guide to help you in your journey.)
Everyone should have a website these days, and for the people who don’t have the time or knowledge, you can develop their website for them.
Selling plants online
If you have a green thumb and the space, then you can sell plants online. It’s actually a growing niche since people are becoming more concerned about where their plants originated from, and you can probably charge less the big box stores.
If you’ve got above-average penmanship, then you can charge people to create handwritten invitations.
If you can make handmade crafts, like jewelry and furniture, then you can sell those products on sites like Etsy.
You’ll definitely need to get the proper licenses and permits, but this is a business that you can start at home. In some areas, daycare costs around $15 an hour, so this can be a very lucrative business.
Cleaning out foreclosed homes
Whenever a bank forecloses on a home, they have to hire someone to clean the place out. If you don’t mind getting a little dirty, you don’t need much to start this kind of business.
Recycling scrap metal
Some people drive around and take junk, such as broken dryers, off of people’s hands full-time. Why? Because they can scrap that metal. Just keep in mind that the more valuable metals are aluminum and copper.
Internet security consultant
Security is a major concern for businesses and individuals. Besides expertise and some marketing, it doesn’t cost much to start a business protecting others’ hardware and software.
If you can make a mean Manhattan, Cosmopolitan and other oft-ordered drinks, try marketing yourself as a freelance bartender for private parties and events.
Consider yourself to be the next Cesar Millan? This is another low-cost business idea with the potential for high profits.
Whether a new business or family just moved into town, you can can refer them to the right vendors, babysitters or restaurants. Your only cost would be networking and marketing yourself to the community.
No one likes the hassle of packing up for a move. That’s why they’ll hire other people to pack and load their belongings up. You really don’t need to purchase anything without reimbursement, since boxes and tape will be included in your final price. You’ll probably still be a cheaper option than professional movers.
Writing and/or recording a song
If you have the musical chops, you can make a career out of writing your own music. And it doesn’t have to be the latest Taylor Swift single — you could write jingles for podcasts or local businesses.
Concert and show promotion
If you have some experience in marketing and are passionate about spreading the word about upcoming events, then you can start working with artists, venues and labels to generate buzz with essentially no investment on your part.
Tester or reviewer
Companies are often looking for individuals to test and review their products. You can also start your own blog where you review products in a certain niche.
Sites like Etsy now make it accessible for you to sell your unique fashion designs. Even if you’re not into high fashion, you can start creating your own T-shirts and produce through sites like CafePress.
Whether if it’s for a special occasion like a wedding or for Halloween, people often pay a significant amount for someone to do their makeup.
If you’re up-to-date on the current styles and can cut hair, then you can start your own salon from your home.
Selling snacks and drinks
Have you ever left a sporting event or concert thirsty and starving? We’ve all been there. That’s why you see people selling bottles of water and hot dogs after an event. Unlike investing in a food truck or cart, you can start off with just a cooler.
Now that businesses are creating their own content, such as videos and podcasts, they’re looking for golden voices. If that’s something that you possess, then you could turn it into a lucrative career.
You can buy a beer kit for less than $100 and start tinkering around with brewing your own beer. (I have a family friend who did this with friends and now has his own microbrewery.)
You don’t need a vineyard to start making wine. You can start by growing some of your own grapes or purchasing juice. If your small batch of wine turns out well and you start making some cash, you could eventually start your own vineyard or winery.
Farm-fresh eggs are a big business right now. You can get in on the action by purchasing a couple of hens and building your own chicken coop.
The size of the market for home-baked bread might surprise you. (I know woman who makes her own bread by working just a couple of days a week, and people line up to purchase it.)
Creating customized care packages
Many people enjoy customized care packages that they can give out as gifts. To begin, you need to find a niche, like holiday packages, and start filling baskets with goodies.
You can sell lessons teaching people to play an instrument, cook a meal or even work out. You essentially just need your own knowledge and marketing to get started.
If you have an extra room or home, consider renting it out on Airbnb instead of letting it sit there vacant. (I personally was able to make around $3,000 a month last year renting out a section of my home.)
Landlords can’t always check in on their properties or maintain them via cleaning and mowing. A property management company takes care of these tasks for busy landlords.
Almost everyone has clothes that need to be cleaned or ironed, and oftentimes they don’t have the patience or time to handle these chores on our own. That’s why many people pay others to do it for them.
Clothing alteration service
If you know how to sew or replace buttons or zippers, then you’ve got a new business idea for people who can’t part with their favorite pieces of clothing. It’s also inexpensive to launch this type of business.
Online dating consultant
More and more people are turning to online dating to find a match, but it can be overwhelming when just starting out. If you have experience in the area, then some people are willing to pay for advice.
You can find products or services for local businesses and resell them at a markup.
Even though there are hundreds of travel websites out there, most people don’t have the time or patience to compare the prices on flights and hotel rates. That’s why there’s still a need for people to do the legwork for them.
Whether it’s carving a doll out of wood or making use of a 3D printer, making toys can be a lucrative business idea.
Some people feel they can’t leave the office to pick up food, and others would rather not leave their homes. That’s when they’ll contact you to pick up and deliver food to their doors.
France’s Axa doubles 2021 profit, raises financial goals
Axa reported a profit on Thursday that more than doubled from last year, with the French insurer recovering from pandemic-related claims during the peak of the COVID-19 crisis.
The company, Europe’s second-biggest insurer after Allianz (ALVG.DE), said it expected underlying earnings per share to grow at the high end of its 3% to 7% target range by 2023, and cumulative cash to exceed its 14-billion-euros target during 2021 to 2023.
Axa’s net income jumped to 7.29 billion euros in 2021 from 3.16 billion euros a year earlier, beating analysts’ estimates of 6.72 billion euros, according to Refinitiv IBES data.
Full-year revenue rose 3% to 99.93 billion euros, slightly below estimates of 99.98 billion euros.
Erdogan seeks to boost ties with Africa in four-day visit
Turkey’s president has promised to boost relations with African countries as he visited the Senegalese capital Dakar during a four-day tour of Central and West Africa.
“We will continue to enhance our relations with African countries on the basis of sincerity and solidarity,” Recep Tayyip Erdogan said on Tuesday during a joint press conference with his Senegalese counterpart Macky Sall.
“We exchanged ideas on how we can further advance our relations in every area,” he said. “We once again gladly observed that we share the same determination to deepen our cooperation.”
In 2021, the volume of bilateral trade between Turkey and Senegal reached $540m. Erdogan has said the goal is to bring the figure to $1bn.
The Turkish Cooperation and Coordination Agency (TIKA), which “has since 2007 completed 186 projects in Senegal with a total value of $12m, is determined to maintain its activities,” he said.
Sall praised Turkish companies that have initiated various investment projects in the country and said investments between the two countries should increase even more.
The Turkish president is set to attend Wednesday’s opening ceremony of the Dakar Olympic Stadium, which was constructed by a Turkish company.
Erdogan, who set out on Sunday for the tour, will also visit the Democratic Republic of the Congo and Guinea-Bissau.
In Dakar, the Turkish president noted that the 3rd Turkey-Africa Partnership Summit, held in Istanbul in December, set out a roadmap in Turkish relations with Africa for 2022 to 2026.
Leaders from more than a dozen African countries attended the summit, highlighting Turkey’s expanding influence on the continent.
Since its 2019 intervention in the Libyan civil war, Istanbul has steadily expanded its African footprint as it seeks to replace Western influence on the continent.
The European Union has sought to counter both Turkish and Chinese influence, positioning itself as “Africa’s partner of choice” during a summit with the African Union earlier this month.
“The European Union is the first trading partner and the first investor in Africa,” Ursula von der Leyen, president of the European Commission, said after the two-day summit, which drew to a close on February 18. “Indeed, we need a stronger partnership between us.”
Tanzania: President Samia says Russia/Ukraine tension an opportunity for gas sales
Speaking to The Africa Report in an exclusive interview, the President of Tanzania underlines efforts the country is making to secure new energy markets – and says that tensions provoked by Russian aggression in Ukraine is helping to generate European interest in Tanzania’s gas.
“We are looking for markets wherever”, President Samia Suluhu Hassan says. “Whether Africa or Europe or America, we are looking for markets. And fortunately we are working with companies from Europe. Total Energies for example is working in Tanzania.”
Tanzania’s gas reserves are estimated to be Africa’s sixth largest.
“We have three major points: Kilwa, Songo Songo and Mnazi in the south of Tanzania, and we have a deposit of about 57 trillion cubic feet”, says President Samia. “We believe we have other deposits in some other areas of the country. ”
The annexation of two Ukraine provinces by Russia on 21 February has sharpened the question of European energy supplies. Currently Russian gas makes up around 35% of Europe’s gas imports.
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