Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

PRESS RELEASE

Presenting the 2022 Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital

DAKAR, Senegal, January 24, 2023/ -- Amid the drastic pullback in global VC funding, the African tech ecosystem stands out with +8% growth from 2021. Debt funding doubled in volume to $1.5B, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39% of the total equity volume; Nigeria retained the top spot with 23%

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital. The report, which aims to provide a practical picture of the state of the ecosystem, revealed that despite the global VC downturn, the African tech ecosystem grew faster than all other markets globally. 

Total funding invested into tech startups on the continent reached $6.5B, an increase of 8% vs 2021, spread across 764 deals - compared to 724 rounds in 2021. The report, consisting of disclosed and confidential deals, saw debt funding more than double in volume, reaching $1.55 billion through 71 deals [65% YoY growth]. In comparison, equity rounds showed a slight decline, as 653 African tech startups raised $4.9B [-6%] in 693 equity rounds [2% YoY growth].

Focusing on the equity funding, the report revealed the ecosystem was still accelerating during Q1 and Q2 of 2022 compared to 2021, with the YoY comparison showing Q1 and Q2 at +127% YoY and +83% YoY, respectively. However, the global VC slowdown stifled growth in activity in Q3 [-65% YoY] and Q4 [-35% YoY]. In 2022, fundraising activities remained flat across all stages. At $1.4M, Seed+ ticket sizes averaged higher in 2022 [+12% YoY], while Series A remained the same at $8.5M. Later stages reverted to 2019 levels, as Series B and Growth round sizes dropped by -23% and -50% YoY, respectively. In addition, 2022 witnessed a significant reduction in the number of megadeals [over 100M], with only seven deals compared to 14 in 2021.

Speaking on the launch of the annual report, Tidjane Deme, General Partner at Partech, said: "2022 was a particularly challenging year for the venture ecosystem worldwide, as venture and growth investors scaled back their investment by a third. However, by comparison, our report revealed the African tech ecosystem showed great resilience, as more investors have doubled their commitment to the continent by investing in local teams and funds dedicated to the market, which is proving to be the best way forward.”

Overall, Nigeria, South Africa, Egypt and Kenya remain the top investment destinations in Africa, with a share of total volume staying relatively steady at 72%. Nigeria retained the top rank, bringing in  $1.2B in capital, despite a decline of 36% from 2021; South Africa, Egypt, and Kenya each attracted over $0.7B in funding, with Ghana completing the top 5 with just over $0.2B. Overall, 28 countries attracted equity funding in 2022, 13 of them in Francophone Africa..

In light of the market downturn, the report’s findings also revealed that Fintech, which has historically attracted sizable investments, was the most impacted by the slowdown in the number of large rounds. However, fintech remains the most funded sector in Africa, and this across all sources of capital, with 39% of the total equity volume [$1.9B] and 45% of the total debt volume [$691M]. Other sectors have experienced substantial growth and gained a meaningful share of the equity funding activity this year, most notably Cleantech, which made a big comeback with 18% of total equity funding at $863M [+347% YoY] but also 39% of the total debt funding at $605M. 

The report's findings also show:

Female-founded startups raised 22% of all equity rounds in 2022, up 2 percentage points from 20% in 2021. They also contributed $644 Million or 13% of the total equity funding, down 3 percentage points from 16% in 2021.

Outside of the top 4 countries, Ghana ($202 million), Algeria ($150 million), Tunisia ($117 million) and Senegal ($105 million) were the only other countries that broke the $100M funding mark.

Despite a slowdown in the growth rate of equity investors, Africa’s tech ecosystem attracted 1,149 unique investors for the first time [+29% YoY in 2021]. African tech has seen more investors committed, with 89 participating in 5 or more deals (compared to 65 investors in 2021).

The number of debt investors active on the continent is growing 2.5x YoY, with a good mix of local debt institutions, international lenders with emerging market vehicles and Development Finance Institutions.

Cyril Collon, General Partner at Partech, added: “Much of our methodology has remained the same over the years, and we, therefore, can provide a snapshot of how the African continent has evolved over the years. Nigerian and the fintech vertical have remained at the top spot; however, in an environment where equity funding is more challenging, debt has proved to be a solid alternative source of African tech startups in 2022, which signals a maturity within each sector.”

Headquartered in Dakar, Partech Africa is the largest VC fund dedicated to technology startups in Africa. With a focus on Late Seed, Series A and B equity rounds in startups which are changing the way technology is used across multiple sectors, including education, mobility, finance and healthcare, the VC has, to date, invested in 17 African startups, such as Wave (http://bit.ly/3J9lGqy) and TradeDepot (http://bit.ly/3R2IgD9). Using the same methodology as previous years, the seventh Partech Africa annual report on African tech start-ups only includes equity rounds where the total amount is higher than US$200K.

To download the full ‘2022 Africa Tech Venture Capital’ report, click here (https://bit.ly/3R5mChF).

Distributed by APO Group on behalf of Partech Partners.

For media inquiries:

Isabelle Tresson: +33 7 86 08 85 85

itresson@partechpartners.com

About Partech Africa:

Headquartered in Dakar, Senegal, Partech Africa is the largest VC fund dedicated to technology startups in Africa. Partech Africa focuses on series A and B equity rounds in startups which are changing the way technology is used in education, mobility, finance, healthcare, delivery, energy, etc.

About Partech:

Born in San Francisco 40 years ago and now headquartered in Paris, Partech is one of the most active tech investors in the world, bringing together capital, operational experience, and strategic support for entrepreneurs at seed, venture and growth stages. The company manages more than €2.5B and its current portfolio includes 210 companies in 40 countries in Africa, Asia, Europe and the US.

www.PartechPartners.com

SOURCE

Partech Partners

Is Nollywood Really Booming?

Is Nollywood Really Booming?

The sociocultural phenomenon of the guerilla filmmakers of Nollywood, the first indie film industry in Africa has been attracting global attention making news headlines of the foreign news media since the early 1990s and making the stars of the low budget movies household names across Africa.  "Nollywood is booming" echoed from the street to the internet and on the popular cable TV channels called Africa Magic on DStv and GOtv of the MultiChoice Group of South Africa. 

According to a widely circulated report since 2020:

Nigeria’s film industry contributed 2.3% and about 239 billion naira ($660 million) to the GDP and projects that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music recording industry exceeded 2020 projected $806 million revenue contributing about 730 billion naira ($1.8 billion) to the country’s GDP.

The country’s television and video market grew by 7.49% to $806 million in 2020, up from $732 million in 2018. The industry is projected to earn about $900 million in 2023. The market is driven by subscription revenue, which accounted for 72.26% of total revenue in 2018. TV advertising accounts for 21.31% of total revenue.

https://www.trade.gov/country-commercial-guides/nigeria-media-and-entertainment

With other similar reports; to the foreign news media, Nollywood, the Nigerian film industry is booming with references to the success stories of DStv, GOtv and Showmax of the MultiChoice Group; the increasing numbers of cinemas with all the highest grossing Nollywood movies in the box office making millions of dollars annually since 2016; the exciting attractions of Netflix, Amazon Prime Video and other OTT platforms with hundreds of thousands of subscribers. But the fact is; Nollywood is not among the 10 biggest film industries in the world by box office revenues, TV budgets and revenues. 

Nollywood no longer produces the often reported over 2, 000 movies annually used to rank it as the second largest film industry in the world after Bollywood of India and ahead of Hollywood of America. Since the COVID-19 pandemic with the consequences of the lockdowns and restrictions of physical contact with others at work, productions of movies and TV series have reduced in Nigeria.

Nollywood is not the biggest film industry in Africa. 

South Africa has the biggest film industry on the continent with the biggest and largest film distributors and exhibitors; including the popular Durban Film Mart, Cape Town International Film Market and Festival and MIP Africa. The biggest GSM telecom network in Nigeria is MTN from South Africa used by the majority of Nigerians for data to use the internet and the MultiChoice Group of South Africa is the biggest and largest cable TV network in Nigeria. 

The local private and public TV stations in Nigeria cannot compete with the South African Broadcasting Corporation (SABC) and other broadcasting services of South Africa in the entertainment industry.

The reports that Nigeria has the biggest film industry in Africa are  false.

Nollywood is booming continues to be echoing and repeated in the news reports, but the realities are different inside Nigeria.

Behind the showtimes of the cinemas in the big shopping malls of Lagos and other states; behind the glitz and razzmatazz of the red carpets of the premieres of movies and international film festivals in Nollywood; majority of the filmmakers with their casts and crews are struggling and suffering to make ends meet. Majority of them cannot afford brand new cars or SUVs and cannot afford to build or buy houses. 

Dozens of practitioners suffered and passed on in Nollywood last year 2022, but only the famous ones made news whilst the unknown ones passed away unsung. Many of them could not pay their medical bills.

Many of those who survived the critical financial challenges only survived by divine interventions of Almighty God through various means, including the kindness of several "Good Samaritans" who gave them helping hands to rescue them from their misery.

I had a catalog of movies, TV series and documentaries of the best quality, but all the TV channels in Nigeria could not afford to pay for the TV rights as low as US$750 per movie or episode for two years. They cannot even afford to produce content of premium quality and the employees are underpaid.

There is no single film and TV market in Nigeria and no film commission, except the Nigerian Film Corporation (NFC) without a film commissioner. 

The NFC does not know that there should be a film commission in every state in the country, including Abuja. 

Nollywood is far from booming, because even the fortunate ones among the filmmakers who  produced the highest grossing movies and series acquired by Netflix, Amazon Prime Video, Showmax and other major foreign film acquisition and distribution companies have not become multimillionaires in dollars like their counterparts in Hollywood. 

None of the highest grossing Nollywood movies made up to US$2 million.  

The Hollywood blockbuster "Black Panther: Wakanda Forever" has become the first film to make N1 Billion from the box office in Nigeria and one billion naira is less than US$2 million by the  current exchange rate of the dollar to the naira of $1 for N730. $1m is about N730 million. 

A movie in a booming film industry by global valuation should be making millions of dollars within three weeks and not struggling to make two million dollars within three months of the theatrical release. Nigeria does not have up to 300 screens and the population of the country is over 200 million, the largest in Africa. Exhibitors spend millions of dollars annually on recurrent expenditures of the cinemas in a country without regular power supply for electricity and they have to use big industrial generators with daily supply of diesel or petrol. There are days a cinema will not have up to 20 moviegoers and the generator will be used for power supply for screenings without interruptions.

I don't envy the exhibitors and investors. 

Uber is making more money in Nigeria than all the members of the Cinema Exhibitors Association of Nigeria (CEAN).  

It is better, richer and safer to invest in an urban taxi transport service in the country than to invest in having cinemas in Nigeria. And guess what? An Urban taxi cabs service can still make money from Nollywood without sweat. How?

Nollywood creates thousands of jobs, but over 90 percent of these jobs are not permanent, because the jobs end once the production of a movie ends. Many of the  actors have to fast and pray to get new roles in the next productions. Majority of the actors, cameramen, camerawomen, gaffers and others are among the lowest paid employees in Nigeria. Their incomes cannot make ends meet for them and their dependants without any social welfare and without any insurance policy. 

Nollywood is still a developing film industry with multiple streams of incomes. But the lack of structure is hampering the economic growth.

Movie merchandise and film tourism are still unexplored sectors of Nollywood which can be avenues to create permanent jobs for many people and increase the revenues from the film industry. 

- By Ekenyerengozi Michael Chima,

Publisher/Editor,

NOLLYWOOD MIRROR® Series,

New Nigeria on Pinterest

www.pinterest.com/nigeriansreport

https://www.amazon.com/author/ekenyerengozimichaelchima

https://www.linkedin.com/in/michaelchimaeyerengozi

NOLLYWOOD MIRROR® Series 

First book series on Nollywood and the Nigerian film industry available in paperback and hardcover versions.

High Cost of Data is Still a Big Challenge for Netflix, Amazon Prime Video and other Streaming Services in Africa

High Cost of Data is Still a Big Challenge for Netflix, Amazon Prime Video and other Streaming Services in Africa

The cost of 1GB of data, enough for one hour of video streaming, is between $1.50 and $30 in Africa.

Subscribers spend more on data than subscription fees for Netflix and Amazon Prime Video on the continent. Showmax of the MultiChoice Group is Available to all the millions of subscribers to DStv, but majority of the populations in African countries cannot afford DStv. 

The cost of data can be reduced by all the telecoms in Africa with fast internet connection. 10GB should not cost more than $1 which is between N500 and N750 in the current exchange rate of the USD to the Naira in Nigeria, the largest market on the continent. 

My suggestion is Netflix and Amazon Prime Video should also be available offline on cable TV channels to attract everyone who can afford to pay the subscription to the cable TV channels for only $2 monthly.

What matters most in entertainment are four things I call QAAA:

1. Quality of the content

2. Availability of the content

3. Accessibility to the content

4. Affordability of the content.

The content must be of good Quality; Available, Accessible and Affordable.

- By Ekenyerengozi Michael Chima,
Publisher/Editor,
NOLLYWOOD MIRROR® Series,
International content development and marketing consultant.
@Vuulr Program Partner
@Cinewav Affiliate Partner

#1 On Top 20 Movies for the Valentine

 Available on https://wi-flix.com/

Top 20 Movies for the Valentine

Top 20 Movies for the Valentine

As we look forward to the Valentine's Day on February 14, I am going to recommend top 20 movies of romantic comedy and drama to watch online.

1. Falling in Love Again 

Ricky and Tara are a recently divorced couple navigating the challenges of co-parenting their young son while recovering from the wounds of their failed relationship. But after moving on to new partners, they soon find the grass isn't quite greener and they might just want that old thing back. Will they take a second shot at love?

Dan Garcia

Director, Writer

Mike Mayhall

Director

Kyanna Mai-Lee Bosworth 

(American Crime Story, Terrell Carter (Empire), Micelle J. 

Costello (Good Girls), Erica 

Hubbard (Lincoln Heights)

#love #writer #parenting #valentine #couple #movies #lovers #romanticcomedy #comedy #drama #february14 #valentinesday

The Most Inspiring Quotes for Survival and Triumph

The Most Inspiring Quotes for Survival and Triumph

1.

“Do unto others as you would have them do unto you.”

- JESUS Christ.

 This is also known as the "Golden Rule”. The actual quote from the Bible is from Luke 6:31, “And as ye would that men should do to you, do ye also to them likewise.”

2. “The bad news is time flies. The good news is you’re the pilot.” - Michael Altshuler

3. “You don't have to see the whole staircase, just take the first step.” - Martin Luther King

4. “Your present circumstances don’t determine where you can go. They merely determine where you start.” - Nido Q

5. “You do not find the happy life. You make it.” - Benjamin Franklin

6. “The only person you are destined to become is the person you decide to be.” - Ralph Waldo Emerson

7. “The first step towards getting somewhere is to decide you're not going to stay where you are." - J.P. Morgan

8. “You can get excited about the future. The past won't mind." - Hillary DePiano

9. “Life is about change, sometimes it's painful, sometimes it's beautiful, but most of the time it's both." - Kristin Kreuk

10. “Don't think there are no second chances. Life always offers you a second chance... It's called tomorrow." - Nicholas S

11. “Keep some room in your heart for the unimaginable.” - Mary Oliver

12. “Don’t wait your turn. Bet on yourself and have the confidence to stand up and say, ‘My time is now.” - Robert F. Smith

13. “It is never too late to be what you might have been.” - George Eliot

14. “The sky isn’t the limit - the sky has no limit.” - Sarah Barker

15. The place in which I’ll fit will not exist until I make it.” - James Baldwin

16. “The secret of change is to focus all of your energy not on fighting the old but on building the new.” - Dan Millman

17. “We either make ourselves miserable or make ourselves strong. The amount of work is the same.” - Carlos Castaneda

18. "If it doesn't challenge you, it doesn't change you." - Fred Vitto

19. "Life is like riding a bicycle. To keep your balance, you must keep moving." - Albert Einstein

20. "You have to expect things of yourself before you can do them." - Michael Jordan

21. "Belief creates the actual fact." - William James

22. “It is during our darkest moments that we must focus to see the light." - Aristotle

23. "Don't try to lessen yourself for the world; let the world catch up to you." - Beyoncé

24. "We generate fears while we sit. We overcome them by action." - Dr. Henry Link

25. “What you get by achieving your goals is not as important as what you become by achieving your goals." - Zig Ziglar

Happy 2023 and far beyond.

From Team PRNomics

Announcing Africa Accelerating 2023 in Toronto: October 10-12

PRESS RELEASE

Announcing Africa Accelerating 2023 in Toronto: October 10-12

Following the success of the 2022 conference, the annual highlight of the Canada-Africa Chamber of Business calendar will bring together decision-makers in one of the world’s most dynamic cities

Access Multimedia Content

TORONTO, Canada, January 10, 2023/ -- The three-day conference will address and advance the immense opportunities for rapidly accelerating Canada-Africa trade and investment ties. ‘’The 2023 conference in Toronto provides a phenomenal opportunity to welcome African business delegates to Canada’s largest city, while offering an enabling platform for networking, B2B meetings and dealmaking in and around the 3-day program,’’ said Garreth Bloor, President of The Canada-Africa Chamber of Business. Last year’s 2022 Africa Accelerating conference in Johannesburg, South Africa - sponsored by Ivanhoe Mines Ltd - took place under the theme, Leading from Africa: Toward a new global era enabled through Canada-Africa Collaboration.

Prime Minister Justin Trudeau was among those who addressed the event in October, joined by government heads, African Union leaders, corporate executives and entrepreneurs.

Registration for Africa Accelerating 2023 opens on 16 January 2023. 

The official theme to be announced will encompass raising investment capital, trade opportunities, new business partnerships, infrastructure, and responsible resource development - building on the track record and lessons learnt on the foundation of billons already invested into African markets, through Canada.

Africa Accelerating 2023 will once again include a live interactive virtual participation option. Plenary proceedings will be broadcast to 47 countries, with a reach of an estimated 20 million viewers – showcasing the immense opportunities for all through the acceleration of Canada-Africa trade and investment.

‘’Toronto is a gateway to North American markets and directly connected by air to the African continent,’’ noted Garreth Bloor. ‘’For all joining us in-person, our host city provides vital linkages to project partners and investors, driving the two-way trade and investment for deal-making that is at the core of our action-driven agenda for Africa Accelerating 2023.’’

The event will be hosted at the McKinsey & Company Toronto office located at 110 Charles Street West, Toronto, Canada. Interested participants seeking to join us in Toronto, including Chamber members, partners and prospective sponsors may email president@canadaafrica.ca

View 2023 Partnership Options (https://bit.ly/3CAS29U):

View Africa Accelerating 2022 (https://bit.ly/3fyXgKN) which welcomed a range of leading voices over three days, hundreds in-person and thousands of registered online attendees.

Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

SOURCE
The Canada-Africa Chamber of Business

PRESS RELEASE
Announcing Africa Accelerating 2023 in Toronto: October 10-12
Following the success of the 2022 conference, the annual highlight of the Canada-Africa Chamber of Business calendar will bring together decision-makers in one of the world’s most dynamic cities
Access Multimedia Content
TORONTO, Canada, January 10, 2023/ -- The three-day conference will address and advance the immense opportunities for rapidly accelerating Canada-Africa trade and investment ties. ‘’The 2023 conference in Toronto provides a phenomenal opportunity to welcome African business delegates to Canada’s largest city, while offering an enabling platform for networking, B2B meetings and dealmaking in and around the 3-day program,’’ said Garreth Bloor, President of The Canada-Africa Chamber of Business.		Last year’s 2022 Africa Accelerating conference in Johannesburg, South Africa - sponsored by Ivanhoe Mines Ltd - took place under the theme, Leading from Africa: Toward a new global era enabled through Canada-Africa Collaboration.

The Legacy of Peace Anyiam-Osigwe

 

The Legacy of Peace Anyiam-Osigwe 

Africa has beautiful stories to tell, says Peace Anyiam-Osigwe. At 16 years old, the Nigerian published her own magazine. She later continued bringing a “voice to voiceless issues” as a talk show host and film producer. Founder of the African Movie Academy Awards, Peace now dedicates her time to building cinemas in rural Africa, and helping other Africans tell the untold stories of their homeland.

Among other accomplishments, you’re a published poet, a TV/film director and producer, and creator of the African Movie Academy Awards. Of all that you do, what are you most proud of?

#Peace #Peaceanyiamosigwe
#Nollywood #Nigeria #Africa #movies #cinema #TV #series #filmmaking #filmmaker #legacy
#film #building

Source
https://blog.ted.com/fellows-friday-with-peace-anyiam-osigwe/

I Cannot Say Goodbye Madam Peace Anyiam-Osigwe - MFR

I Cannot Say Goodbye Madam Peace Anyiam-Osigwe - MFR 

Dear Peace Anyiam-Osigwe,
I cannot say Goodbye to you.
I don't want to accept that you will depart without completing your  dream projects to uplift #NOLLYWOOD to higher grounds of greater heights in the world.

I shared the good news of my upcoming "Once Upon a Time in NOLLYWOOD" to you last night on LinkedIn.

Have you abandoned what you told me you wanted to do in memory of your brother, Michael and I agreed with you?
Mortality cannot comprehend immortality.

You are the very first person to appreciate me in Nollywood and that is why I made the 2013 edition of your annual Africa Movie Academy Awards, (AMAA) the cover story of the first edition of the NOLLYWOOD MIRROR® Series to celebrate the unprecedented legacy of your visionary leadership of Nollywood and the Nigerian film industry locally and internationally which you have presented proudly to the world as an outstanding TED Fellow.
How can I say Goodbye to you, when the best is yet to come?

Madam Peace Anyiam-Osigwe,
I cannot say Goodbye.

Once Upon a Time in NOLLYWOOD: The Documentary

 

Once Upon a Time in NOLLYWOOD: The Documentary 

"Once Upon a Time in Nollywood" is a documentary project of Ekenyerengozi Michael Chima, Publisher/Editor of the NOLLYWOOD MIRROR®Series.

#Nollywood #pictures #film #movies #filmmaking #filmmakers #documentary #oscars #awards #nominations #harry #spare #mirror

View the photo gallery on http://totnaija.blogspot.com/2018/08/once-upon-time-in-nollywood-in-pictures.html?m=1

McCarthy Remarks Upon Accepting the Gavel as Speaker of the House

McCarthy Remarks Upon Accepting the Gavel as Speaker of the House

Washington, D.C. – Today, Rep. Kevin McCarthy (CA-20) was sworn in as the 55th Speaker of the House of Representatives.

Below are the Speaker's remarks as prepared and the remarks will be streamed live here.

"Hakeem – I need to warn you: I also won 100 percent of my conference vote on this floor two years ago. So, good luck! 

"I also want to thank the gentlelady who served as our presiding officer this week – our clerk Cheryl Johnson. Thank you Madame Clerk! 

"You know – my father always told me: It’s not how you start, it’s how you finish. And now we need to finish strong for the American people.

"If the son of a fireman and grandchild of immigrants can rise to the highest position in the most important legislative body in the world. 

"And if my colleague Hakeem Jeffries with his life story can rise to lead his party then opportunity and democracy still thrive in America.

"To Leader Jeffries – there will be times we will agree and many times we will differ. I promise that our debates will be passionate, but never personal.

"And now the hard work begins. What we do here today, next week, next month, and next year will set the tone for everything that follows.  

"Tonight, I want to talk directly to the American people.

"As Speaker of the House, my ultimate responsibility is not to my party, my conference, or even our Congress.

"My responsibility – our responsibility – is to our country.

"Two months ago, you voted for a new direction for our country. You embraced our Commitment to America. And now, we are going to keep our commitment to you.

"It’s a commitment for an economy that is strong – where you can fill up your tank and feed your family; where paychecks grow, not shrink.

"A commitment for a nation that’s safe – where communities are protected, law enforcement is respected, and criminals are prosecuted.

"A commitment for a future that is built on freedom – where children come first and are taught to dream big, because, in America, dreams can still come true.

"A commitment for a government that is accountable – where Americans get the answers they want, need, and deserve.

"Our system is built on checks and balances. It’s time for us to be the check and provide some balance to the President’s policies.

"There is nothing more important than making it possible for American families to live and enjoy the lives they deserve.

"That is why we commit to stop wasteful Washington spending to lower the price of groceries, gas, cars, and housing and stop the rising national debt.

"We pledge to cut the regulatory burden, lower energy costs for families, and create good-paying jobs for workers by unleashing reliable, abundant American-made energy.

"Our first bill will repeal funding for 87,000 new IRS agents. Because the government should be here to help you, not go after you.

"We’re going to pass bills to fix the nation’s urgent challenges – from the wide open southern border to America-Last energy policies to woke indoctrination in our schools.

"We will also address America’s long-term challenges: the debt and the Chinese Communist Party. Congress must speak with one voice on both of these issues.

"That is why we will end wasteful Washington spending! From now on, if a federal bureaucrat wants to spend it, they will come before this institution to defend it. 

"As for the Chinese Communist Party, we will create a bipartisan Select Committee on China to investigate how to bring back hundreds of thousands of jobs that went to China and win the economic competition.

"Speaking of committees – we will hold the Swamp accountable – from the withdrawal from Afghanistan to the origins of COVID to the weaponization of the FBI.

"We will use the power of the purse and the power of the subpoena to get the job done.

"This is something we should all agree on – we will stand up and speak out for the backbone of our economy: the hardworking taxpayers.

"It’s nighttime here in Washington… but in some ways, it’s also a new beginning, a fresh start.

"My friends – this chamber is now fully open for all Americans. 

"From the Committee Room to this Floor, we commit to pursue the truth passionately and embrace debate. No more one-sided inquiries. Competing ideas will be put to the test in public so that the best ideas win.

"But we also pledge to bring Congress to the people. Because answers have not and will not always be found in Washington.

"That’s why one of our first hearings will be held at the Southern border. No more ignoring this crisis of safety and sovereignty. We must secure our border.

"We must get America back on track. 

"On a personal note, I want to say thank you to my family: my wife, Judy, my children Meghan, Connor and Emily, my brother Marc, Monica, and Zac, and my mom Bert. I am where I am because you are who you are.   
 
"I would also like to thank my constituents in California’s Central Valley – especially my hometown of Bakersfield. 
"As Buck Owens sings, 'how many of you that sit and judge me ever walked the streets of Bakersfield?'
"Well, I’ve walked those streets. I know its people. They are hard working and relentlessly optimistic about our future – and I’m honored to represent them in Congress. 
"As a son of a firefighter, I saw first hand how teamwork, leadership, and service to others can change people’s lives. And that is exactly why we are here today: to serve you – the people. 
"We come here with the support of our families and the faith of our neighbors to be their voice in Washington.  
 
"For the husbands and wives, children and parents who are watching a loved one be sworn in, remember this moment. Take it in.  
 
"Your loved one is about to become a part of history.  
 
"My colleagues and I thank you for your understanding and your sacrifice. And we will work every day to make you proud.
 
"Abraham Lincoln – a member of the House of Representatives for one term – gave his life in service to this country. One of his most important observations about America applies today as much as it did 160 years ago: 
 
"'We are striving to maintain the government and institutions of our fathers, to enjoy them ourselves, and to transmit them to our children and our children’s children forever.'   
 
"My fellow Americans, that is still our mission today.
 
"This moment calls for restoring trust within the country and with each other. 
 
"In that spirit, I will work with anyone and everyone who shares our passion to deliver a better future for the nation. I hope you will join me. As a Congress, we can only operate when we cooperate.

  
"It’s time for us to be their voice and worthy of their vote.
"Let me close with this.
"I hope one thing is clear after this week: I will never give up.
 
"I will never give up for you, the American people. 
"And I will never give up on keeping our Commitment to America.
"Our nation is worth fighting for. 
"Our rights are worth fighting for. 
"Our dreams are worth fighting for. 
"Our future is worth fighting for.

"Therefore, with love for this country and charity for each other, let us now take our Oath and be 'worthy of the office on which we are about to enter.'

"God Bless everyone in this Chamber, and God Bless America.

Copyright © 2023 House of Representatives, All rights reserved.
Speaker Kevin McCarthy